The Vancouver Island Real Estate Board says house prices are holding steady despite increased inventory, rising interest rates, and a precipitous drop in sales.
Port Alberni continues to lead the island region in year-over-year price increases with the average sale price increasing 40% from last June to $707,000 – almost catching up to Campbell River where prices increased just 3% to $718,000.
They say higher interest rates are causing some buyers to put the brakes on purchasing a home, and some realtors are seeing price reductions in the higher end of the market, adding it’s too early to speculate if we’re moving into a more balanced, or buyers market.
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