The Neal Estate Group's Real Estate Market Update for Vancouver Island for June 2022
Posted by Ron Neal on Friday, June 17th, 2022 at 3:31pm.
Vancouver Island Real Estate saw many of the same trends as the Victoria region which in summation was sliding sales and building inventory. While the new trend (after years of the opposite situation) is refreshing for buyers as far as the options that are being presented to them, the situation is somewhat tainted by rising interest rates and decreasing affordability.
Digging into the Numbers, there was a total of 1,411 properties sold on all of Vancouver Island in May 2022. 650 of those sales took place in the Vancouver Island Board Area with the rest happening in the Greater Victoria region. Of those 650 Island board area sales, 455 were detached homes, 92 were condos and 103 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 | -14% | -10% |
| Condos | -38% | -19% |
| Townhomes | -10% | -7% |
Listings of single-family homes on the Vancouver Island board increased 64% year over year. Condos increased by 28% and townhomes by 49% in the same period. Month lover month inventory stats saw detached homes up 34%, condos up 32% and townhomes up 12%.
VIREB board-wide single-family homes hit a benchmark price of $867,000 while condos hit $451,900 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 | $776,200 | +29% |
| Comox Valley | $910,900 | +29% |
| Cowichan Valley | $886,300 | +35% |
| Nanaimo | $901,400 | +29% |
| Parksville/Qualicum | $1,002,700 | +30% |
| Port Alberni | $617,400 | +43% |
| North Island | $456,200 | +36% |
| Victoria | $1,446,400 | +23.8% |
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 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.