Vancouver Island Market Report Infographics

Monday, December 5, 2022 10:15:15 PM UTC
INFOGRAPHICS: November 2022 VIREB Vancouver Island Market Reports

CONTINUING INVENTORY GAINS POSITIVE SIGN FOR NEW YEAR

ast month, 244 single-family homes sold in the Vancouver Island Real Estate Board (VIREB) area, a 30 per cent decrease from one year ago and down by two per cent from October.

There were 54 condo apartment sales in November 2022, a decline of 50 per cent year over year and up by 29 per cent from October. In the row/townhouse category, 46 units changed hands in November, down 52 per cent from one year ago and 10 per cent from October.

There were 1,195 active listings of single-family detached properties last month, compared
to 301 in November 2021 and 1,360 in October. VIREB’s inventory of condo apartments was 286 in November 2022, up from 96 listings one year ago and down from 314 in October. There were 266 row/townhouses for sale last month compared to 64 one year ago and 296 in October.

“Our statistics indicate that active listings are nearing our 10-year average, which is a positive development and good news for buyers,” says Erica Kavanaugh, 2022 VIREB Chair. “Lack of inventory contributed to the creation of a long-standing sellers’ market that presented many challenges for our buyers, particularly those purchasing a home for the first time.”

Read the full report on VIREB website!


 

The following data is a comparison between November 2022 and November 2021 numbers, and is current as of December 2022. Click here to check out last month’s infographics.

You can also view all our VIREB infographics by clicking here.

 

Download Printable Version – November 2022 VIREB Market Report

 

 

 

 


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INFOGRAPHICS: October 2022 VIREB Vancouver Island Market Reports

HOUSING MARKET QUIETS AS YEAR-END APPROACHES

Last month, 249 single-family homes sold in the Vancouver Island Real Estate Board (VIREB) area, a 37 per cent decrease from one year ago and up by three per cent from September.
There were 42 condo apartment sales in October 2022, a decline of 65 per cent year over year and down by 19 per cent from September. In the row/townhouse category, 51 units changed hands in October, down 41 per cent from one year ago and up four per cent from September.

Active listings of single-family detached properties last month more than tripled from October 2021 but dipped by four percent from September, hitting 1,360. VIREB’s inventory of condo apartments was 314 in October 2022, up from 124 listings one year ago and down by five per cent from September. There were 296 row/townhouses for sale last month, up by 147 per cent from the previous October and virtually the same number as in September (295).
“More inventory and weaker demand mean it’s a perfect time to buy. Well-priced and well-maintained properties are still generating multiple offers and selling briskly, but the market has shifted from the heated conditions REALTORS® saw for much of the year,” says Erica Kavanaugh, 2022 VIREB Chair. “Buyers and sellers need to be realistic and flexible about prices, and a local REALTOR® can help develop a winning strategy no matter which side of the real estate transaction you occupy.”

Read the full report on VIREB website!


 

The following data is a comparison between October 2022 and October 2021 numbers, and is current as of November 2022. Click here to check out last month’s infographics.

You can also view all our VIREB infographics by clicking here.

 

Download Printable Version – October 2022 VIREB Market Report

 

 

 

 


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INFOGRAPHICS: September 2022 VIREB Vancouver Island Market Reports

FALL BRINGS MORE BREATHING ROOM FOR BUYERS

Last month, active listings of single-family detached properties nearly tripled from September 2021, jumping to 1,417. VIREB’s inventory of condo apartments was 332 in September 2022, up from 167 listings one year ago. There were 295 row/townhouses for sale last month, nearly tripling from the 106 reported one year ago.

Although there is still robust demand, more inventory creates breathing room for buyers and eases some of the pressure they’ve been facing when making an offer. On the other side of the transaction, sellers may have to adjust their expectations as demand is strongest for homes priced to reflect the reality of a shifting market.

“We’re still seeing multiple offers on well-priced properties, but buyers are taking more of a wait-and-see approach,” says Erica Kavanaugh, 2022 VIREB Chair. “Overpriced properties typically take longer to sell, so clients need to be realistic when listing their home. What your neighbour sold for in the spring doesn’t mean you’ll get the same amount of money now. Six months can be a long time in real estate.”

Read the full report on VIREB website!


 

The following data is a comparison between September 2022 and September 2021 numbers, and is current as of October 2022. Click here to check out last month’s infographics.

You can also view all our VIREB infographics by clicking here.

 

Download Printable Version – September 2022 VIREB Market Report

 

 

 

 


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INFOGRAPHICS: August 2022 VIREB Vancouver Island Market Reports

CALMER MARKET CONDITIONS AS SUMMER DRAWS TO A CLOSE

Inventory was up, and sales were down in August, reminiscent of a typical summer market in pre-COVID times.

Last month, active listings of single-family detached properties (not acreage or waterfront) jumped to 1,368, a 153 per cent increase from August 2021. VIREB’s inventory of condo apartments hit 332 last month, up from 164 listings one year ago. There were 280 row/townhouses for sale last month compared to 109 one year ago.

The quieter August gave consumers and REALTORS® time to catch their breath after the frenetic pace VIREB’s housing market has been setting since 2020. Additional inventory is good news for buyers, giving them more options to choose from and easing the pressure to move too quickly when making an offer. On the other side of the transaction, sellers may have to adjust their expectations somewhat.

“After months of historically low listings, January posted a small inventory bump, and active listings have risen steadily since then accompanied by slightly lower demand,” says Erica Kavanaugh, 2022 VIREB Chair. “What we’re seeing now is more about conditions returning to what they were before the pandemic. We’ll have to see how the rest of the year shapes up to determine whether we’re looking at a more significant trend.”

Read the full report on VIREB website!


 

The following data is a comparison between August 2022 and August 2021 numbers, and is current as of September 2022. Click here to check out last month’s infographics.

You can also view all our VIREB infographics by clicking here.

 

Download Printable Version – August 2022 VIREB Market Report

 

 

 

 


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INFOGRAPHICS: July 2022 VIREB Vancouver Island Market Reports

JULY BRINGS MORE OPTIONS FOR BUYERS

Due to a significant increase in inventory, July brought more options for buyers in the
Vancouver Island Real Estate Board (VIREB) area.

Last month, active listings of single-family homes (not acreage or waterfront) climbed by 142 per cent
from July 2021 and 15 per cent from June 2022, reaching 1,387. VIREB’s inventory of condo apartments
hit 336 in July, 91 per cent higher than one year ago and up by 14 per cent from June. There were 267
row/townhouses for sale in July, a 107 per cent year-over-year increase and up by 20 per cent from June.

The additional inventory gives buyers more choices and mitigates the need to move too quickly when
making an offer. Kelly O’Dwyer, 2022 VIREB President-Elect, notes that while sales have slowed, the
tempo is more reminiscent of a typical summer market, but one the board has not seen in several years.

Read the full report on VIREB website!


 

The following data is a comparison between July 2022 and July 2021 numbers, and is current as of August 2022. Click here to check out last month’s infographics.

You can also view all our VIREB infographics by clicking here.

 

Download Printable Version – July 2022 VIREB Market Report

 

 

 

 


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INFOGRAPHICS: June 2022 VIREB Vancouver Island Market Reports

RISING INVENTORY A HOPEFUL SIGN FOR BUYERS

Inventory in the Vancouver Island Real Estate Board (VIREB) area rose significantly last
month, with listings of single-family homes more than doubling from June 2021. At the same time, sales dipped across the board area in most markets.

Last month, active listings of single-family homes (not acreage or waterfront) climbed by 107 per cent from June 2021 and 23 per cent from May 2022, reaching 1,204. VIREB’s inventory of condo apartments was 295 in June, 43 per cent higher than one year ago and up by 28 per cent from May. There were 222 row/townhouses for sale in June, a 60 per cent year-over-year increase and up by 32 per cent from May.

The additional inventory is a positive development for buyers, providing more options and easing the pressure to move too quickly when making an offer. Higher interest rates are causing some buyers to put the brakes on purchasing a home, and REALTORS® are seeing price reductions in the higher end of the market. However, it is too early to speculate whether VIREB’s housing market is moving towards a buyers’ or balanced market.

Read the full report on VIREB website!


 

The following data is a comparison between June 2022 and June 2021 numbers, and is current as of July 2022. Click here to check out last month’s infographics.

You can also view all our VIREB infographics by clicking here.

 

Download Printable Version – June 2022 VIREB Market Report

 

 

 

 


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INFOGRAPHICS: May 2022 VIREB Vancouver Island Market Reports

MARKET SHIFTING AMIDST LIGHTER DEMAND AND MORE INVENTORY

The Vancouver Island Real Estate Board (VIREB) housing market appears to be shifting
amidst lighter demand and increased inventory.

Last month, active listings of single-family homes (not acreage or waterfront) climbed by 64 percent from May 2021 and 34 percent from April of this year. VIREB’s inventory of condo apartments in May was 28 per cent higher than one year ago and increased by 32 per cent from April. Row/townhouse inventory rose by 49 per cent year over year and 12 per cent from April.

The increased inventory is good news for buyers, giving them more options to choose from and easing the pressure to move too quickly when making an offer. However, the market still favours sellers, and balanced conditions seem to be some distance away. According to the British Columbia Real Estate Association (BCREA), it will take a substantial decline in demand to return active listings on Vancouver Island to a healthy state.

Read the full report on VIREB website!


 

The following data is a comparison between May 2022 and May 2021 numbers, and is current as of June 2022. Click here to check out last month’s infographics.

You can also view all our VIREB infographics by clicking here.

 

Download Printable Version – May 2022 VIREB Market Report

 

 

 

 


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INFOGRAPHICS: April 2022 VIREB Vancouver Island Market Reports

ADDITIONAL INVENTORY POSITIVE NEWS FOR BUYERS

Inventory in the Vancouver Island Real Estate Board (VIREB) area is climbing, but the
housing supply is still far below the level needed to satisfy current demand.

Active listings of single-family homes rose by 34 per cent from April 2021 and by 32 per cent from March of this year. VIREB’s inventory of condo apartments was 13 per cent lower than in April 2021 but increased by 18 per cent from March. Row/townhouse inventory rose by 39 per cent year over year and 52 per cent from March.

A “perfect storm” of factors – including record-low supply, historically low mortgage rates, and lifestyle changes resulting from the COVID-19 pandemic – has fuelled dramatic price increases and highly competitive real estate transactions. However, REALTORS® have noticed that current demand is not equally distributed throughout VIREB’s zones, resulting in “micro-markets.” These pockets of heightened activity favour particular price points and property types within an area.

Demographics also play a significant role in British Columbia’s robust housing market. A large contingent of 30-39-year-olds – the largest we have seen in Canada since the 1970s – are entering their homebuying years. Intergenerational wealth transfer is helping many get onto or climb the property ladder, placing additional pressure on inventory and prices.

Read the full report on VIREB website!


 

The following data is a comparison between April 2022 and April 2021 numbers, and is current as of May 2022. Click here to check out last month’s infographics.

You can also view all our VIREB infographics by clicking here.

 

Download Printable Version – April 2022 VIREB Market Report

 

 

 

 


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INFOGRAPHICS: March 2022 VIREB Vancouver Island Market Reports

INVENTORY INCHING UP BUT STILL FAR FROM IDEAL

Inventory in the Vancouver Island Real Estate Board (VIREB) area is slowly inching up but is still far from ideal. Active listings of single-family homes rose by nine per cent from March 2021 but increased by 60 per cent from February. VIREB’s inventory of condo apartments in March dipped by 13 per from one year ago but increased by 28 per cent from one month ago.

Row/townhouse inventory dropped by 15 per cent year over year but was up by 50 per cent from February.

By category, 528 single-family homes sold on the MLS® System in March, a six per cent decrease from one year ago and up by 49 per cent from February. There were 121 condo apartment sales last month compared to 132 one year ago, a decline of eight per cent year over year but a nine per cent increase from the previous month. In the row/townhouse category, 106 units sold in March compared to 124 one year ago, a 15 per cent decrease. However, sales did rise by 18 per cent from February.

Read the full report on VIREB website!


 

The following data is a comparison between March 2022 and March 2021 numbers, and is current as of March 2022. Click here to check out last month’s infographics.

You can also view all our VIREB infographics by clicking here.

 

Download Printable Version – March 2022 VIREB Market Report

 

 

 

 


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INFOGRAPHICS: February 2022 VIREB Vancouver Island Market Reports

ADDITIONAL INVENTORY OFFERS LITTLE RELIEF FOR BUYERS

February brought additional inventory to the table in the Vancouver Island Real Estate Board (VIREB) area. However, listings are still far below where they need to be to satisfy buyer demand.

Active listings of single-family homes were 12 per cent lower last month than the previous February but rose by 34 per cent from January 2022. VIREB’s inventory of condo apartments in February declined by 31 per cent from one year ago but increased by seven per cent from the previous month. Row/townhouse inventory dropped by 27 per cent year over year but was the same as in January (66).

By category, 360 single-family homes sold on the MLS® System in February, a 13 per cent decrease from one year ago and up by 64 per cent from January. There were 112 condo apartment sales last month compared to 128 one year ago, a decline of 13 per cent year over year but a 23 per cent increase from the previous month. In the row/ townhouse category, 91 units sold in February compared to 79 one year ago and 61 in January, an increase of 15 and 49 per cent, respectively.

Read the full report on VIREB website!


 

The following data is a comparison between February 2022 and February 2021 numbers, and is current as of March 2022. Click here to check out last month’s infographics.

You can also view all our VIREB infographics by clicking here.

 

Download Printable Version – February 2022 VIREB Market Report

 

 

 

 


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MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.