Business

House prices dip

Multiple Listing Service® (MLS®) sales summary data for November released by the Vancouver Island Real Estate Board (VIREB) shows housing sales activity across Vancouver Island climbed nine per cent compared to last year, while average sale prices dipped four per cent.

The average price of a single family home sold within the VIREB region in November was $317,708 down from the November 2011 average price of $332,438. The number of reported unit sales was up last month when compared to a year ago. In November 2011 there were 264 single family homes sold, in comparison 289 unit sales were recorded in November 2012.

“It’s a case of steady as it goes in terms of the marketplace,” said Cameron Muir, Chief Economist with the B. C. Real Estate Association.

Comparing November 2012 to November 2011, the average sale prices across VIREB’s six zones saw: Campbell River decrease six per cent to $266,965, the Comox Valley dropped 14 per cent to $301,596, Nanaimo’s average sales price dipped three per cent to $348,624 from the November 2011 average price of $361,210, Parksville/Qualicum prices were up three per cent to $375,639, Port Alberni/West Coast was down five per cent to $195,200 while the Cowichan Valley increased four percent to $365,159.

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