By David Wiwchar

Home buyers waiting for Spring

Home buyers waiting for Spring

Dec 7, 2023 | 7:48 AM

Home sales are up but prices are down, as real estate experts expect markets to cool through Christmas.

25 units sold in Port Alberni in November, up slightly from the 23 sold in October and the 22 sold in November of last year.

Average prices slipped slightly to $507,000 for single family homes, which is only a 3% drop from a year ago.

Vancouver Island Real Estate Board chair Kelly O’Dwyer says higher interest rates are keeping many potential homebuyers on the sidelines as they wait for a possible drop in the Spring.

The BC Real Estate Association predicts the VIREB region will close the year with 7100 sales – the lowest since 2013

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