The local real estate market remains hot as 45 homes sold last month, a 150% increase from the 18 sold in October of last year.
That number however is a 24% drop from September when 60 homes sold, which real estate analysts blame on a lack of inventory and not any lack of interest.
According to Vancouver Island Real Estate Board President Kevin Reid, demand throughout the region remains high but there aren’t enough homes to satisfy it.
He said while some buyers are advancing their retirement plans, others are downsizing and reducing their debt load.
Average house prices also saw a year-over-year increase, up 24% from $360 to $447-thousand.
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