Home sales were down eight per cent in June compared to last year. The latest report from the Vancouver Island Real Estate Board (VIREB) says 782 units changed hands last month.
Active listings of all property types on the island were up two per cent in June over last year.
Single-family home sales were down 12 per cent from a year ago, while condos were up 11 per cent.
There were fewer single-family homes on the market last month compared to the previous year, with 1,501 listings this year and 1,527 last.
“Consumer confidence appears to be affected by economic uncertainty and many buyers seem to be taking a cautious, wait-and-see approach before making a decision to purchase,” says Jason Yochim, VIREB chief executive officer.
He adds well-priced homes are still gaining interest and buyers do not have a large appetite for over-priced listings.
“We’re still seeing activity on appropriately priced properties, including some multiple-offer situations,” says Yochim. “But buyers are being more measured, so sellers need to be realistic in today’s market. For buyers considering downsizing to a condominium, there are some good opportunities.”
The benchmark price for a single-family home on the island was $790,80 in June.