February Real Estate Market Update In Around Town
Your Weekly Construction Briefing
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 and a 33 per increase from January. Sales of condo apartments came in at 64, declining by 40 per cent. In the row/townhouse category, 50 units sold, down 44 per cent.
While home sales continue to increase, a slowing economy and still-elevated mortgage rates are expected to keep housing activity lower than usual throughout much of 2023. In particular, inventory remains low in comparison to historical levels. 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.
The board-wide benchmark price (MLS® Home Price Index) of a single-family home was $732,500 in February 2023, down eight per cent from one year ago and a small dip from January. In the apartment category, the benchmark price was $398,800 last month, a one per cent decrease from February 2022 and a slight increase from January. The year-over-year benchmark price of a townhouse was $560,800 in February, down two per cent from one year ago and up slightly from January. Average prices for February were $783,746 (single-family), $370,734 (apartment), and $528,622 (townhouse). Median prices were $742,500 (single-family), $359,000 (apartment), and $501,000 (townhouse).
|SF MLS ®||Average Sale $||$ Increase|
|Comox Valley||$816,735||-14% last Feb|
|Campbell River||$737,853||-9% last Feb|
|Parksville/Qualicum||$892,642||-15% last Feb|
|Port Alberni/West||$636,472||+1% last Feb|
|Powell River||$687,686||-3% last Feb|
For the VIREB areas (north of Victoria), active listings for single-family, condos and townhomes rose to 1441 compared to 527 in February 2022. Listings in Powell River rose to 135 compared to 94 last year, and average days on the market increased from 34 to 100.
Source: VIREB Market Stats & PRSCREB February Stats
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