Home sales drop across Vancouver Island

Parksville-Qualicum Beach area sales buck Island trend

Despite prices remaining relatively unchanged from a year ago, housing sales dipped on Vancouver Island over the past year, according to statistics released this week by the Vancouver Island Real Estate Board.

The VIREB figures show housing sales across the Island recorded a drop in unit sales last month, compared to a year ago.

Across VIREB’s coverage area in June average sales prices dipped incrementally over what was recorded in June 2011. The average sales price of a single family home sold in June was $341,864, down slightly from the June, 2011 average price of $343,456. The number of unit sales dropped 11 per cent over that period.

In June 2011, a total of 409 single family homes were sold, in comparison to  364 unit sales recorded in June of this year. There was also an eight per cent decrease in the number of homes listed last month, compared to June 2011.

“Prices remain relatively flat and the overall economic activity has become a little slower,” explained Cameron Muir, Chief Economist with the British Columbia Real Estate Association (BCREA). “But if you look at the numbers based on sales transactions recorded during the first six months of the year you can see that we’re looking at activity and prices that have been pretty stable throughout 2012. Stability and consistency have to be the only way to accurately describe the real estate marketplace on Vancouver Island.”

However, homes in the Parksville and Qualicum Beach areas increased by five per cent, to $405,635.

Hardest hit was Port Alberni, which saw home sales decline by 27 per cent,  to $197,950.