Active Real Estate Listings Increasing in Around Town
Your Weekly Construction Briefing
Active listings in the Vancouver Island Real Estate Board areas (VIREB) and Powell River are up, while the number of units selling are down. In Powell River, residential active listings are up from 62 in April 2021 to 115 last month. Sales were down from 31 last month compared to 51 in 2021.
While 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. REALTORS® are noticing changes in the market. Current demand is not equally distributed throughout VIREB’s zones, resulting in “micro-markets” where heightened activity favour particular price points and property types within that area.
The increased inventory observed in April seems to be correlating with more conditional offers. The “fear of missing out” may be abating, and higher interest rates may also be tempering how much buyers are willing to spend when making an offer. However, the British Columbia Real Estate Association has stated the housing markets in British Columbia are so lopsided that it will take a substantial decline in demand to return active listings to a balanced state.
That said, sales did dip in April in all categories, including Single Family Homes, Condo/Apartments and Row/Townhouses. For the VIREB area (north of Victoria), active listings for single-family homes rose by 34 per cent from April 2021, while sales decreased from 580 to 507 in April 2022.
|SF MLS ® Average Sale $||$ Increase|
|Comox Valley||$910,178||+16% last Apr.|
|Campbell River||$785,633||+9% last Apr.|
|Parksville/Qualicum||$1,068,148||+25% last Apr.|
|Port Alberni/West||$731,838||+37% last Apr.|
|Powell River||$997,383||+68% last Apr.|
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