Last month, the Parksville-Qualicum area saw its benchmark price of a single-family home drop slightly to $571,400, according to new statistics from the Vancouver Island Real Estate Board.
It’s part of an overall drop on Vancouver Island — sales of single-family homes in January dropped by 16 per cent from one year ago and were 26 per cent lower than in December.
READ MORE: Single-family home benchmark price rises to $570K in Parksville area
According to a press release from VIREB, the inventory is tightening again, which is one of the reasons behind weaker sales.
“The stress test is compressing more demand into our mid- and lower-priced property market. Lack of inventory in that price range is certainly curtailing some buyers from moving ahead with their home purchase,” said Kaye Broens, past president of VIREB in a press release. “Unfortunately, without new construction, this gridlock may just be the new normal.”
— NEWS staff