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Vancouver Island real estate market calms slightly, but continues to sizzle

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The Vancouver Island Real Estate Board (VIREB) reports that the housing market calmed slightly in May but is still the strongest experienced since 2016.

May saw sales of 534 single-family detached properties compared to 590 in April, a dip of nine per cent. 

In the condo apartment category, 150 units sold last month versus 133 in April, up by 13 per cent. 

In the townhouse market, sales dropped by 11 per cent, with 94 units selling in May compared to 106 the previous month.

According to the VIREB, slight upticks in active listings are opening up a few more opportunities for buyers, but inventory on Vancouver Island is still historically tight. 

Active listings of single-family homes rose by nine per cent month over month while townhouse inventory increased by five per cent. 

In the condo apartment category, however, active listings dropped by 10 per cent from April.

The British Columbia Real Estate Association (BCREA) reports that it would take…

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