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

Greater Victoria, Saanich Peninsula, Parksville and Nanaimo Real Estate Market Statistics – August 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 August 2022. Find all the infographics related to the August Market Statistics by visiting the Facebook Album.

Less pressure on buyers in August in the Victoria real estate market.

A total of 478 properties sold in the Victoria Real Estate Board region this August, 42.5 per cent fewer than the 831 properties sold in August 2021 and a 6.3 per cent decrease from July 2022. Sales of condominiums were down 57.1 per cent from August 2021 with 148 units sold. Sales of single family homes decreased 30.3 per cent from August 2021 with 249 sold.

“August is typically one of the slower months for real estate in the Greater Victoria area and this year was no exception,” says Victoria Real Estate Board President Karen Dinnie-Smyth. “After two years of market conditions that favoured home sellers, sales have diminished in the past few months and inventory levels have been slowly increasing.”

There were 2,137 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August 2022, a decrease of 1.2 per cent compared to the previous month of July but a 90.8 per cent increase from the 1,120 active listings for sale at the end of August 2021.

 

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 – August 2022

Okanagan Real Estate Market Statistics – August 2022

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

Central Okanagan: Kelowna and Lake Country

There were 170 sales, 1,091 active listings, and $1,017,500 average sale price for detached homes in the Central Okanagan market, including Kelowna and Lake Country.

The condo market featured 126 sales and 497 active listings at the end of the month. The average sale price was $526,700. Townhome sales were 54, active listings were 291 and the average sale price was $772,700. It’s a buyer’s market for single family homes in Central Okanagan.

North Okanagan: Vernon and surrounding area

In North Okanagan, including Vernon and the surrounding area and the average sale price was $739,000. At the end of the month, there were 69 sales and 349 active listings. There were 17 sales and 49 active listings for condos. The average sale price was $328,100. In comparison, townhomes featured 29 sales, 79 active listings and a $559,700 average sale price. It’s a balanced market for single family homes in North Okanagan.

South Okanagan

There were 64 sales, 361 active listings, and $791,000 average sale price for detached homes in the South Okanagan market.
The condo market featured 29 sales and 112 active listings at the end of the month. The average sale price was $459,400. Townhome sales were 17, active listings were 112 and the average sale price was $557,400. It’s a balanced market for single family homes 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 – July 2022

Okanagan Real Estate Market Statistics – July 2022

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

Central Okanagan: Kelowna and Lake Country

There were 124 sales, 1,126 active listings, and $1,060,400 average sale price for detached homes in the Central Okanagan market, including Kelowna and Lake Country.

The condo market featured 85 sales and 461 active listings at the end of the month. The average sale price was $522,100. Townhome sales were 52, active listings were 281 and the average sale price was $783,500. It’s a buyer’s market for single family homes in Central Okanagan.

North Okanagan: Vernon and surrounding area

In North Okanagan, including Vernon and the surrounding area and the average sale price was $774,400. At the end of the month, there were 86 sales and 330 active listings. There were 18 sales and 51 active listings for condos. The average sale price was $325,900. In comparison, townhomes featured 24 sales, 73 active listings and a $593,600 average sale price. It’s a seller’s market in North Okanagan.

South Okanagan

There were 77 sales, 379 active listings, and $817,900 average sale price for detached homes in the South Okanagan market.
The condo market featured 21 sales and 119 active listings at the end of the month. The average sale price was $452,900. Townhome sales were 18, active listings were 91 and the average sale price was $585,600. It’s a balanced market 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 – July 2022

Greater Victoria, Saanich Peninsula, Parksville and Nanaimo Real Estate Market Statistics – July 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 July 2022. Find all the infographics related to the July Market Statistics by visiting the Facebook Album.

Shift in Victoria Real Estate market brings more time for buyers and sellers.

A total of 510 properties sold in the Victoria Real Estate Board region this July, 38.9 per cent fewer than the 835 properties sold in July 2021 and a 16.7 per cent decrease from June 2022. Sales of condominiums were down 39.4 per cent from July 2021 with 172 units sold. Sales of single family homes decreased 35.9 per cent from July 2021 with 254 sold.

“We’d previously indicated a shift in the local housing market,” said 2022 VREB President Karen Dinnie-Smyth. “This continued be the case in July as sales dipped, and we saw fewer listings come to the market, with more of the existing inventory remaining for sale. This slowdown means a calmer and more friendly environment with time for decision-making, which benefits sellers and buyers and will be a relief to many.”

There were 2,162 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of July 2022, an increase of 5 per cent compared to the previous month of June and a 70.2 per cent increase from the 1,270 active listings for sale at the end of July 2021.

“As a result of the higher interest rates and inflation occurring right now, we see fluctuations in price and availability,” adds President Dinnie-Smyth. “Values will rise and fall over time, and historically local real estate values slowly increase over time, which means despite month-to-month variations, if you are buying a home, you have a sound, long-term investment. We need to remember that people don’t buy and sell on a month-to-month basis and that in the larger scheme of things, housing is more than numbers. A property is a place where people live their daily lives, raise their families, etc. It is more than a commodity, and for many it is the most important purchase they make in their lifetime. The government’s recent focus has been on demand-side mechanisms and other market modifiers such as a mandatory three-day cooling off period to start in 2023. A better long-term approach to housing affordability for our future is to address housing supply constraints which will be central to the next round of upward pressure on home prices. Consult with your REALTOR® to keep informed regarding current values and market conditions if you are in the market to buy or sell.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in July 2021 was $1,204,900. The benchmark value for the same home in July 2022 increased by 19 per cent to $1,433,800 but was down 2.1 per cent from June’s value of $1,464,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in July 2021 was $502,600, while the benchmark value for the same condominium in July 2022 increased by 27.3 per cent to $639,600, down by 0.5 per cent from the June value of $643,100.

 

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.

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

Greater Victoria, Saanich Peninsula, Parksville and Nanaimo Real Estate Market Statistics – June 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 June 2022. Find all the infographics related to the May Market Statistics by visiting the Facebook Album.

Victoria’s hot housing market levels off, supply still important for long-term attainability.

A total of 612 properties sold in the Victoria Real Estate Board region this June, 35 per cent fewer than the 942 properties sold in June 2021 and a 19.6 per cent decrease from May 2022. Sales of condominiums were down 40.2 per cent from June 2021 with 202 units sold. Sales of single family homes decreased 31.4 per cent from June 2021 with 302 sold.

“The market feels a bit more normal right now,” says Karen Dinnie-Smyth, 2022 Victoria Real Estate Board President. “We have seen more inventory come onto the market to the extent that we are back to numbers closer to those which we saw in pre-pandemic 2020. This is good news, as more inventory provides more choice and builds in more time for consumers to work with their REALTORS® to make decisions.”

There were 2,059 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2022, an increase of 15.9 per cent compared to the previous month of May and a 49.7 per cent increase from the 1,375 active listings for sale at the end of June 2021.

“It may seem counterintuitive to continue to talk about the need for supply at a time when inventory is rising,” adds President Dinnie-Smyth. “We must keep the conversation alive, and we urge all levels of government to continue to aggressively address the housing supply situation. We need more supply of all types of housing. Not only do we remain on the lower side of longer-term historical averages of homes for sale, but there will be future challenges – changing interest rates, supply chain and labour constraints will hamper the ability to create new homes at a pace to meet future growth. New supply will be the key to future housing attainability in our community.”

 

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 – June 2022

Okanagan Real Estate Market Statistics – June 2022

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

Central Okanagan: Kelowna and Lake Country

There were 160 sales, 1,046 active listings, and $1,112,400 average sale price for detached homes in the Central Okanagan market, including Kelowna and Lake Country.

The condo market featured 102 sales and 408 active listings at the end of the month. The average sale price was $537,200. Townhome sales were 77, active listings were 290 and the average sale price was $763,800. It’s a seller’s market in Central Okanagan.

 

North Okanagan: Vernon and surrounding area

In North Okanagan, including Vernon and the surrounding area and the average sale price was $798,500. At the end of the month, there were 104 sales and 304 active listings. There were 17 sales and 53 active listings for condos. The average sale price was $335,000. In comparison, townhomes featured 30 sales, 65 active listings and a $597,500 average sale price. It’s a seller’s market in North Okanagan.

South Okanagan

There were 79 sales, 390 active listings, and $816,300 average sale price for detached homes in the South Okanagan market.
The condo market featured 39 sales and 111 active listings at the end of the month. The average sale price was $438,200. Townhome sales were 20, active listings were 94 and the average sale price was $601,400. It’s a seller’s market 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/.

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