Last month, there were 488 sales of single-family homes in the Vancouver Island Real Estate Board (VIREB) area, an eight per cent increase from one year ago (450) and a 25 per cent increase from April 2023 (391). Sales of condo apartments in May came in at 86, declining by seven per cent year over year and increasing by 12 per cent from the previous month. In the row/townhouse category, 94 units changed hands in May, down nine per cent from one year ago and up by seven per cent from April. Active listings of single-family homes were 979 in May, up from 976 one year ago. VIREB’s
inventory of condo apartments hit 318 last month, up from 230 listings in May 2022. There were 252 row/townhouses for sale last month compared to 168 one year ago.
“We’re seeing smartly priced homes and measured offers compared to last year, when the fear of missing out created a frenetic market,” says Kelly O’Dwyer, 2023 Chair. “It feels more reminiscent of a traditional pre-COVID spring.”
O’Dwyer adds that inventory is still a hurdle, and sales would be higher if more homes were available. Vancouver Island has been chronically undersupplied for a long time, and that dearth of inventory continues to be a roadblock for potential buyers.
“We’re encouraged by the provincial government’s Homes for People action plan and its commitment to reduce the red tape that sometimes hinders the construction of new homes,” says O’Dwyer. “However, the supply issue won’t be resolved overnight, as it can take 18 months or more to bring new inventory to the market.”
The board-wide benchmark price (MLS® Home Price Index) of a single-family home was $751,200 in May 2023, down 11 per cent from one year ago and up by two per cent from April. In the apartment category, the benchmark price was $392,800 last month, an eight per cent decrease from May 2022 and up by one per cent from April. The year-over-year benchmark price of a townhouse was $547,800 in May, down nine per cent from one year ago and a two per cent increase from April.
Parksville / Qualicum
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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.