Moderate Growth Characterizes November Market
Sales activity across the Vancouver Island housing market area was relatively stable for the month of November, dipping only slightly from this time last year. Although there has been a minimal decline in activity, the Board remains on target to reach its forecasted growth for this year, as a result of a strong summer and fall marketplace.
The Vancouver Island Real Estate Board (VIREB) reports a total of 288 single family homes sold in the VIREB coverage area on the Multiple Listing Service® (MLS®) in November 2013. This signifies a one percent increase compared to the 286 sales recorded in November 2012, and a 17.7% drop from this time last month
According to BCREA’s chief economist, Cameron Muir, the dip in sales activity this month is nothing to be concerned about. “Every market in BC has shown a retrenchment in demand this November, which could be attributed to flat employment levels and slow economic growth,” he stated.