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Slim pickings for home hunters on Vancouver Island in April
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There’s little relief in sight for potential Vancouver Island homebuyers.
While the number of single-family homes and condos on the market rose by eight percent and 16 percent, respectively, in April, active listings of townhouses dropped by eight percent.
There was also a slight uptick in sales, with 590 houses sold compared to 567 in March.
In the condo apartment category, 133 units sold last month versus 136 in March 2021.
As for townhouses, 106 units changed hands in April compared to 124 the previous month.
The Vancouver Island Real Estate Board is not doing year-by-year comparisons, because of the impact the pandemic had on the market last spring.
“We’ve seen an imbalance in our market for a quite a few months,” Victoria Real Estate Board president David Langlois said Monday. “Our market is based on supply and demand and there is a disconnect right now with record low supply and high demand.” Desire for homes in specific markets can rise quickly, but it takes years to build new housing, he said. “These realities make it hard to bring our market into balance.” The benchmark value for a single-family house in the core of Victoria reached $996,500 last month, up by 12.6 per cent from the same month in 2020, the board’s new monthly sales report shows.
No break for capital region homebuyers with low supply, high demand timescolonist.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from timescolonist.com Daily Mail and Mail on Sunday newspapers.
SHARE ON: The Aria is one of 45 finalists vying for top honours at the 14th Annual Commercial Building Awards (Photo: BluePrintCustomHomes.ca)
A commercial property in Duncan is catching the attention of real estate enthusiasts, garnering award nominations along the way.
The Vancouver Island Real Estate Board (VIREB) currently has 45 finalists vying for top honours at its 14th Annual Commercial Building Awards – one of which is in Duncan.
The Aria is nominated for an award this year.
Commercial, industrial, and revenue-producing projects – including renovations – completed within the VIREB area between January 1st and December 31st, 2020, are up for the awards.