The Neal Estate Group's Real Estate Market Update for Vancouver Island for February 2023
Posted by Ron Neal on Thursday, February 16th, 2023 at 4:36pm.
Vancouver Island Real Estate - In January 2023, Vancouver Island saw 521 property sales, with the Vancouver Island Real Estate Board Area (VIREB) reporting 243 and the Victoria Real Estate Board Area (VREB) reporting 278. Of the VIREB sales, 165 were single-family homes, 42 were condos, and 32 were townhomes. For further details on the VREB numbers, please refer to our full Victoria report by clicking HERE.
| Year/year | Month/month | |
| Single Family Dwellings | -24% | -18% |
| Condos | -52% | +20% |
| Townhomes | -41% | +33% |
Inventory saw a year-over-year increase, with 861 single-family homes listed in January compared to 257 one year ago, although listings dropped by 4% from the month prior. Similarly, condo apartment listings rose year-over-year to 239 from 108, while decreasing by 4% from December. Row/townhouses had 239 listings in January, up from 66 one year ago, but down from 229 in December.
In January 2023, according to the MLS® Home Price Index, the benchmark price of a single-family home decreased by 5% from the previous year, and 2% from the prior month, to a total of $735,800. Townhouses experienced a slight decline of 2% from December, to a benchmark price of $558,600, while the benchmark price of an apartment rose 2% from the previous year, to $398,300.
Here is a regional breakdown of benchmark prices and year-over-year changes for single-family homes (all are down from their respective peaks):
| Campbell River | $647,600 | -5% |
| Comox Valley | $784,700 | -4% |
| Cowichan Valley | $745,700 | -4% |
| Nanaimo | $755,300 | -7% |
| Parksville/Qualicum | $856,100 | -6% |
| Port Alberni | $518,300 | -8% |
| North Island | $428,500 | +2% |
| Victoria | $1,251,100 | -3.5% |
If you would like to know how we are beating the market, helping our clients win, and keeping people moving, 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 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.