The Neal Estate Group's Real Estate Market Update for Vancouver Island for November 2022
Posted by Ron Neal on Wednesday, November 16th, 2022 at 6:59pm.
Vancouver Island Real Estate - on all of Vancouver Island, including both the Victoria and Vancouver Island Real Estate Boards (VREB and VIREB) there was a total of 822 properties sold in October 2022. For the report on VREB numbers click HERE. Looking at the VIREB numbers here, there was a total of 342 sales in that area, 429 of which were single-family homes, 42 were condos, and 51 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 | -37% | +3% |
| Condos | -65% | -19% |
| Townhomes | -41% | +4% |
In some areas of the island, the Cowichan Valley, for example, October was one of the lowest sales volumes for the month of October in the last 10 years.
Inventory of single-family homes dropped 4% from September with 1,360 listings on the market at the end of October (this is triple what was available at the end of October 2021). There were 314 condos, down 5% from the previous month, and 296 townhomes on the market (roughly the same as the previous month).
VIREB board-wide single-family homes hit a benchmark price of $787,500 while condos hit $414,200 and townhomes came in at $583,900. 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 | $679,300 | +4% |
| Comox Valley | $829,800 | +7% |
| Cowichan Valley | $804,500 | +9% |
| Nanaimo | $811,200 | +9% |
| Parksville/Qualicum | $913,000 | +7% |
| Port Alberni | $566,300 | +13% |
| North Island | $488,000. | +20% |
| Victoria | $1,391,700 | +21.2% |
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.