Local real estate prices continue to increase, while the rest of the province is slowing due to the mortgage stress test, and its effect on millennials and first time home buyers.
Vancouver Island Real Estate Board president Kaye Broens said the stress test has eroded purchasing power by as much as 20%, and is having its biggest effect on the lower mainland markets.
Port Alberni was the only island market to see an increase in the number of homes sold last month, with 39 sales compared to 26 the previous month.
The benchmark price also increased by 9% to $307,000, while other island markets increased between 3 and 6%.
