Housing prices on Vancouver Island outside of Victoria climb at highest rate in B.C. in September

The average price of a home continues to climb on Vancouver Island, but it’s outside of Victoria that the increase is the most pronounced.

The Canadian Real Estate Association says the average price of a home on Vancouver Island is now $496,100, up 4.02 per cent from September of 2018.

In Victoria, the average price is $689,600, up 0.5 per cent from the same period last year.

Prices continue to fall in Greater Vancouver, on the Lower Mainland, and in the Fraser Valley, down 7.28 per cent, 6.41 per cent and 4.68 per cent from September 2018.

Across the country, the CREA says the number of home sales in September was up 15.5 per cent compared with a year ago as sales in the country’s big cities climbed higher.

The association says sales compared with a year ago were up in Canada’s large urban markets, including B.C.’s Lower Mainland, Calgary, Edmonton, Winnipeg, the Greater Toronto Area, Hamilton-Burlington, Ottawa and Montreal.

On a month-over-month basis, home sales through the Canadian Multiple Listing Service were up 0.6 per cent in September.

Home sales in Canada have been rising since hitting a six-year low in February.

The national average price for homes sold in September 2019 was about $515,500, up 5.3 per cent from the same month last year.

Excluding the Greater Vancouver and Greater Toronto regions, the average price was less than $397,000 and amounting to a year-over-year gain of 3.3 per cent.

With files from Canadian Press

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