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Vancouver Island Real Estate searches see major uptick

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From top to bottom, Vancouver Island saw a major uptick in Real Estate searches this summer, as MoM queries continue to rise quickly. Homes on the market ↓ 51% YoY in August on Vancouver Island, with major cities like Victoria ↓ 57.8% inventory. According to BCREA, sales are returning to normal, while supply is hitting record lows across Canada. In August, the Greater Vancouver avg residential price was $1,174,176, vs $695,085 on Vancouver Island, and $875,711 in Victoria. In Vancouver Island, residential home prices ↑ 29.5% YoY, while outside, Kamloops and Chilliwack are the only other areas with price growth > 20%. With limited supply and interest rates remaining depressed, prices would continue to rise on Vancouver Island in the months to come.

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