Housing Market Continues to Increase in Around Town

October 7, 2021

Your Weekly Construction Briefing

According to the Vancouver Island Real Estate Board’s (VIREB) September Statistics and Media Release, active listings of single-family homes were 47 per cent lower than in September 2020, while VIREB’s inventory of condo apartments and row/townhouses dropped by 57 and 48 per cent.

The Vancouver Island Real Estate Board has released its monthly statistics package for September showing a continued lack of listings in all categories in the Vancouver Island real estate market.

There were 932 unit sales in the VIREB area last month, down 27 per cent from one year ago. By category, 447 single-family homes sold in September, down three per cent from August and 30 per cent year-over-year. September saw 122 condo apartment sales compared to 123 one year ago and 101 in August. In the row/townhouse category, there were 86 sales last month, down 21 per cent from September 2020 and five per cent from the previous month.

SF MLS ®Average Sale $$ Increase
Comox Valley$830,901+26% last Sept.
Campbell River$716,856+20% last Sept.
Port Alberni/West$508,897+4% last Sept.
Parksville/Qualicum$900,560+27% last Sept.

The board-wide benchmark price of a single-family home reached $747,600 in September, up 32 per cent year over year and slightly higher than in August. In the apartment category, the benchmark price hit $395,100 last month, a one per cent increase from August and up by 30 per cent year over year. The benchmark price of a townhouse rose by 34 per cent from the previous September and by two per cent from August, climbing to $578,500.

In its most recent housing forecast, the British Columbia Real Estate Association states that the supply situation is especially severe in markets outside the Lower Mainland, including Vancouver Island. Listing activity has been lacklustre, and even if sales come back down to long-run average levels, total listings would need to nearly double to bring markets back into balance.

For the full report, see the September 2021 Monthly Statistics Package.

Source: VIREB Market Statistics.

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