September 2021 – Lower Mainland Monthly Update (REBGV & FVREB)

September 2021 – Lower Mainland Monthly Update (REBGV & FVREB)

September 2021 – Lower Mainland Monthly Update (REBGV & FVREB)

Prices this Autumn are expected to increase overall 

The most reliable indicator of market prices is the Sales to Active Listings Ratio (SAL). This is the ratio between the number of sales in a given month and the number of active listings at month-end.

In hotter markets in BC, a long-term analysis has shown that prices will usually act in the following ways:

  • 7+ Months of Inventory (Under 14% SAL): Prices will likely DECLINE
  • 5 – 7 Months of Inventory (14% – 18% SAL): Prices will likely be STABLE
  • Less than 5.5 Months of Inventory (Over 18% SAL): Prices will likely RISE

Visit this link to learn more about house prices and inventory.

Sales

Monthly sales are significantly above the long term average.

Cumulative Year-to-date Sales

YTD sales are significantly above the long-term average and we are on pace to see the highest number of sales on record.

Inventory

Inventory remains below the long-term average.

Sales to Active Listings

Sales to active listing is significantly elevated, indicating prices are expected to rise.

Months of Inventory

Months of Inventory is significantly depressed, indicating prices are expected to rise.

Okanagan Real Estate Market Statistics – August 2021

Okanagan Real Estate Market Statistics – August 2021

Here are the latest real estate market statistics from Macdonald Realty on Okanagan listings and sales in August 2021.
Find the infographics by visiting the Facebook Album.

Central Okanagan: Kelowna and Lake Country

There were 236 sales, 501 active listings, and $961,800 average sale price for detached homes in the Central Okanagan market, including Kelowna and Lake Country.
The condo market featured 167 sales and 240 active listings at the end of the month. The average sale price was $473,100.
Townhome sales were 76, active listings were 143 and the average sale price was $644,800.
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 $682,700. At the end of the month, there were 97 sales and 172 active listings.
There were 29 sales and 56 active listings for condos. The average sale price was $297,500.
In comparison, townhomes featured 38 sales, 62 active listings and a $444,100 average sale price.
It’s a seller’s market in North Okanagan.

South Okanagan

There were 116 sales, 368 active listings, and $780,072 average sale price for detached homes in the South Okanagan market.
The condo market featured 36 sales and 106 active listings at the end of the month. The average sale price was $448,172.
Townhome sales were 30, active listings were 61 and the average sale price was $594,322.
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/.

Greater Victoria, Parksville and Nanaimo Real Estate Market Statistics – August 2021

Greater Victoria, Parksville and Nanaimo Real Estate Market Statistics – August 2021

Here are the latest real estate market statistics from Macdonald Realty on Greater Victoria, Parksville/Qualicum, and Nanaimo listings and sales in August 2021.
Find all the infographics related to the April Market Statistics by visiting the Facebook Album.

Greater Victoria

According to the Victoria Real Estate Board housing market continues to adapt to long-term lack of supply.

A total of 831 properties sold in the Victoria Real Estate Board region this August, 15.1 per cent fewer than the 979 properties sold in August 2020 and 0.5 per cent fewer than the previous month of July. Condominium sales were up 31.7 per cent from August 2020 with 345 units sold. 21.5 per cent more condominiums sold in August 2021 than in the previous month of July. Sales of single family homes were down 29.9 per cent from August 2020 with 357 sold. 9.8 per cent fewer single family homes sold in August 2021 than in the previous month of July.

“Year over year numbers might indicate a slowing of our market, but there are two important factors to consider,” said Victoria Real Estate Board President David Langlois. “The first is that our market is starved for inventory. It should come as no surprise that with half the available inventory of last August we sold fewer homes this August. Without the significant lack of inventory we’re experiencing, sales would most certainly have been comparable to, if not greater than, last August. The second factor is that the previous ten-year running average for sales in the month of August is 675 properties, so with 831 properties changing hands this August, it is clear that our market remains very robust and that lack of supply is the biggest issue impacting attainability for our community.”

 

Nanaimo

Parksville / Qualicum

Looking for more information about the real estate market in specific neighbourhoods in Victoria, 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 – July 2021

Okanagan Real Estate Market Statistics – July 2021

Here are the latest real estate market statistics from Macdonald Realty on Okanagan listings and sales in July 2021.
Find the infographics by visiting the Facebook Album.

Central Okanagan: Kelowna and Lake Country

There were 236 sales, 485 active listings, and $933,600 average sale price for detached homes in the Central Okanagan market, including Kelowna and Lake Country.
The condo market featured 177 sales and 274 active listings at the end of the month. The average sale price was $452,900.
Townhome sales were 100, active listings were 137 and the average sale price was $642,600.
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 $666,700. At the end of the month, there were 87 sales and 200 active listings.
There were 21 sales and 66 active listings for condos. The average sale price was $285,000.
In comparison, townhomes featured 31 sales, 69 active listings and a $448,400 average sale price.
It’s a seller’s market in North Okanagan.

South Okanagan

There were 106 sales, 365 active listings, and $779,537 average sale price for detached homes in the South Okanagan market.
The condo market featured 51 sales and 92 active listings at the end of the month. The average sale price was $361,330.
Townhome sales were 19, active listings were 68 and the average sale price was $457,102.
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/.

Greater Victoria, Parksville and Nanaimo Real Estate Market Statistics – July 2021

Greater Victoria, Parksville and Nanaimo Real Estate Market Statistics – July 2021

Here are the latest real estate market statistics from Macdonald Realty on Greater Victoria, Parksville/Qualicum, and Nanaimo listings and sales in July 2021.
Find all the infographics related to the April Market Statistics by visiting the Facebook Album.

Greater Victoria

According to the Victoria Real Estate Board  housing inventory in Victoria continues to decline over the summer months.

As released by the Board a total of 835 properties sold in the Victoria Real Estate Board region this July, 14.7 per cent fewer than the 979 properties sold in July 2020 and 11.4 per cent fewer than the previous month of June. Condominium sales were up 18.8 per cent from July 2020 with 284 units sold. 16 per cent fewer condominiums sold in July 2021 than in the previous month of June. Sales of single family homes were down 29.2 per cent from July 2020 with 396 sold. 10 per cent fewer single family homes sold in July 2021 than in the previous month of June.

“The real estate story right now continues to be inventory,” said Victoria Real Estate Board President David Langlois. “The market is driven by inventory; and fewer home listings lead to fewer home sales. In that context, these numbers do not reflect a downturn in our market but reveal sales falling due to this continued trend of low inventory.”

 

Nanaimo

Parksville / Qualicum


Looking for more information about the real estate market in specific neighbourhoods in Victoria, 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 2021

Okanagan Real Estate Market Statistics – June 2021

Here are the latest real estate market statistics from Macdonald Realty on Okanagan listings and sales in June 2021.
Find the infographics by visiting the Facebook Album.

Central Okanagan: Kelowna and Lake Country

There were 344 sales, 489 active listings, and $915,100 average sale price for detached homes in the Central Okanagan market, including Kelowna and Lake Country.
The condo market featured 207 sales and 315 active listings at the end of the month. The average sale price was $459,300.
Townhome sales were 100, active listings were 161 and the average sale price was $637,200.
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 $660,500. At the end of the month, there were 132 sales and 190 active listings.
There were 21 sales and 65 active listings for condos. The average sale price was $287,900.
In comparison, townhomes featured 39 sales, 61 active listings and a $430,000 average sale price.
It’s a seller’s market in North Okanagan.

South Okanagan

There were 113 sales, 358 active listings, and $749,376 average sale price for detached.
The condo market featured 52 sales and 106 active listings at the end of the month. The average sale price was $456,203.
Townhome sales were 26, active listings were 61 and the average sale price was $420,156.
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/.