News from the Vancouver Island Real Estate Board

Sales activity across the Vancouver Island housing market area continued to improve in the month of October, resulting in a 29 per cent increase in unit sales over this time last year. As sales momentum continues to build after a particularly slow market last year, we are witnessing a return to our historical averages across the board area.

The Vancouver Island Real Estate Board (VIREB) reports that there were a total of 352 single-family homes sold inthe VIREB area on the Multiple Listing Service® (MLS®) in October 2013. This signifies a 29 percent increase compared to the 272 sales recorded in October 2012, and a 4.8 per cent increase over last month.

“We are currently seeing a good supply of listings and attractive interest rates, which we anticipate will remain for the foreseeable future,” said VIREB president, Gary Gray. “This should create a healthy market balance moving into the new year.”

This month, VIREB joins the Canadian Real Estate Association and ten major real estate markets in Canada by adopting a new method of statistical reporting called the MLS® Home Price Index, or HPI. This system provides a more consistent trend analysis, and is a better indicator of property value that averages and medians, which are easily skewed by the sale of high-end or low-end properties.

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