Real estate markets around the island became more balanced at the end of 2018, after setting records for the past 2 years.
Local Realtor Chris Fenton says prices are up but sales are down in Port Alberni’s real estate market.
He said prices rose more than 20% to $335,000 for single family homes in Port Alberni, while waterfront homes around Sproat Lake shot up 47% to an average of almost $1.5 million.
Across Vancouver Island, sales of single family homes dropped by 48% from a year ago, despite an increase in the number of properties available for sale.
Fenton said while people in the Alberni Valley continue to move around, lots of out of town buyers are purchasing multi-family homes and apartment buildings, and there has been a wave of 50-60-year old people moving here.
He said one of the bright lights of recent real estate statistics is the cost of building lots are on the increase after a few years of stagnation.
