After our record-setting 2016/2017 our long-term seller's market is transitioning to a more balanced one partly due to new government policies (including the mortgage stress test and interest rate increases) and other various economic changes. However, despite lowered demand, the benchmark prices of homes has steadily increased (with November being an exception) over the past year due to low inventories and an influx of retirees from throughout Canada.

Price: Single-Family Benchmark $473 600 (-0.4%)

November prices for single-family homes saw a slight decrease in price from October's $475 700 (-0.4%) and up (12%) from November 2017's price of $421 600.

Sales: 64 Single-Family Residential Unit Sales (+1.6%)

November saw 64 sales of single-family homes; Up (1.6%) from 63 sales in October and down (-17%) from 77 sales in November 2017.

Inventory: 155 Single-Family Active Listings (-21%)

November saw an inventory decrease (-21%) to 155 active listings from 197 in October and 169 last November (-8.3%).

Average Days to Sell: 38 (-7 days)

It took an average of 38 days to sell your home in November; 7 Days shorter than October's 45 days and 1 day longer than November 2017's 37 days.

Posted by: Warren

All statistics courtesy of Vancouver Island Real Estate Board