The Neal Estate Group's Real Estate Market Update for Vancouver Island for April 2022
Posted by Ron Neal on Wednesday, April 13th, 2022 at 10:40am.
March is typically the start of the busy season in Real Estate and this March wasn’t particularly unusual in this respect. Fewer homes sold in March on Vancouver Island compared to the same month last year, but increased compared to February. The much-anticipated easing of restrictions could be the culprit of any missing bounce in the early spring market as many people feel more comfortable travelling. In the meantime, inventory crawled upwards.
Digging into the Numbers, there were 1,588 total sales on Vancouver Island in the month of March. Of those 1,588 sales, 755 of them were in the Vancouver Island Real Estate Board (VIREB) area and the rest were in the Victoria Board area (VREB). Of those 755 sales in the VIREB area, 528 were single-family homes, 121 were condos and 106 were townhouse units. Here is a breakdown of how those numbers stack up compared to February 2022 and March 2021.
| Month/Month | Year/Year | |
| Single Family Homes | +49% | -6% |
| Condos | +9% | -8% |
| Townhomes | +18% | -15% |
Single-family home inventory rose 60% from the end of Feb to the end of March and 9% from last year. Condo inventory increased 28% in March but was down 13% compared to last year. Lastly, townhomes on the market were up 50% Feb to March but down 15% compared to the end of March 2021.
VIREB board-wide, single-family homes hit a benchmark price of $851,700, condos hit $431,100 and townhomes hit $642,200. Here is a breakdown of the board-wide and regional numbers in month over month and annual changes.
| VIREB Board-wide | $851,700 | +35% |
| Campbell River | $722,400 | +28% |
| Comox Valley | $838,600 | +28% |
| Cowichan Valley | $843,000 | +34% |
| Nanaimo | $887,700 | +38% |
| Parksville-Qualicum | $989,800 | +39% |
| Port Alberni | $599,400 | +48% |
| North Island | $429,700 | +40% |
| Victoria | $1,233,700 | +27% |
For our thoughts on the future of the market and for our team highlights, check out our Victoria Update.
If you would like to know how we are beating the market, helping our clients win, and keeping people moving safely, please call or test 250-386-8181 or simply click Here for a FREE consultation. Find new listings before they get to MLS and ask us about featuring your home on VancouverIslandComingSoon.com, where we generate interest while you're getting ready to come to market. Ask us also about our FREE Staging Consultation for advice on preparing your home in its best light for the market, ensuring you the best results.
Stay safe,
The Neal Estate Team
Your Victoria & Vancouver Island Real Estate Experts
“Let our experience be your guide
www.RonNeal.com
www.HomesOnVancouverIsland.ca
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The Neal Estate Group is your #1 source for all of your Victoria BC real estate needs. Get in touch with us online or by phone at (250) 386-8181 to speak with a Victoria real estate buying or selling expert today. With decades of experience as a top selling Victoria REALTOR® and ranked in top 1% globally with over 5,000 transactions and $1 Billion SOLD, Ron Neal & The Neal Estate Group have the industry experience and market knowledge to help you make smart and informed buying or selling decisions.