06/05/2022
VIREB's housing market appears to be shifting amidst lighter demand and increased inventory.
Last month, active listings of single-family homes (not acreage or waterfront) climbed by 64 percent from May 2021 and 34 percent from April of this year. VIREB’s inventory of condo apartments in May was 28 per cent higher than one year ago and increased by 32 per cent from April. Row/townhouse inventory rose by 49 per cent year over year and 12 per cent from April.
The increased inventory is good news for buyers, giving them more options to choose from and easing the pressure to move too quickly when making an offer. However, the market still favours sellers, and balanced conditions seem to be some distance away. According to the BC Real Estate Association, it will take a substantial decline in demand to return active listings on Vancouver Island to a healthy state.
By category, 455 single-family homes were reported sold on the MLS® System in May, a 14 per cent decrease from one year ago and down by 10 per cent from April. There were 92 condo apartment sales last month, a decline of 38 per cent year over year and down by 19 per cent from April. In the row/townhouse category, 103 units changed hands in May, up 10 per cent from one year ago and seven per cent from April 2022.
As for prices, they continue to rise in the VIREB area.
• Single-family - $867,000 (up 30% from May 2021)
• Apartment - $451,900 (up 36% from May 2021)
• Townhouse - $618,900 (up 30% from May 2021)
For zone-specific prices and additional information, please refer to our May stats package at https://bit.ly/3Mfjls7. And stay tuned for our market-update video, which we'll upload next week! 🏡