The Neal Estate Team's Real Estate Market Update for Vancouver Island for September 2021
Posted by Ron Neal on Wednesday, September 15th, 2021 at 2:44pm.
Vancouver Island Real Estate Board (VIREB) wide inventory remained at historic lows in August with the number of available condos a whopping 61% lower compared to August last year. Single family and townhomes were also down at 50% previous years levels.
Sales, unsurprisingly, dropped accordingly with 891 total sales and an 18%decrease compared to last year. Breaking it down by property type, there were 460 single family home sales in August which was a 2% increase from July but down 15% from August 2020. 101 condos sold in August, 1 unit less than the previous year and 23 less than the previous month. Lastly, 91 townhomes sold in August, 13 units less than August last year and 8 less than July.
VIREB wide, Benchmark Prices according to the Home Price Index increased 33% year over year to hit $740,900 for single family homes (only slightly up from July). Condos reached $390,200, up 3% from July and 27% from last year. Townhomes hit $569,900 up 1% from July and 31% from August last year.
| Campbell River | $650,800 | +33% |
| Comox Valley | $772,800 | +32% |
| Cowichan Valley | $733,600 | +32% |
| Nanaimo | $741,900 | +29% |
| Parksville/Qualicum | $863,800 | +35% |
| Port Alberni | $863,800 | +43% |
| North Island | $394,400 | +52% |
| Victoria | $1,089,400 | +11.8 |
There is currently lots of excitement about the upcoming federal election and each party's platform in regards to affordability. While conversation on the federal level is undeniably a good thing, there is still much to be done to create an environment on a local level to encourage developers and homebuilders to take the often very extended and very uncertain risk of building more units, a process which is necessary to increase our housing supply.
If you would like to know how we are beating the market, helping our clients win, and keeping people moving safely, please 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.