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April 1, 2022 Vancouver Island Real Estate Statistics


INVENTORY SLOWLY INCREASNG. STILL FAR FROM EQUALIBRIUM.



NANAIMO, BC – 5TH FASTEST GROWING CITY IN CANADA - Inventory in the Vancouver Island Real Estate Board (VIREB) area is slowly inching up but is still far from ideal.

  • Active listings of single-family homes rose by nine per cent from March 2021 but increased by 60 % from February. VIREB’s inventory of condo apartments in March dipped by 13 % from one year ago but increased by 28 % from one month ago. Row/townhouse inventory dropped by 15 % year over year but was up by 50 % from February.
  • By category, 528 single-family homes sold on the MLS® System in March, a six per cent decrease from one year ago and up by 49 per cent from February. There were 121 condo apartment sales last month compared to 132 one year ago, a decline of eight per cent year over year but a nine per cent increase from the previous month. In the row/townhouse category, 106 units sold in March compared to 124 one year ago, a 15 per cent decrease. However, sales did rise by 18 per cent from February.

The British Columbia Real Estate Association (BCREA) says that with housing markets so out-of-balance, it will take a substantial decline in demand to return active listings to a healthy state. A “perfect storm” of factors – including record-low supply, historically low mortgage rates, and lifestyle changes resulting from the COVID-19 pandemic – have resulted in dramatic price increases and highly competitive real estate transactions. This storm of factors is motivating some buyers to make unconditional offers, a potentially dangerous situation when making what is likely the biggest purchase of their lives.


The provincial government’s recently announced Homebuyer Protection Period is an attempt to protect consumers by introducing a five-day “cooling-off” period for real estate transactions. However, industry data indicates that it will not benefit British Columbians and could create an unequal playing field favouring buyers over sellers.

“Policy should equally protect all parties involved in real estate transactions while also contributing to a smooth functioning market and improved housing affordability,” says Erica Kavanaugh, 2022 VIREB President. “A cooling-off period will likely increase competition for any given property, has the potential to increase prices, and doesn’t account for risks to sellers.”


Instead, organized real estate proposes a pre-offer period that would mandate a listing be available for five business days before allowing offers. The primary difference between the two recommendations is that a pre- offer period is proactive, allowing due diligence before making an offer, while a cooling-off period is reactive. (For additional context, visit the website for BCREA’s white paper, A Better Way Home.)


Low inventory and high buyer demand are fuelling price increases throughout the VIREB area. The board-wide benchmark price of a single-family home reached $851,700 in March, up 35 per cent year over year. In the apartment category, the benchmark price hit $431,100 last month, a 30 per cent increase from March 2021. The benchmark price of a townhouse increased by 31 per cent, climbing to $642,200 in March.


In Campbell River, the benchmark price of a single-family home hit $722,400 in March, up by 28 per cent from the previous year. In the Comox Valley, the year-over-year benchmark price rose by 28 per cent to $838,600. The Cowichan Valley reported a benchmark price of $843,000, an increase of 34 per cent from March 2021. Nanaimo’s benchmark price rose by 38 per cent, reaching $887,700, while the Parksville-Qualicum area saw
its benchmark price increase by 39 per cent to $989,800. The cost of a benchmark single-family home in Port Alberni reached $599,400, a 48 per cent year-over-year increase. For the North Island, the benchmark price of a single-family home rose by 40 per cent to $429,700.

SINGLE-FAMILY BENCHMARK PRICE AND HPI

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NOTE: VIREB’s HPI benchmark prices were recalculated to adjust for changes to new MLS® System software implemented in July 2020. This has resulted in changes to some of our historical benchmark prices, many of which have increased. Benchmark prices reported beginning in January 2021 are correct as of this writing.

SINGLE-FAMILY BENCHMARK PRICE AND HPI

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NOTE: VIREB’s HPI benchmark prices were recalculated to adjust for changes to new MLS® System software implemented in July 2020. This has resulted in changes to some of our historical benchmark prices, many of which have increased. Benchmark prices reported beginning in January 2021 are correct as of this writing.

APARTMENT BENCHMARK PRICE AND HPI

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NOTE: VIREB’s HPI benchmark prices were recalculated to adjust for changes to new MLS® System software implemented in July 2020. This has resulted in changes to some of our historical benchmark prices, many of which have increased. Benchmark prices reported beginning in January 2021 are correct as of this writing.

APARTMENT BENCHMARK PRICE AND HPI

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NOTE: VIREB’s HPI benchmark prices were recalculated to adjust for changes to new MLS® System software implemented in July 2020. This has resulted in changes to some of our historical benchmark prices, many of which have increased. Benchmark prices reported beginning in January 2021 are correct as of this writing.

TOWNHOUSE BENCHMARK PRICE AND HPI

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NOTE: VIREB’s HPI benchmark prices were recalculated to adjust for changes to new MLS® System software implemented in July 2020. This has resulted in changes to some of our historical benchmark prices, many of which have increased. Benchmark prices reported beginning in January 2021 are correct as of this writing.




MLS® SALES SUMMARY - MARCH 2022


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Presented in chart form below are the single-family residential unit sales, average sale prices, and median price information for all zones within the board area.


Source: Multiple Listing Service® (MLS®) sales data from the Vancouver Island Real Estate Board (VIREB). Please note that single-family detached figures in this report exclude acreage and waterfront properties. The board totals include Zone 7 - North Island, Zone 9 - Out-of-Board Properties, and Zone 10 - Islands figures, which are not listed separately in this table.

VIREB is an association of REALTORS® committed to providing its members with the structure and services to ensure a high standard of business practice and ethics, and to serve the real estate needs of the community effectively. Find properties online at REALTOR.ca.

VIREB cautions that average price information can be useful in establishing trends over time but does not indicate the actual prices in centres comprising widely divergent neighbourhoods or account for price differential between geographic areas.



AVERAGE, MEDIAN, AND BENCHMARK PRICE (HPI) COMPARISONS

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RESIDENTIAL - SINGLE-FAMILY DETACHED ACTIVE MLS® LISTINGS/SALES

 

Please note: The Vancouver Island Real Estate Board (VIREB) transitioned to a new MLS® System in July 2020 and now uses a significantly different data model, which has affected our categories and terminology. For the board- supplied graphs, single-family is now referred to as single-family detached, apartment as condo apartment, and townhouse as row/townhouse, which now includes patio homes. However, when reporting HPI numbers, VIREB still refers to single-family, apartment, and townhouse in the media release.

ABOUT VIREB

VIREB represents over 1,000 REALTORS® in nearly 90 member offices on Vancouver Island, from the Malahat in the south to the northern tip.

VIREB cautions that average price information can be useful in establishing trends over time but does not indicate the actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas.

Trademarks are owned or controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA (REALTOR®) and/or the quality of services they provide (MLS®).

Visit our website for updated information at www.vireb.com.
HPI Note: Areas with insufficient data do not generate statistics and are not included in the HPI graphs.

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.