Vancouver Island Real Estate Market Update In Around Town

June 8, 2023

Your Weekly Construction Briefing

Last month, 488 single-family homes sold in the Vancouver Island Real Estate Board (VIREB) area, an eight per cent decrease from one year ago and a 25 per cent increase from April. Sales of condo apartments came in at 86 units, declining by seven per cent from May 2022. In the row/townhouse category, 94 units sold, down nine per cent.

The Vancouver Island Real Estate Board has released its May market statistics pacakage showing increased inventory and decreased year-over-year sales.

Inventory is higher, but still below what’s needed to achieve a balanced market. Active listings for single-family, condos and townhomes rose to 1549 compared to 1374 in May 2022. Well-priced properties are receiving multiple offers, while overpriced homes are taking longer to sell.

SF MLS ®Average Sale $$ Increase
Comox Valley$838,598-14% last May
Campbell River$751,594-6% last May
Parksville/Qualicum$946,959-10% last May
Port Alberni/West$633,3739% last May

In Campbell River, the benchmark price of a single-family home was $646,500 in May, down 12 per cent from the previous year. The Comox Valley’s year-over-year benchmark price dropped by 10 per cent to $802,000. The Parksville-Qualicum area saw its benchmark price decrease by nine per cent to $880,700. The cost of a benchmark single-family home in Port Alberni was $520,700, down 13 per cent from the previous year. For the North Island, the benchmark price of a single-family home decreased by five per cent to $435,100.

Source: VIREB Market Stats.

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