Real estate levels rebound

Real estate sales on Vancouver Island in June bounced back from the lower levels of 2008, although prices remain below those achieved a year ago, the Vancouver Island Real Estate Board reported Thursday.

Island communities outside Victoria saw sales of 523 detached homes recorded through the Multiple Listing Service in June, a 20-per-cent increase from the same month a year ago.

Average prices have risen from lows in recent months, but remain below the peaks seen in 2008.

The board saw an average price of $329,412 for a detached home in June, 10 per cent less than the $366,607 of June 2008.

Board president Ray Francis said he was "encouraged by the fact that we are experiencing the start of a recovery sooner than expected."

Prices, Francis said, are stabilizing as sales have picked up in all its communities and the number of active listings continued to decline.

"The market has become more balanced with favourable interest rates for the buyers and lower inventory with increased sales activity for the sellers," he added.

Of the six regions that make up the Vancouver Island board, Nanaimo saw the biggest increase in sales. It saw 161 homes sold, a 45-per-cent increase from a year ago. The average price of $336,920 was still nine-per-cent lower than the same month a year ago.

Campbell River saw the smallest increase in sales, with a seven-per-cent increase from June 2008.

Campbell River's average price of $265,856 was 20-per-cent below the average price in June 2008.

ISLAND SALES

Home sales and prices in selected Vancouver Island areas last month followed by a comparison to a year earlier in brackets:

- Comox Valley: 102 sales (+15%) $340,036 average price (-10%)

- Cowichan Valley: 93 sales (+8%) $366,748 average price (-12%)

- Parksville/Qualicum: 64 sales (+8%)

$393,958 average price (+1%)

- Port Alberni/West: 40 sales (+8%) $190,554 average price (-22%)

Source:Vancouver Island Real Estate Board

("Vancouver Island real estate levels rebound" prepared by Derrick Penner/Vancovuer Sun)