The Vancouver Island Real Estate Market continues to struggle with frustration stemming from low inventory pressures. As a result of how few homes are available, the number of sales continues to decrease as well, although not enough to give reprieve on the inventory side of the ledger.
Single family home sales were down 23% in October compared to October the previous year with 398 sales. Condos were down 6% in the same time period with 122 sales and townhomes were down 10% with 88 unit sales. It is fairly safe to assume those numbers would increase if there were simply more options for buyers.
Listings of single family homes were down 46% from last year and 18% from September 2021. This segment has been hit particularly hard as buyers are prioritizing square footage over closeness to urban centers, making rural areas particularly appealing (areas where SFD is the primary housing type). Condo listings were down 63% from last year and 26% from September, showing that this segment is playing catch up to what we have already seen in the SFD segment as buyers are priced out of the more expensive option. Lastly, townhomes were down 39% from last year and up 13% from last month. There are fewer townhome units than the other property types and therefore small changes show more significantly in the stats.
The Vancouver Island Real Estate Board (minus the Island minus Victoria area) has seen significant increases in home prices. The Benchmark price (the price of the “average” home in the area) has increased 31% from last October to $757,300 for a single family home. Condos rose 30% to $397,200 and townhomes jumped 34%.
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The Neal Estate Team 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 4,000 transactions and $1 Billion SOLD, Ron Neal & The Neal Estate Team have the industry experience and market knowledge to help you make smart and informed buying or selling decisions.