Calmer Market Conditions In Around Town

September 8, 2022

Your Weekly Construction Briefing

Last month, active listings in the VIREB areas continued to increase with single-family homes jumping to 1,368 compared to 891 in August 2021. Condo listings hit 332, up from 164. Row/townhouses listings increased to 280, compared to 109 one year ago.

The Vancouver Island Real Estate Board’s July Market Statistics show a calmer real estate market.

The additional inventory is giving buyers more options to choose from and easing the pressure to move too quickly when making an offer. Sellers, however, are having to adjust their expectations somewhat. While demand has dipped, the underlying supply issues that caused low inventory and rising prices still exist.

By category, there were 307 single-family-home sales in August, a 33 per cent decrease from one year ago and up by three per cent from July. There were 66 condo apartment sales last month, a decline of 33 per cent year over year and down by 12 per cent from July. In the row/townhouse category, 51 units changed hands in August, down 43 per cent from one year ago and the same number as in July.

Despite slight month-over-month price dips the board-wide benchmark price of a single-family home reached $842,800 in August, up 18 per cent from one year ago. In the apartment category, it hit $444,800 last month, a 22 per cent increase from August 2021. The benchmark price of a townhouse increased by 19 per cent, climbing to $615,400 in August.

Sales in Campbell River decreased by 48% from 54 to 28 units, Port Alberni decreased by 38%, and the Comox Valley decreased by 16%. 

SF MLS ®Average Sale $$ Increase
Comox Valley$877,285+2.6% last July
Campbell River: $698,071+1.7% last July
Parksville/Qualicum$899,337+4.8% last July
Port Alberni/West$720,980+17% last July

Source: VIREB Market Stats 

Campbell River:  $698,071, +1.7% last July

Parksville/Qualicum: $899,337, +4.8% last July

Port Alberni/West: $720,980, +17% last July

Source: VIREB Market Stats 

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