Vancouver Island Active Listings Increase in Around Town

June 9, 2022

Your Weekly Construction Briefing

For the second month in a row, active listings in the Vancouver Island Real Estate Board areas (VIREB) are up and the number of units selling are down from the same months in 2021. Prices continue to increase.

The Vancouver Island Real Estate Board has released its monthly statistics package for May 2022.

Last month, active listings of single-family homes climbed by 64 percent from May 2021 and 34 percent from April of this year. VIREB’s inventory of condo apartments in May was 28 per cent higher than one year ago and increased by 32 per cent from April. Row/townhouse inventory rose by 49 per cent year over year and 12 per cent from April.

By category, 455 single-family homes were reported sold on the MLS® System in May, a 14 per cent decrease from one year ago and down by 10 per cent from April. There were 92 condo apartment sales last month, a decline of 38 per cent year over year and down by 19 per cent from April. In the row/townhouse category, 103 units changed hands in May, up 10 per cent from one year ago and seven per cent from April 2022.

While increased inventory is good news for buyers, the market still favours sellers, and balanced conditions seem to be some distance away. According to the British Columbia Real Estate Association (BCREA), it will take a substantial decline in demand to return active listings on Vancouver Island to a healthy state.

SF MLS ®Average Sale $$ Increase
Comox Valley$980,289+28% last May
Campbell River$799,617+15% last May
Parksville/Qualicum$1,050,681+25% last May
Port Alberni/West$579,983+8% last May
Powell River$700,747+28% last May

For the VIREB areas (north of Victoria), active listings for single-family homes rose by 64 per cent from May 2021, while sales decreased by 14 per cent.

Source: VIREB Market Stats & PRSCREB May Stats.

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