The Neal Estate Group's Real Estate Market Update for Vancouver Island for July 2022
Posted by Ron Neal on Monday, July 18th, 2022 at 9:22pm.
Vancouver Island Real Estate continued the trend of sliding sales and increasing inventory, with more options for buyers but hurdles in affordability with rising interest rates.
Digging into the Numbers, on all of Vancouver Island, there was a total of 1170 properties sold in June 2022 (both Victoria Real Estate Board (VREB) and Vancouver Island Real Estate Board (VIREB). For a closer look at VREB numbers click HERE. Looking at the VIREB numbers, of the total 558 sales in that area 408 were single-family homes, 82 were condos and 68 were 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 | -23% | -10% |
| Condos | -37% | -11% |
| Townhomes | -11% | -34% |
Listings saw a big increase in the VIREB region, especially in the single-family home segment with a 107% year-over-year increase (and 23% from last month) to hit 1,204 active listings. There were also 222 townhomes and 295 condos on the market at the end of June, townhomes up 60% y/y and condos 43% up.
VIREB board-wide single-family homes hit a benchmark price of $865,600 while condos hit $452,600 and townhomes came in at $618,900 (all lower than the previous month). Here is a regional breakdown of benchmark prices and year-over-year changes for single-family homes:
| Campbell River | $761,800 | +24% |
| Comox Valley | $911,700 | +22% |
| Cowichan Valley | $884,400 | +31% |
| Nanaimo | $906,300 | +26% |
| Parksville/Qualicum | $988,100 | +24% |
| Port Alberni | $624,700 | +36% |
| North Island | $478,000 | +34% |
| Victoria | $1,464,400 | +23% |
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 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.