Additional inventory offers little relief for buyers in Around Town
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As expected, active listings in the Vancouver Island Real Estate Board (VIREB) area have increased from January, but are lower than February 2021, continuing the trend of historically low listings. VIREB’s active listings for single-family homes were 12 per cent lower than February 2021, and inventory of condo apartments and row/townhouses dropped by 31 and 27 per cent.
As a result, prices continue to climb. The board-wide benchmark price of a single-family home reached $822,500 in February, up 36 per cent year over year, while apartments hit $415,000 (28% cent increase), and townhouses reached $635,000 (36% increase). In the Comox Valley, the single-family median price was $898,200 (up 30%), in Campbell River $798,500 (up 34%) and Port Alberni $605,000 (up 39%).
The British Columbia Real Estate Association (BCREA) says that with housing markets so out-of-balance, it will take a substantial decline in demand to return active listings to a healthy state. BCREA has made 30 recommendations to the provincial government on how it can protect consumers today and provide affordable housing in the future.
Source: VIREB Market Stats
VIREB includes the Cowichan Valley to North Island
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