Our May market #statistics show that VIREB's housing market continues to be sluggish.
Last month, 459 single-family homes sold on the MLS® System compared to 412 the previous month and 519 in May 2018. Sales of apartments dipped by seven per cent year over year while townhouse sales increased by 19 per cent. The British Columbia Real Estate Association reports that on a seasonally adjusted basis, sales in the VIREB area are close to 2014 levels.
The benchmark price of a single-family home board-wide was $512,500 in May, a four per cent increase from one year ago. (Benchmark pricing tracks the value of a typical home in the reported area.) In the apartment category, the benchmark price climbed to $300,000, a six per cent increase over last year, while our townhouse benchmark price hit $445,000, up seven per cent over May 2018.