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Vancouver Island Market Report Infographics

Thursday, June 6, 2024 9:34:38 PM UTC
INFOGRAPHICS: May 2024 VIREB Vancouver Island Market Reports

LARGE INVENTORY INCREASE IN MAY WHILE SALES CONTINUE TO LAG

The Vancouver Island Real Estate Board (VIREB) recorded 824 unit sales board-wide (all property types) on the MLS® System in May 2024. In the single-family category (excluding acreage and waterfront), 409 homes sold in May, down 14 per cent from one year ago and up nine per cent from April. Sales of condo apartments last month came in at 92, increasing by 11 per cent year over year and up 23 per cent from April. In the row/townhouse category, 108 units changed hands in May, up 17 per cent from one year ago and 30 per cent from April.

Active listings of single-family homes were 1,433 in May, an increase from the 979 posted one year ago. VIREB’s inventory of condo apartments was 398 last month, up from 318 in May 2023. There were 375 row/townhouses for sale last month compared to 252 the previous year. VIREB Chief Executive Officer Jason Yochim says that the typically busy spring market is slow to launch this year.

“Last month, we were optimistic that the spring market had finally arrived,” says Yochim. “However, while sales did pick up somewhat in May, we’re still not where we usually are heading into summer.”

Read the full report on VIREB website!


 

The following data is a comparison between May 2024 and May 2023 numbers, and is current as of June 2024. Click here to check out last month’s infographics.

You can also view all our VIREB infographics by clicking here.

 

Download Printable Version – May 2024 VIREB Market Report

 

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INFOGRAPHICS: April 2024 VIREB Vancouver Island Market Reports

MORE INVENTORY BENEFITS BOTH BUYERS AND SELLERS

The Vancouver Island Real Estate Board (VIREB) recorded 741 unit sales board-wide (all property types) in April 2024. In the single-family category (excluding acreage and waterfront), 376 homes sold in April, down two per cent from one year ago and up 29 per cent from the previous month. Sales of condo apartments last month came in at 75, dropping by one per cent year over year and down 11 per cent from March. In the row/townhouse category, 83 units changed hands in April, down two per cent from one year ago and up one per cent from March.

Active listings of single-family homes were 1,271 in April, an increase from the 956 posted one year ago. VIREB’s inventory of condo apartments was 381 last month, up from 304 in April 2023. There were 368 row/townhouses for sale last month compared to 246 the previous year.

VIREB Chief Executive Officer Jason Yochim says that the spring market, which typically starts showing signs of life in February, is finally here.

Read the full report on VIREB website!


 

The following data is a comparison between April 2024 and April 2023 numbers, and is current as of May 2024. Click here to check out last month’s infographics.

You can also view all our VIREB infographics by clicking here.

 

Download Printable Version – April 2024 VIREB Market Report

 

 

 

 


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INFOGRAPHICS: March 2024 VIREB Vancouver Island Market Reports

MARCH HOUSING MARKET CALMER THAN EXPECTED

Last month, the Vancouver Island Real Estate Board (VIREB) recorded 655 unit sales board-wide (all property types). In the single-family category (excluding acreage and waterfront), 291 homes sold in March, down 22 per cent from one year ago and up 15 per cent from February 2024. Sales of condo apartments last month came in at 84, increasing by 27 per cent year over year and 24 per cent from February 2024. In the row/townhouse category, 82 units changed hands in March, an increase of nine per cent from one year ago and up 39 per cent from February.

The number of active listings of single-family homes was 1,084 last month, down from 963 the previous year. VIREB’s inventory of condo apartments was 324 in March 2024, up from 290 one year ago. There were 333 row/townhouses for sale last month compared to 253 the previous year. “As we reported last month, there is a lot of interest among potential buyers,” says Jason Yochim, VIREB Chief Executive Officer. “REALTORS® are definitely busy, although the statistics don’t reflect that. We expect it will be June before the numbers catch up with pent-up demand.”

Read the full report on VIREB website!


 

The following data is a comparison between March 2024 and March 2023 numbers, and is current as of April 2024. Click here to check out last month’s infographics.

You can also view all our VIREB infographics by clicking here.

 

Download Printable Version – March 2024 VIREB Market Report

 

 

 

 


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INFOGRAPHICS: February 2024 VIREB Vancouver Island Market Reports

FEBRUARY SEES SIGNIFICANT SALES INCREASE

Last month, 254 single-family homes sold in the Vancouver Island Real Estate Board (VIREB) area, up 15 per cent from one year ago and 67 per cent from January 2023. Sales of condo apartments in February came in at 68, increasing by 11 per cent year over year and up 45 per cent from January. In the row/townhouse category, 59 units changed hands last month, an increase of 18 per cent from one year ago and up 48 per cent from the previous month.

Active listings of single-family homes were 915 in February, down from 937 the previous year. VIREB’s inventory of condo apartments was 298 last month, up from 253 one year ago. There were 328 row/townhouses for sale last month compared to 251 in February 2023. “Board-wide, sales rose significantly from last February, while month over month, increases were
in the high double digits,” says Jason Yochim, VIREB Chief Executive Officer. “REALTORS® are reporting that although many buyers are waiting for spring, pent-up demand is high.”

Read the full report on VIREB website!


 

The following data is a comparison between February 2024 and February 2023 numbers, and is current as of March 2024. Click here to check out last month’s infographics.

You can also view all our VIREB infographics by clicking here.

 

Download Printable Version – February 2024 VIREB Market Report

 

 

 

 


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INFOGRAPHICS: January 2024 VIREB Vancouver Island Market Reports

NORMAL JANUARY KICKS OFF 2024 WITH OPTIMISTIC OUTLOOK

Last month, 152 single-family homes sold in the Vancouver Island Real Estate Board (VIREB) area, down six per cent from one year ago and up slightly from December 2023.

Sales of condo apartments in January came in at 47, increasing by 12 per cent year over year and up 21 per cent from December. In the row/townhouse category, 40 units changed hands last month, an increase of 14 per cent from one year ago and up three per cent from the previous month.

Active listings of single-family homes were 807 in January, down from 861 the previous year. VIREB’s inventory of condo apartments was 258 last month, up from 239 one year ago. There were 282 row/townhouses for sale last month compared to 239 in January 2023.

“We had a fairly normal January, with unit sales of 354 compared to 340 last year,” says Ian Mackay, 2024 Chair. “REALTORS® are reporting that plenty of listings are hitting the system, and we’re sensing a lot of optimism regarding the spring market.”

Read the full report on VIREB website!


 

The following data is a comparison between January 2024 and January 2023 numbers, and is current as of February 2024. Click here to check out last month’s infographics.

You can also view all our VIREB infographics by clicking here.

 

Download Printable Version – January 2024 VIREB Market Report

 

January 2024 Infographics VIREB

 

 

 


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INFOGRAPHICS: December 2023 VIREB Vancouver Island Market Reports

LACKLUSTRE DECEMBER CLOSES OUT 2023

The Vancouver Island Real Estate Board (VIREB) recorded 7,297 unit sales in 2023
compared to 11,045 in 2021 and 7,810 in 2022. High interest rates are primarily to blame for the weaker sales, as there was significant demand, but many buyers opted to wait for an anticipated 2024 rate cut.

Last month, there were 151 sales of single-family homes in the VIREB area, down 23 per cent from last December and 36 per cent from November. Sales of condo apartments in December came in at 39, increasing by 11 per cent year over year but down 30 per cent from November. In the row/ townhouse category, 39 units changed hands last month, an increase of 50 per cent from one year ago and down 22 per cent from November 2023.

Active listings of single-family homes dropped to 796 in December from 895 one year ago and
1,040 in November. VIREB’s inventory of condo apartments was 257 last month, up from 248 in
December 2022 but down from November’s 285 listings. There were 244 row/townhouses for sale
last month compared to 229 one year ago and 282 in November.

“Based on conversations REALTORS® are having with clients, there is certainly demand out there, so we’re expecting a fairly busy spring,” says Kelly O’Dwyer, 2023 Chair. “However, there are policy changes coming in 2024 that could impact the real estate market, such as new rules surrounding short-term rentals that take effect on May 1.”

Read the full report on VIREB website!


 

The following data is a comparison between December 2023 and December 2022 numbers, and is current as of January 2024. Click here to check out last month’s infographics.

You can also view all our VIREB infographics by clicking here.

 

Download Printable Version – December 2023 VIREB Market Report

 

 

 

 


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INFOGRAPHICS: November 2023 VIREB Vancouver Island Market Reports

HOUSING MARKET WINDING DOWN TO YEAR END ON A SLOW NOTE

Last month, there were 236 sales of single-family homes in the Vancouver Island Real Estate Board (VIREB) area, down two per cent from last November and three per cent from October. Sales of condo apartments in November came in at 56, increasing by four per cent
year over year and down seven per cent from October. In the row/townhouse category, 50 units changed hands last month, an increase of nine per cent from one year ago and down 14 per cent from October 2022.

Active listings of single-family homes were 1,040 in November, down from 1,195 one year ago. VIREB’s inventory of condo apartments was 285 last month, one more than in November 2022. There were 282 row/townhouses for sale last month compared to 266 one year ago.

“November didn’t hold any surprises,” says Kelly O’Dwyer, 2023 Chair. “As we get closer to Christmas, the market usually slows down considerably.”

Read the full report on VIREB website!


 

The following data is a comparison between November 2023 and November 2022 numbers, and is current as of December 2023. Click here to check out last month’s infographics.

You can also view all our VIREB infographics by clicking here.

 

Download Printable Version – November 2023 VIREB Market Report

 

 

 

 


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INFOGRAPHICS: October 2023 VIREB Vancouver Island Market Reports

INTEREST RATES TAKING A TOLL ON HOUSING MARKET

Last month, there were 244 sales of single-family homes in the Vancouver Island Real Estate Board (VIREB) area, the same number as last October and down by eight per cent from September 2023 (266). Sales of condo apartments in October came in at 60, increasing by 43 per cent year over year and down 29 per cent from September. In the row/townhouse category, 58 units changed hands last month, up 14 per cent from one year ago and down 18 per cent from September.

Active listings of single-family homes were 1,157 in October, down from 1,360 one year ago. VIREB’s inventory of condo apartments was 307 last month, down from 314 listings in October 2022. There were 265 row/townhouses for sale last month compared to 296 one year ago.

“October was slower than expected, continuing the trend of the past few months,” says Kelly O’Dwyer, 2023 Chair. “High interest rates and a mortgage stress test of eight per cent are taking a toll on demand.”

Read the full report on VIREB website!


 

The following data is a comparison between October 2023 and October 2022 numbers, and is current as of November 2023. Click here to check out last month’s infographics.

You can also view all our VIREB infographics by clicking here.

 

Download Printable Version – October 2023 VIREB Market Report

 

 

 

 


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INFOGRAPHICS: September 2023 VIREB Vancouver Island Market Reports

QUIET SEPTEMBER MARKET FAVOURS BUYERS

Last month, there were 266 sales of single-family homes in the Vancouver Island Real Estate Board (VIREB) area, an 11 per cent increase from one year ago (239) and down by
18 per cent from August 2023 (324). Sales of condo apartments in September came in at 85, increasing by 63 per cent year over year and the same number as in August. In the row/townhouse category, 71 units changed hands last month, up 48 per cent from one year ago and down eight per cent from August.

Active listings of single-family homes were 1,173 in September, down from 1,417 one year ago. VIREB’s inventory of condo apartments was 305 last month, down from 332 listings in September 2022. There were 239 row/townhouses for sale last month compared to 295 one year ago.

“September looked like a relatively typical fall market but was somewhat slower than expected, so higher interest rates could be catching up with us,” says Kelly O’Dwyer, 2023 Chair. “Potential buyers seem to be holding out for more favourable rates and conditions.”

Read the full report on VIREB website!


 

The following data is a comparison between September 2023 and September 2022 numbers, and is current as of October 2023. Click here to check out last month’s infographics.

You can also view all our VIREB infographics by clicking here.

 

Download Printable Version – September 2023 VIREB Market Report

 

VIREB-September-2023

 

 

 


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INFOGRAPHICS: August 2023 VIREB Vancouver Island Market Reports
Victoria

QUIET MARKET CLOSES OUT THE SUMMER

Last month, there were 324 sales of single-family homes in the Vancouver Island Real Estate Board (VIREB) area, a seven per cent increase from one year ago (304) and down by 21 per cent from July 2023 (414). Sales of condo apartments in August came in at 85, increasing by 29 per cent year over year but down 13 per cent from the previous month. In the row/townhouse category, 77 units changed hands last month, up 51 per cent from one year ago and down 10 per cent from July.

Active listings of single-family homes were 1,072 in August, down from 1,368 one year ago. VIREB’s inventory of condo apartments was 308 last month, down from 332 listings in August 2022. There were 254 row/townhouses for sale last month compared to 280 one year ago.
“The last two weeks of August were slower than the rest of the summer, which isn’t surprising, ” says Kelly O’Dwyer, 2023 Chair. “The market is usually pretty quiet right before school starts again.”

In its Third-Quarter Housing Market Forecast, the British Columbia Real Estate Association (BCREA) reports that the B.C. housing market has been more resilient than expected in 2023, with both home sales and prices holding up well in the face of sharply higher interest rates. BCREA has projected the VIREB area to close out the year with 8,300 unit sales and is forecasting 8,800 unit sales in 2024.

Read the full report on VIREB website!


 

The following data is a comparison between August 2023 and August 2022 numbers, and is current as of September 2023. Click here to check out last month’s infographics.

You can also view all our VIREB infographics by clicking here.

 

Download Printable Version – August 2023 VIREB Market Report

 

 

 

 


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MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.