Trend Continues – Listings Up, Sales Down In Around Town

December 8, 2022

Your Weekly Construction Briefing

Last month, there were 1195 active listings in the VIREB areas for single-family detached properties, compared to 301 in November 2021. There were 286 condos listed, up from 96 listings one year ago, and 266 townhouses compared to 64 one year ago.According to an industry wide survey released in April 2021, BC’s construction industry continues to be the number one employer in BC’s goods sector, with more than 219,500 people relying directly on construction for a paycheque.

VIREB’s November 2022 Market Statistics Package is showing an increase in listings and a decrease in sale.

This represents a 30 percent decrease in single family home sales year-over-year and a two percent decrease from last month. In contrast, condo sales decreased 50 percent year-over-year but increased 29 percent when compared with October 2022. Townhome sales were down 52 percent year-over-year and 10 percent since October. 

Active listings are approaching the 10-year average, and creating more opportunities for buyers.

 Compared to November 2021, sales in Campbell River decreased from 34 to 23 units, Port Alberni from 28 to 22, Comox Valley from 62 to 41, and Powell River decreased from 25 to 17. 

SF MLS ®Average Sale $$ Increase
Campbell River$733,665-0.4% Nov 2021
Parksville/Qualicum$894,193+1.2% Nov 2021
Comox Valley$786,279-8.5% from Nov 2021
Port Alberni/Wes$660,455+9.9% Nov 2021
Powell River
$613,700+4.6% Nov 2021

Although prices have decreased since earlier this year, it still costs more to buy a home than in November 2021. The VIREB board-wide benchmark price of a single-family home climbed to $772,800 in November, an increase of five per cent from one year ago but down by two per cent from October.

Source: VIREB Market Stats, PRSC Market Stats

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