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Real estate sales on Vancouver Island in June bounced back from the lower levels of 2008, although prices remain below those achieved a year ago, the Vancouver Island Real Estate Board reported Thursday.
Island communities outside Victoria saw sales of 523 detached homes recorded through the Multiple Listing Service in June, a 20-per-cent increase from the same month a year ago.
Average prices have risen from lows in recent months, but remain below the peaks seen in 2008.
The board saw an average price of $329,412 for a detached home in June, 10 per cent less than the $366,607 of June 2008.
Board president Ray Francis said he was "encouraged by the fact that we are experiencing the start of a recovery sooner than expected."
Prices, Francis said, are stabilizing as sales have picked up in all its communities and the number of active listings continued to decline.
"The market has become more balanced with favourable interest rates for the buyers and lower inventory with increased sales activity for the sellers," he added.
Read the full article here.
Island communities outside Victoria saw sales of 523 detached homes recorded through the Multiple Listing Service in June, a 20-per-cent increase from the same month a year ago.
Average prices have risen from lows in recent months, but remain below the peaks seen in 2008.
The board saw an average price of $329,412 for a detached home in June, 10 per cent less than the $366,607 of June 2008.
Board president Ray Francis said he was "encouraged by the fact that we are experiencing the start of a recovery sooner than expected."
Prices, Francis said, are stabilizing as sales have picked up in all its communities and the number of active listings continued to decline.
"The market has become more balanced with favourable interest rates for the buyers and lower inventory with increased sales activity for the sellers," he added.
Read the full article here.