Housing market slows in Cowichan, Island
Houses for sale on Vancouver Island have been staying on the market a little longer than before.
The Vancouver Island Real Estate Board (VIREB) shows housing sales dropped in June this year compared to the same month one year ago.
At the same time, the board said prices were virtually the same. Almost.
In the Cowichan Valley, the average price of a house went down five per cent to $336,000, while Nanaimo's average price was down three per cent at just over $358,000.
Real estate prices in Port Alberni/West Coast dropped a full 27 per cent to nearly $198,000.
The average price of a single family home sold on Vancouver Island in June, 2012, was $341,864.
According to Cameron Muir, Chief Economist with the British Columbia Real Estate Association, prices remain relatively flat and the overall economic activity has become a little slower.
With interest rates the way they are, activity across the region is expected to remain level throughout the rest of the year.
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