The Neal Estate Group's Real Estate Market Update for Vancouver Island for August 2022
Posted by Ron Neal on Tuesday, August 16th, 2022 at 7:45pm.
Vancouver Island Real Estate Overview - Vancouver Island is seeing a significant slow down in sales as buyers wait on the sidelines to see what will happen next. Rising interest rates have taken a chunk out of the affordability pie and hesitancy about what home prices will do in the near future have many not wanting to buy at a peak. Summer is typically a slower period in Real Estate and seeing how many buyers return in the spring will tell us a lot about the medium-range future of the market.
Digging into the Numbers - There was a total of 933 sales on all of Vancouver Island. 510 of those sales were in the Victoria area and you can read more about or Victoria report HERE. The rest of the sales were in the Vancouver Island Real Estate Board area (VIREB) In the VIREB area, 287 single-family homes were sold in July as well as 75 condo units and 51 townhomes.
Here is a breakdown of year-over-year and month-over-month percentages for each property segment:
| Year/year | Month/month | |
| Single Family Dwellings | -34% | -27% |
| Condos | -37% | -9% |
| Townhomes | -49% | -25% |
Listings saw a big increase in the VIREB region, especially in the single-family home segment with a 142% year-over-year increase (and 15% from an already big June) to hit 1,990 active listings (including all property types). Breaking those listings down by property type, the end of June had 1,387 single-family homes, 336 condos, and 267 townhomes on the market. Condos were up 91% year over year and 14% from June and townhomes were up 107% and 20% in the same comparisons.
Looking at price, VIREB board-wide single-family homes hit a benchmark price of $856,700 while condos hit $450,200 and townhomes came in at $624,7000. Here is a regional breakdown of benchmark prices and year-over-year changes for single-family homes:
| Campbell River | $755,800 | +21% |
| Comox Valley | $914,100 | +21% |
| Cowichan Valley | $879,300 | +24% |
| Nanaimo | $883,400 | +21% |
| Parksville/Qualicum | $982,000 | +20% |
| Port Alberni | $611,800 | +27% |
| North Island | $478,300 | +29% |
| Victoria | $1,433,800 | +19% |
Excluding the Comox Valley and North Island, all zones in the VIREB area saw small month-over-month price reductions from June to July.
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.
The Neal Estate Group
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.