June 2008 Vancouver Island Market Report

Real Estate Agent with RE/MAX of Nanaimo

I always read these articles with a ‘grain of salt' as often times the story of a real estate slow-down sells papers. But this article takes a fairly balanced review of the current situation for real estate on Vancouver Island. jc

Vancouver Island housing starts slide in June

 Vancouver Island housing starts slid last month as they followed B.C. and national trends. But the decline was in line with expectations and the market still appears robust despite concerns over an economic slowdown.

A total of 336 new homes started on the Island in June - down 28 per cent from June of last year, Canada Mortgage and Housing Corp. said yesterday.

The slump is largely due to Greater Victoria, where starts dropped to 148 last month, from 309 in June 2007.

June's fall followed a busy time in Greater Victoria residential construction when April posted 586 starts. The number of homes being built in the Spring was at the highest level since the summer of 1976.

However, the total starts in the first half of the year is 2,189, close to the same months in 2007 when 2,201 homes started. Victoria is actually ahead by a few units, with 1,217 started so far this year, compared with 1,214 in he same six months of 2007.

Comments (1)

michael virtanen

I have witnessed quite an adjustment occurring in regard to housing prices in the starter home range. It looks like we couyld be in for more slowing. Certainly appears that way...

Aug 03, 2008 02:07 PM