Greater Victoria, Saanich Peninsula, Parksville and Nanaimo Real Estate Market Statistics – December 2022

Greater Victoria, Saanich Peninsula, Parksville and Nanaimo Real Estate Market Statistics – December 2022

Here are the latest real estate market statistics from Macdonald Realty on Greater Victoria, Saanich Peninsula, Parksville/Qualicum, and Nanaimo listings and sales in December 2022. Find all the infographics related to the December Market Statistics by visiting the Facebook Album.

A total of 320 properties sold in the Victoria Real Estate Board region this December, 26.9 per cent fewer than the 438 properties sold in December 2021 and a 16.7 per cent decrease from November 2022. Sales of condominiums were down 38.2 per cent from December 2021 with 94 units sold. Sales of single family homes decreased 24.6 per cent from December 2021 with 156 sold.

A grand total of 6,804 properties sold over the course of 2022, 32.3 per cent fewer than the 10,052 that sold in 2021. 2022 sales came closest to 2014’s sales year when 6,698 properties were sold.

“We began the year with record low inventory, and with higher than average sales,” says 2022 Victoria Real Estate Board President Karen Dinnie-Smyth. “And then the market changed on a dime. Interest rate increases through the remainder of 2022 signalled the end of low-cost borrowing and pushed buyers to the sidelines. Each time interest rates went up, market activity slowed. As we head into 2023, we continue to see the cost of moving and borrowing money undermine demand. Slower sale activity has resulted in inventory levels rebounding from historic lows, which means there are more opportunities for buyers in our market this year than in recent years.

There were 1,688 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of December 2022, a decrease of 20 per cent compared to the previous month of November but a 158.9 per cent increase from the 652 active listings for sale at the end of December 2021.

“The new year begins with the federal government’s ban on foreign buyers,” adds President Dinnie-Smyth. “This is a disappointing politically motivated action in the theme of government trying to slow demand, rather than addressing the more lengthy and less politically popular process of building more housing supply. The cost of housing is unlikely to be affected by this ban because we know from the government’s own data that foreign buyers represent only a handful of transactions in our region in recent years. At the provincial government level, legislation began today for the cooling-off period, now referred to as the Home Buyer Recission Period. The Victoria market has already cooled off, which leaves this legislation at least a year out of date and toothless in terms of public protection, as standard condition terms are often longer than the three-day legislated term. Victoria REALTORS® support policies that provide housing that British Columbians can afford, and we are pleased to see some of our municipalities considering innovative builds that can help with this. Will 2023 be the year that the housing supply chain will be front and center on all levels of government agendas? If we fail to encourage new development now, we will have another supply shortfall in an upcoming market cycle which will lead to pressure on pricing. New government rules further complicate real estate transactions – so if you are buying or selling in 2023 – be sure to call your favourite Realtor for guidance.”

Greater Victoria

Saanich Peninsula

Nanaimo

Parksville / Qualicum

 

Looking for more information about the real estate market in specific neighbourhoods in Victoria, Saanich Peninsula, Parksville, Nanaimo, Vancouver Island and the Gulf Islands? 

Macdonald Realty has offices in downtown Victoria, Sidney, Parksville and Salt Spring Island. Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.

MLS® Home Price Index (HPI) Benchmark Price

Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.

This blog post is based on market data provided by the Victoria Real Estate Board (VREB) www.vreb.org and the Vancouver Island Real Estate Board (VIREB) www.vireb.com. Market data from the VIREB includes listings and sales in Campbell River, Comox Valley, Cowichan Valley Nanaimo, Parksville/Qualicum, Port Alberni/West, North Island, and the Islands.

Okanagan Real Estate Market Statistics – December 2022

Okanagan Real Estate Market Statistics – December 2022

Here are the latest real estate market statistics from Macdonald Realty on Okanagan listings and sales in December 2022.
Find the infographics by visiting the Facebook Album.

Central Okanagan: Kelowna and Lake Country

There were 86 sales, 679 active listings, and $1,002,400 average sale price for detached homes in the Central Okanagan market, including Kelowna and Lake Country. The condo market featured 47 sales and 371 active listings at the end of the month. The average sale price was $502,800. Townhome sales were 36, active listings were 220 and the average sale price was $726,300. It’s a buyer’s market in Central Okanagan.

North Okanagan: Vernon and surrounding area

In North Okanagan, including Vernon and the surrounding area and the average detached home sale price was $717,100. At the end of the month, there were 27 sales and 211 active listings. There were 12 sales and 38 active listings for condos. The average sale price was $315,300. In comparison, townhomes featured 14 sales, 63 active listings and a $574,400 average sale price. It’s a balanced market for townhomes in North Okanagan.

South Okanagan

There were 35 sales, 272 active listings, and $689,500 average sale price for detached homes in the South Okanagan market.
The condo market featured 20 sales and 149 active listings at the end of the month. The average sale price was $405,700. Townhome sales were 11, active listings were 66 and the average sale price was $546,100. It’s a balanced market for townhomes in South Okanagan.

Looking for more information about the real estate market in specific neighbourhoods in Okanagan? 

Macdonald Realty has offices in Kelowna and across BC. Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.
This blog post is based on market data provided by the Association Of Interior REALTORS® https://www.interiorrealtors.ca/.

Greater Victoria, Saanich Peninsula, Parksville and Nanaimo Real Estate Market Statistics – November 2022

Greater Victoria, Saanich Peninsula, Parksville and Nanaimo Real Estate Market Statistics – November 2022

Here are the latest real estate market statistics from Macdonald Realty on Greater Victoria, Saanich Peninsula, Parksville/Qualicum, and Nanaimo listings and sales in November 2022. Find all the infographics related to the November Market Statistics by visiting the Facebook Album.

A total of 384 properties sold in the Victoria Real Estate Board region this November, 41.2 per cent fewer than the 653 properties sold in November 2021 and 20 per cent fewer than in October 2022. Sales of condominiums were down 42.4 per cent from November 2021 with 136 units sold. Sales of single family homes decreased 34.1 per cent from November 2021 with 182 sold.

“November saw a significant decrease from last year in the number of home sales recorded, but this was expected as the market continues to settle after the record setting pace of 2021,” says Victoria Real Estate Board President Karen Dinnie-Smyth. “With a small month over month decrease in price, the autumn market has returned to its traditional rhythm as we approach the holiday season. Inventory levels dipped slightly but remain well above this time last year, which is providing buyers with more options.”

There were 2,111 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2022, a decrease of 3.7 per cent compared to the previous month of October but a 138 per cent increase from the 887 active listings for sale at the end of November 2021.

“Premier Eby’s rapid introduction of changes to the Strata Property Act which remove rental restrictions and age restrictions other than 55 and older from strata developments is raising questions within strata communities. It remains to be seen what effect this may have on the strata market,” adds President Dinnie-Smyth. “It is an open question whether these changes will bring any additional rental stock to the market – with BC’s complex Residential Tenancy Act not all homeowners of vacant strata homes have a desire to become landlords and current interest rates are less attractive to investors who may want to purchase strata rental properties. It is also possible that these measures will contribute further to eroding housing affordability as older stratas with rental restrictions were generally valued lower than their rentable counterparts.”

Greater Victoria

Saanich Peninsula

Nanaimo

Parksville / Qualicum

 

Looking for more information about the real estate market in specific neighbourhoods in Victoria, Saanich Peninsula, Parksville, Nanaimo, Vancouver Island and the Gulf Islands? 

Macdonald Realty has offices in downtown Victoria, Sidney, Parksville and Salt Spring Island. Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.

MLS® Home Price Index (HPI) Benchmark Price

Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.

This blog post is based on market data provided by the Victoria Real Estate Board (VREB) www.vreb.org and the Vancouver Island Real Estate Board (VIREB) www.vireb.com. Market data from the VIREB includes listings and sales in Campbell River, Comox Valley, Cowichan Valley Nanaimo, Parksville/Qualicum, Port Alberni/West, North Island, and the Islands.

Okanagan Real Estate Market Statistics – November 2022

Okanagan Real Estate Market Statistics – November 2022

Here are the latest real estate market statistics from Macdonald Realty on Okanagan listings and sales in November 2022.
Find the infographics by visiting the Facebook Album.

Central Okanagan: Kelowna and Lake Country

There were 120 sales, 862 active listings, and $1,013,800 average sale price for detached homes in the Central Okanagan market, including Kelowna and Lake Country. The condo market featured 72 sales and 443 active listings at the end of the month. The average sale price was $511,200. Townhome sales were 34, active listings were 293 and the average sale price was $756,900. It’s a buyer’s market in Central Okanagan.

North Okanagan: Vernon and surrounding area

In North Okanagan, including Vernon and the surrounding area and the average detached home sale price was $710,200. At the end of the month, there were 53 sales and 255 active listings. There were 16 sales and 49 active listings for condos. The average sale price was $321,100. In comparison, townhomes featured 14 sales, 72 active listings and a $564,500 average sale price. It’s a balanced market for houses and townhomes in North Okanagan.

South Okanagan

There were 58 sales, 319 active listings, and $733,100 average sale price for detached homes in the South Okanagan market.
The condo market featured 21 sales and 174 active listings at the end of the month. The average sale price was $422,800. Townhome sales were 10, active listings were 91 and the average sale price was $545,900. It’s a balanced market for houses in South Okanagan.

Looking for more information about the real estate market in specific neighbourhoods in Okanagan? 

Macdonald Realty has offices in Kelowna and across BC. Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.
This blog post is based on market data provided by the Association Of Interior REALTORS® https://www.interiorrealtors.ca/.

Okanagan Real Estate Market Statistics – October 2022

Okanagan Real Estate Market Statistics – October 2022

Here are the latest real estate market statistics from Macdonald Realty on Okanagan listings and sales in October 2022.
Find the infographics by visiting the Facebook Album.

Central Okanagan: Kelowna and Lake Country

There were 126 sales, 1,009 active listings, and $997,000 average sale price for detached homes in the Central Okanagan market, including Kelowna and Lake Country. The condo market featured 94 sales and 460 active listings at the end of the month. The average sale price was $490,600. Townhome sales were 45, active listings were 319 and the average sale price was $767,500. It’s a buyer’s market for houses and townhomes in Central Okanagan.

North Okanagan: Vernon and surrounding area

In North Okanagan, including Vernon and the surrounding area and the average detached home sale price was $721,500. At the end of the month, there were 59 sales and 302 active listings. There were 12 sales and 53 active listings for condos. The average sale price was $306,600. In comparison, townhomes featured 15 sales, 78 active listings and a $558,800 average sale price. It’s a balanced market in North Okanagan.

South Okanagan

There were 67 sales, 369 active listings, and $746,500 average sale price for detached homes in the South Okanagan market.
The condo market featured 28 sales and 121 active listings at the end of the month. The average sale price was $439,100. Townhome sales were 10, active listings were 96 and the average sale price was $546,600. It’s a balanced market for houses and condos in South Okanagan.

Looking for more information about the real estate market in specific neighbourhoods in Okanagan? 

Macdonald Realty has offices in Kelowna and across BC. Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.
This blog post is based on market data provided by the Association Of Interior REALTORS® https://www.interiorrealtors.ca/.

Greater Victoria, Saanich Peninsula, Parksville and Nanaimo Real Estate Market Statistics – October 2022

Greater Victoria, Saanich Peninsula, Parksville and Nanaimo Real Estate Market Statistics – October 2022

Here are the latest real estate market statistics from Macdonald Realty on Greater Victoria, Saanich Peninsula, Parksville/Qualicum, and Nanaimo listings and sales in October 2022. Find all the infographics related to the October Market Statistics by visiting the Facebook Album.

A slight uptick in sales and inventory, but Victoria market still requires commitment to homes.

A total of 480 properties sold in the Victoria Real Estate Board region this October, 35.6 per cent fewer than the 745 properties sold in October 2021 but a 17.1 per cent increase from September 2022. Sales of condominiums were down 39 per cent from October 2021 with 152 units sold. Sales of single family homes decreased 32.2 per cent from October 2021 with 230 sold.

“Inventory has remained stable this month and for the first time since May 2022, we see a slight increase in the month over month sales,” says Victoria Real Estate Board President Karen Dinnie-Smyth. “We noted last month that the number of sales for September did not necessarily reflect the on-the-ground activity in the marketplace. October sales have shown what the industry has been experiencing, an increase in activity, more sales and well-priced homes receiving plenty of attention — some receiving multiple offers. If you are considering selling a property, the continually evolving market conditions this month reinforce the need for up-to-date analysis of how to price your home during this type of market. With many micro-markets within the Greater Victoria area conversations with your local REALTOR® on how the housing market is performing in your specific area will be crucial to your success.”

There were 2,192 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2022, a decrease of 4.7 per cent compared to the previous month of September but a 111.6 per cent increase from the 1,036 active listings for sale at the end of October 2021.

“With new mayors and councillors heading to work in several of our municipalities, we hope to see strong commitments to positive ways to manage the current and future housing needs of our communities high on council agendas,” adds President Dinnie-Smyth. “The future cost of housing is at stake. The pressure on pricing and in the market overall will not resolve until we see material improvements in the number and types of properties available in the Greater Victoria area. Rentals, townhouses, duplexes, triplexes and beyond are all needed to help ensure that we do not face another cycle of rapid price increases due to lack of inventory in the future. We hope that all municipalities will be looking at gentle density improvements that will ensure more homes for more people in their community planning.”

Greater Victoria

Saanich Peninsula

Nanaimo

Parksville / Qualicum

 

Looking for more information about the real estate market in specific neighbourhoods in Victoria, Saanich Peninsula, Parksville, Nanaimo, Vancouver Island and the Gulf Islands? 

Macdonald Realty has offices in downtown Victoria, Sidney, Parksville and Salt Spring Island. Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.

MLS® Home Price Index (HPI) Benchmark Price

Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.

This blog post is based on market data provided by the Victoria Real Estate Board (VREB) www.vreb.org and the Vancouver Island Real Estate Board (VIREB) www.vireb.com. Market data from the VIREB includes listings and sales in Campbell River, Comox Valley, Cowichan Valley Nanaimo, Parksville/Qualicum, Port Alberni/West, North Island, and the Islands.

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