The Neal Estate Group's Real Estate Market Update for Vancouver Island for January 2023
Posted by Ron Neal on Thursday, January 12th, 2023 at 4:09pm.
Vancouver Island Real Estate - In December 2022, a total of 612 properties were sold on Vancouver Island, with 262 sales reported by the VIREB and 350 by the VREB. Of the VIREB figures, 200 were single-family homes, 35 were condos, and 27 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 | -10% | -18% |
| Condos | -53% | +36% |
| Townhomes | -46% | -41% |
Last month, there were 895 active listings of single-family detached properties, a 25% decrease from the previous month but a whole 299% increase from the 223 available one year ago. Condo listings numbered 248, a 13% drop from November but a 268% surge from the 67 of the previous year. Townhouses also saw an increase, with 229 listings compared to 56 one year ago and 266 the month before.
The Home Price Index reported that the benchmark price of a single-family home in November was $750,900, a slight decrease from the same time last year and a 3% decrease from the previous month. In the apartment category, the benchmark price climbed to $405,400, representing a 6% increase from December 2021 and a slight increase from November. Meanwhile, townhouses saw a 4% year-over-year increase to $568,000, slightly higher than in November. 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 | $661,300 | -2% |
| Comox Valley | $789,500 | -1% |
| Cowichan Valley | $752,700 | -1% |
| Nanaimo | $777,600 | +1% |
| Parksville/Qualicum | $878,900 | -2% |
| Port Alberni | $539,100 | +4% |
| North Island | $445,900 | +10% |
| Victoria | $1,262,600 | +1.7% |
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.
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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.