After an unprecedented year of multiple offers and houses selling for tens of thousands of dollars over asking price, a local real estate leader says the market is beginning to cool.
Chris Fenton says we’re heading towards a more balanced market as part of the natural economic cycle.
“I think we’re likely shifting from that really, really strong seller’s market to a more balanced market, and maybe at some point we switch to a buyer’s market,” he said. “From my point of view I think these things are healthy. I think it’s important for the real estate cycle to have a cycle, rather than just grow, grow, grow, so I see this as a positive thing.”
Fenton said the average sale price in Port Alberni rose by $150,000 last year, which is the biggest increase he’s ever seen.
He said while last month saw a significant decrease in sales, there is a consistent number of properties on the market, and people are still looking to buy.
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