Vancouver Island Market Report Infographics

Thursday, May 5, 2022 4:05:32 PM UTC
INFOGRAPHICS: April 2022 VIREB Vancouver Island Market Reports

ADDITIONAL INVENTORY POSITIVE NEWS FOR BUYERS

Inventory in the Vancouver Island Real Estate Board (VIREB) area is climbing, but the
housing supply is still far below the level needed to satisfy current demand.

Active listings of single-family homes rose by 34 per cent from April 2021 and by 32 per cent from March of this year. VIREB’s inventory of condo apartments was 13 per cent lower than in April 2021 but increased by 18 per cent from March. Row/townhouse inventory rose by 39 per cent year over year and 52 per cent from March.

A “perfect storm” of factors – including record-low supply, historically low mortgage rates, and lifestyle changes resulting from the COVID-19 pandemic – has fuelled dramatic price increases and highly competitive real estate transactions. However, REALTORS® have noticed that current demand is not equally distributed throughout VIREB’s zones, resulting in “micro-markets.” These pockets of heightened activity favour particular price points and property types within an area.

Demographics also play a significant role in British Columbia’s robust housing market. A large contingent of 30-39-year-olds – the largest we have seen in Canada since the 1970s – are entering their homebuying years. Intergenerational wealth transfer is helping many get onto or climb the property ladder, placing additional pressure on inventory and prices.

Read the full report on VIREB website!


 

The following data is a comparison between April 2022 and April 2021 numbers, and is current as of May 2022. Click here to check out last month’s infographics.

You can also view all our VIREB infographics by clicking here.

 

Download Printable Version – April 2022 VIREB Market Report

 

 

 

 

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INFOGRAPHICS: March 2022 VIREB Vancouver Island Market Reports

INVENTORY INCHING UP BUT STILL FAR FROM IDEAL

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 per cent from February. VIREB’s inventory of condo apartments in March dipped by 13 per from one year ago but increased by 28 per cent from one month ago.

Row/townhouse inventory dropped by 15 per cent year over year but was up by 50 per cent 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.

Read the full report on VIREB website!


 

The following data is a comparison between March 2022 and March 2021 numbers, and is current as of March 2022. Click here to check out last month’s infographics.

You can also view all our VIREB infographics by clicking here.

 

Download Printable Version – March 2022 VIREB Market Report

 

 

 

 

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INFOGRAPHICS: February 2022 VIREB Vancouver Island Market Reports

ADDITIONAL INVENTORY OFFERS LITTLE RELIEF FOR BUYERS

February brought additional inventory to the table in the Vancouver Island Real Estate Board (VIREB) area. However, listings are still far below where they need to be to satisfy buyer demand.

Active listings of single-family homes were 12 per cent lower last month than the previous February but rose by 34 per cent from January 2022. VIREB’s inventory of condo apartments in February declined by 31 per cent from one year ago but increased by seven per cent from the previous month. Row/townhouse inventory dropped by 27 per cent year over year but was the same as in January (66).

By category, 360 single-family homes sold on the MLS® System in February, a 13 per cent decrease from one year ago and up by 64 per cent from January. There were 112 condo apartment sales last month compared to 128 one year ago, a decline of 13 per cent year over year but a 23 per cent increase from the previous month. In the row/ townhouse category, 91 units sold in February compared to 79 one year ago and 61 in January, an increase of 15 and 49 per cent, respectively.

Read the full report on VIREB website!


 

The following data is a comparison between February 2022 and February 2021 numbers, and is current as of March 2022. Click here to check out last month’s infographics.

You can also view all our VIREB infographics by clicking here.

 

Download Printable Version – February 2022 VIREB Market Report

 

 

 

 

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INFOGRAPHICS: January 2022 VIREB Vancouver Island Market Reports

NEW YEAR BRINGS SMALL INVENTORY BUMP

The new year brought a small inventory bump, but demand is still far outpacing supply in
the Vancouver Island Real Estate Board (VIREB) area.
Active listings of single-family homes were 39 per cent lower last month than the previous January but rose by 15 per cent from December 2021. VIREB’s inventory of condo apartments declined by 49 per cent from one year ago but increased by 61 per cent from the previous month. Row/townhouse inventory dropped by 31 per cent year over year but was 18 per cent higher than in December.

By category, 220 single-family homes sold on the MLS® System in January, a 22 per cent decrease from one year ago. There were 91 condo apartment sales last month compared to 87 one year ago and 75 the previous month. In the row/townhouse category, 61 units sold in January compared to 77 one year ago and 50 in December 2021.

Read the full report on VIREB website!


 

The following data is a comparison between January 2022 and January 2021 numbers, and is current as of February 2022. Click here to check out last month’s infographics.

You can also view all our VIREB infographics by clicking here.

 

Download Printable Version – December 2022 VIREB Market Report

 

 

 

 

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INFOGRAPHICS: December 2021 VIREB Vancouver Island Market Reports

2021 ENDS WITH NEAR-RECORD SALES AND RECORD-LOW INVENTORY

The Vancouver Island Real Estate Board (VIREB) recorded 11,045 unit sales (all property types) in 2021, close to the 12,014 and 11,341 unit sales seen in 2016 and 2017. It is a remarkable outcome notwithstanding since it occurred amidst an environment of historically low inventory.

Based on buyer demand, 2021 would have likely set a historic sales record with sufficient supply. By category, active listings of single-family homes were 47 per cent lower last month than in December 2020 and down by 26 per cent from November. VIREB’s inventory of condo apartments declined by 71 per cent from one year ago and was 30 per cent lower than in November. Row/townhouse inventory dropped
by 53 per cent year over year and was 13 per cent lower than the previous month.

Read the full report on VIREB website!


 

The following data is a comparison between December 2020 and December 2021 numbers, and is current as of January 2022. Click here to check out last month’s infographics.

You can also view all our VIREB infographics by clicking here.

 

Download Printable Version – December 2022 VIREB Market Report

 

 

 

 

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INFOGRAPHICS: November 2021 VIREB Vancouver Island Market Reports

HOW LOW CAN HOUSING INVENTORY GO?

Active listings in the Vancouver Island Real Estate Board (VIREB) area continue to drop, with demand far outpacing supply. Inventory has hit consecutive historical lows for several months running.

Active listings of single-family homes were 44 per cent lower last month than in November 2020 and dropped by 24 per cent from the previous month. VIREB’s inventory of condo apartments declined by 69 per cent from one year ago and was 23 per cent lower than in October. Row/townhouse inventory dropped by 55 per cent year over year and was 47 per cent lower than the previous month.

By category, 353 single-family homes sold on the MLS® System in November, a 16 per cent decrease from one year ago. There were 110 condo apartment sales last month compared to 107 one year ago and 122 the previous month. In the row/townhouse category, 98 units sold compared to 90 the previous November and 88 in October 2021.

Read the full report on VIREB website!


 

The following data is a comparison between November 2020 and November 2021 numbers, and is current as of December 2021. Click here to check out last month’s infographics.

You can also view all our VIREB infographics by clicking here.

 

Download Printable Version – November 2021 VIREB Market Report

 

 

 

 

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INFOGRAPHICS: October 2021 VIREB Vancouver Island Market Reports

Different month but the same issues continue

The predominant theme running through the housing market in the Vancouver Island Real Estate Board (VIREB) area is one of “different month, same issues.”

By category, 398 single-family homes sold in October, a 23 three per cent decrease from one year ago. There were 122 condo apartment sales last month, a six per cent decrease from October 2020. In the row/townhouse category, 88 units sold compared to 98 the previous October. However, there is little doubt that a dearth of active listings is causing the sales decline.

Buyers continue to face frustrating hurdles caused by historically low inventory, with little relief in sight. Active listings of single-family homes were 46 per cent lower last month than in October 2020 and dropped by 18 per cent from September. VIREB’s inventory of condo apartments declined by 63 per cent from one year ago and was 26 per cent lower than in September. However, there was some positive news for townhouse buyers. While active listings in this category dropped by 39 per cent year over year, inventory increased by 13 per cent from September.

Read the full report on VIREB website!

 

 


 

The following data is a comparison between October 2020 and October 2021 numbers, and is current as of November 2021. Click here to check out last month’s infographics.

You can also view all our VIREB infographics by clicking here.

Click on the images for a larger view! (Protip: Make sure to grab the printable PDF versions, too! It fits best when printed on A4-sized sheets, AND we’ve added an area on the sheet where you can attach your business card! 🙂 )

 

Download Printable Version – September 2021 VIREB Market Report

 

 

 

 

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INFOGRAPHICS: September 2021 VIREB Vancouver Island Market Reports
INFOGRAPHICS: September 2021 VIREB Vancouver Island Market Reports

Housing Market Closed Out Summer the Way It Began

The housing market in the Vancouver Island Real Estate Board (VIREB) area finished summer the way it began, with historically low inventory and rising prices.

Active listings of single-family homes were 47% lower last month than in September 2020, while VIREB’s inventory of condo apartments and row/townhouses dropped by 57% and 48%, respectively, from one year ago.

There were 932 unit sales in the VIREB area last month, down 27% from one year ago. By
category, 447 single-family homes sold in September, down three% from August and 30 per
cent year over year. September saw 122 condo apartment sales compared to 123 one year ago and
101 in August. In the row/townhouse category, there were 86 sales last month, down 21% from September 2020 and five% from the previous month.

Read the full report on VIREB website!

 

 


 

The following data is a comparison between September 2020 and September 2021 numbers, and is current as of October 2021. Click here to check out last month’s infographics.

You can also view all our VIREB infographics by clicking here.

Click on the images for a larger view! (Protip: Make sure to grab the printable PDF versions, too! It fits best when printed on A4-sized sheets, AND we’ve added an area on the sheet where you can attach your business card! 🙂 )

 

Download Printable Version – September 2021 VIREB Market Report

 

 

 

 

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INFOGRAPHICS: August 2021 VIREB Vancouver Island Market Reports
INFOGRAPHICS: August 2021 VIREB Vancouver Island Market Reports

Increasing housing supply is key to affordability.

Historically low inventory in the Vancouver Island Real Estate Board (VIREB) area continues to plague potential buyers and hamper sales. Active listings of single-family homes and row/townhouses are 50% lower than in August 2020, while VIREB’s inventory of condo apartments dropped by 61% year over year.

There were 891 unit sales in the VIREB area last month, down 18% from one year ago. By category, 460 single-family homes sold in August, up by two% from July and down by 15% year over year. August saw 101 condo apartment sales compared to 102 the previous year and 124 in July. In the row/townhouse category, there were 91 sales last month compared to 104 in August 2020 and 99 in July 2021.

Read the full report on the VIREB website!

 

 


 

The following data is a comparison between August 2020 and August 2021 numbers, and is current as of September 2021. Click here to check out last month’s infographics.

You can also view all our VIREB infographics by clicking here.

Click on the images for a larger view! (Protip: Make sure to grab the printable PDF versions, too! It fits best when printed on A4-sized sheets, AND we’ve added an area on the sheet where you can attach your business card! 🙂 )

 

Download Printable Version – August 2021 VIREB Market Report

 

 

 

 

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INFOGRAPHICS: July 2021 VIREB Vancouver Island Market Reports
INFOGRAPHICS: July 2021 VIREB Vancouver Island Market Reports

Slight Cooling Likely Due to Historically Low Inventory

Last month, the Vancouver Island Real Estate Board (VIREB) saw sales of 450 single-family detached properties compared to 531 in June, a decrease of 15%. In the condo apartment category, sales dropped by 7% from June 2021. However, row/townhouse sales rose by 29% from the previous month.

Inventory remains extremely tight in the VIREB area, tracking at a 21-year historical low. Active listings of single-family homes and row/townhouses dropped by 51% from July 2020. In the condo apartment category, inventory decreased by 60% from one year ago. Based on the demand VIREB is seeing, there is no doubt that sales would be higher if there were sufficient inventory.

Read the full report on the VIREB website!

 

 


 

The following data is a comparison between July 2020 and July 2021 numbers, and is current as of August 2021. Click here to check out last month’s infographics.

You can also view all our VIREB infographics by clicking here.

Click on the images for a larger view! (Protip: Make sure to grab the printable PDF versions, too! It fits best when printed on A4-sized sheets, AND we’ve added an area on the sheet where you can attach your business card! 🙂 )

 

Download Printable Version – July 2021 VIREB Market Report

 

 

 

 

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MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.