Vancouver Island Market Report Infographics
INFOGRAPHICS: May 2023 VIREB Vancouver Island Market Reports
RETURN TO A MORE TRADITIONAL SPRING MARKET IS WELCOME
Last month, there were 488 sales of single-family homes in the Vancouver Island Real Estate Board (VIREB) area, an eight per cent increase from one year ago (450) and a 25 per cent increase from April 2023 (391). Sales of condo apartments in May came in at 86, declining by seven per cent year over year and increasing by 12 per cent from the previous month. In the row/ townhouse category, 94 units changed hands in May, down nine per cent from one year ago and up by seven per cent from April.
Active listings of single-family homes were 979 in May, up from 976 one year ago. VIREB’s inventory of condo apartments hit 318 last month, up from 230 listings in May 2022. There were 252 row/townhouses for sale last month compared to 168 one year ago.
“We’re seeing smartly priced homes and measured offers compared to last year, when the fear of missing out created a frenetic market,” says Kelly O’Dwyer, 2023 Chair. “It feels more reminiscent of a traditional pre-COVID spring.”
O’Dwyer adds that inventory is still a hurdle, and sales would be higher if more homes were available. Vancouver Island has been chronically undersupplied for a long time, and that dearth of inventory continues to be a roadblock for potential buyers.
Read the full report on VIREB website!
The following data is a comparison between May 2023 and May 2022 numbers, and is current as of June 2023. Click here to check out last month’s infographics.
You can also view all our VIREB infographics by clicking here.
Download Printable Version – May 2023 VIREB Market Report
INFOGRAPHICS: April 2023 VIREB Vancouver Island Market Reports
BUYERS TAKING MEASURED APPROACH IN SPRING MARKET
Last month, there were 391 sales of single-family homes in the Vancouver Island Real Estate Board (VIREB) area, a 22 per cent decrease from one year ago (500) and a three per cent increase from March 2023 (381). Sales of condo apartments in April came in at 77, declining by 31 per cent year over year and increasing by 17 per cent from the previous month. In the row/townhouse category, 88 units changed hands in April, down six per cent from one year ago and up by 14 per cent from March.
Active listings of single-family homes were 956 in April, up from 731 one year ago. VIREB’s inventory of condo apartments hit 304 last month, up from 174 listings in April 2022. There were 246 row/ townhouses for sale last month compared to 150 one year ago.
“We’re seeing a lot of positivity among buyers, but they’re taking a more thoughtful approach this spring compared to last year, when the fear of missing out contributed to a frenetic market,” says Kelly O’Dywer, 2023 Chair.
She notes that a “perfect storm” of factors last year – including record-low supply, historically low mortgage rates, and lifestyle changes resulting from the COVID-19 pandemic – fuelled dramatic price increases and highly competitive real estate transactions.
“It isn’t a balanced market yet, largely because inventory is still lower than what’s needed on Vancouver Island,” says O’Dwyer. “But prices are down board-wide from last year, so homes are definitely more affordable this spring.”
Read the full report on VIREB website!
The following data is a comparison between April 2023 and April 2022 numbers, and is current as of May 2023. Click here to check out last month’s infographics.
You can also view all our VIREB infographics by clicking here.
Download Printable Version – April 2023 VIREB Market Report
INFOGRAPHICS: March 2023 VIREB Vancouver Island Market Reports
HOUSING MARKET BRISKER THAN EXPECTED IN MARCH
Last month, there were 381 sales of single-family homes in the Vancouver Island Real Estate Board (VIREB) area, a 26 per cent decrease from one year ago (515) and a 73 per cent increase from February 2023 (220). Sales of condo apartments in March 2023 came in at 66, declining by 46 per cent year over year and increasing by three per cent from the previous month. In the row/townhouse category, 77 units changed hands in March, down 26 per cent from one year ago and up by 54 per cent from February.
“Sales were lower last month than at this time last year, but 2022 was an unusually robust year for the housing market,” says Kelly O’Dywer, 2023 Chair. “That said, March was surprisingly busy for many REALTORS®, and we’re seeing a lot of optimism in the market.”
Inventory is higher than in 2022 but is still below what’s needed to achieve a balanced market. Active listings of single-family homes were 963 in March, up from 552 one year ago and 937 in February. VIREB’s inventory of condo apartments hit 290 last month, up from 148 listings one year ago and 253 in February. There were 253 row/townhouses for sale last month compared to 99 one year ago and 251 the previous month.
Read the full report on VIREB website!
The following data is a comparison between March 2023 and March 2022 numbers, and is current as of April 2023. Click here to check out last month’s infographics.
You can also view all our VIREB infographics by clicking here.
Download Printable Version – March 2023 VIREB Market Report
INFOGRAPHICS: February 2023 VIREB Vancouver Island Market Reports
MARKET PICKING UP STEAM AS WE HEAD TOWARDS SPRING
Last month, 220 single-family homes sold in the Vancouver Island Real Estate Board (VIREB) area, a 37 per cent decrease from one year ago (350) and a 33 per cent increase from January 2023 (165). Sales of condo apartments in February 2023 came in at 64, declining by 40 per cent year over year and increasing by 52 per cent from the previous month. In the row/townhouse category, 50 units changed hands in February, down 44 per cent from one year ago and up by 39 per cent from January.
“The higher sales seen in February are no real surprise, as the housing market typically begins to pick up steam as we head towards spring,” says Kelly O’Dywer, 2023 Chair. “We’re still seeing some multiple offers on well-priced properties, but the market is more price-sensitive than we’ve seen in some time. Buyers are savvy and unwilling to stretch their budget by more than they can comfortably afford.”
Inventory continues to post gains but is still below ideal for a balanced market. Active listings of single- family homes were 937 in February, up from 345 one year ago and 861 in January. VIREB’s inventory of condo apartments hit 253 last month, up from 116 listings one year ago and 239 in January. There were 251 row/townhouses for sale last month compared to 66 one year ago and 239 the previous month.
Read the full report on VIREB website!
The following data is a comparison between February 2023 and February 2022 numbers, and is current as of March 2023. Click here to check out last month’s infographics.
You can also view all our VIREB infographics by clicking here.
Download Printable Version – February 2023 VIREB Market Report
INFOGRAPHICS: January 2023 VIREB Vancouver Island Market Reports
CALM START TO THE YEAR HERALDS A GREAT TIME TO BUY
Last month, 165 single-family homes sold in the Vancouver Island Real Estate Board (VIREB) area, a 24 per cent decrease from one year ago and a drop of 18 per cent from December. Sales of condo apartments in January 2023 came in at 42, declining by 52 per cent year over year and increasing by 20 per cent from December. In the row/townhouse category, 36 units changed hands in January, down 41 per cent from one year ago and up 33 per cent from December.
Inventory continues to post gains, but active listings in some categories did drop from December 2022. Year-over-year listings of single-family homes rose to 861 from 257 one year ago but dipped by four per cent from the previous month. VIREB’s inventory of condo apartments was 239 in January, up from 108 listings one year ago and down by four per cent from December. There were 239 row/townhouses for sale last month compared to 66 one year ago and 229 in December.
“Our statistics indicate that we’re off to a somewhat slow start, but our January sales numbers don’t reflect the activity REALTORS® are seeing on the street,” says Kelly O’Dywer, 2023 Chair. “Overall, it’s actually a great time to buy a home.”
Read the full report on VIREB website!
The following data is a comparison between January 2023 and January 2022 numbers, and is current as of February 2023. Click here to check out last month’s infographics.
You can also view all our VIREB infographics by clicking here.
Download Printable Version – January 2023 VIREB Market Report
INFOGRAPHICS: December 2022 VIREB Vancouver Island Market Reports
QUIET DECEMBER CLOSES OUT THE YEAR
Last month, 200 single-family homes sold in the Vancouver Island Real Estate Board (VIREB) area, a 10 per cent decrease from one year ago and a drop of 18 per cent from November. Sales of condo apartments in December came in at 35, declining by 53 per cent year over year and dropping by 36 per cent from November. In the row/townhouse category, 27 units changed hands in December, down 46 per cent from one year ago and 41 per cent from November.
Inventory continues to build over what was available in December 2021, but active listings did drop from November 2022. Year-over-year listings of single-family homes rose to 895 from 223 one year ago but dipped by 25 per cent from the previous month. VIREB’s inventory of condo apartments was 248 in December 2022, up from 67 listings one year ago and down by 13 per cent from November. There were 229 row/townhouses for sale last month compared to 56 one year ago and 266 in November.
“December sales activity reflected a typical end-of-year market, which is usually slower during the holiday season,” says Erica Kavanaugh, 2022 VIREB Chair. “REALTORS® are reporting that some clients are taking a wait-and-see approach, opting to wait until spring, which typically sees more interest from buyers and an uptick in listings.”
Read the full report on VIREB website!
The following data is a comparison between December 2022 and December 2021 numbers, and is current as of January 2023. Click here to check out last month’s infographics.
You can also view all our VIREB infographics by clicking here.
Download Printable Version – December 2022 VIREB Market Report
INFOGRAPHICS: November 2022 VIREB Vancouver Island Market Reports
CONTINUING INVENTORY GAINS POSITIVE SIGN FOR NEW YEAR
Last 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
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
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
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
