Year-over-year sales in May increased nine per cent to 527 single-family homes, but with inventory levels low (down 10 per cent since May last year) prices are likely to rise further and may unsettle the balanced market.
The benchmark price has increased by five per cent from last May and a single-family home is now $363,195.
Campbell River and Duncan prices saw above average increases.
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The housing market on Vancouver Island is stronger now than it has been since 2007, according to new figures from the Vancouver Island Real Estate Board.