Active Real Estate Listings Continue to Increase in Around

August 11, 2022

Your Weekly Construction Briefing

Last month, active listings in the VIREB areas continued to increase with single-family homes climbing by 142 per cent from July 2021, condos are up 91 per cent, and townhouses are up 107 per cent.

The Vancouver Island Real Estate Board has released its July 2022 Market Statistics package.

Similar to June, unit sales in July decreased with single family down by 34 per cent and townhomes down by 49 per cent. Both Campbell River and the Comox Valley decreased by 30 per cent, while Port Alberni/West Coast and Nanaimo dropped by over 42 percent. 

In Powell River, residential active listings are up from 101 in 2021 to 156 in July 2022.  Sales were down to 19 last month compared to 39 in 2021.

Despite higher inventory and lower sales, prices continue to rise throughout the VIREB area. The board-wide benchmark price of a single-family home reached $856,700 in July, up 22 per cent from one year ago. In the apartment category, the benchmark price hit $450,200 last month, a 26 per cent increase from July 2021. The benchmark price of a townhouse increased by 23 per cent, climbing to $624,700 in June. However, the benchmark price for the overall board area dipped by one per cent from June to July.

SF MLS ®Average Sale $$ Increase
Comox Valley$851,510+8% last July
Campbell River$723,104+5% last July
Parksville/Qualicum$944,468+8% last July
Port Alberni/West$662,588+15% last July
Powell River$683,994+25% last July

While higher interest rates are impacting the market, some buyers are postponing their home purchase and planning to revisit the process in the fall. Additional inventory gives buyers more choices and mitigates the need to move too quickly when making an offer.

For more details see the VIREB July 2022 Market Statistics package.  

Source: VIREB Market Stats & PRSCREB July Stats

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