The Neal Estate Team's Real Estate Market Update for Vancouver Island for February 2022
Posted by Ron Neal on Friday, February 18th, 2022 at 4:32pm.
The Market Update for the Vancouver Island Real Estate Board area is much the same as the South Island update so far this year (which can be read about here). Sales slowed just enough to allow a small increase in inventory but not enough to shift any of the clock's hands from pointing directly at Seller’s Market Time.
Digging into the numbers, there were a total of 846 sales on all of Vancouver Island in January, 372 of which were in the VI Board area (VIREB) and 474 of which were in the Victoria Board area (VREB). Breaking down the VIREB sales by property type, 220 single-family homes, 91 condos, and 61 townhomes sold. The table below shows the sales volume change (VIREB) both annually and compared to the previous month.
| Year/Year | Month/Month | |
| Single-family homes | -22% | |
| Condos | +4.3% | +17.5% |
| Townhomes | -10.7% | -35% |
Inventory of single-family homes increased 15% from the previous month but was down 39% from January last year. At the time of writing this on February 15th, there are 487 single-family homes listed as well as 113 condos and 71 townhomes (in the VIREB area). Condos were up 61% from last month and 49% down from last year while townhomes were up 18% from last month and down 31% year-over-year.
Here is a regional breakdown of Benchmark Price changes regionally with annual change:
| Campbell River | $682,800 | +29% |
| Comox Valley | $814,500 | +32% |
| Cowichan Valley | $782,900 | +29% |
| Nanaimo | $822,600 | +36% |
| Parksville-Qualicum | $952,900 | +40% |
| Port Alberni | $553,900 | +52% |
| North Island | $434,400 | +52% |
| Victoria | $1,161,500 | +24.6% |
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 Team
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.