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Vancouver Island Market Report Infographics

Saturday, February 3, 2024 1:23:35 PM UTC
INFOGRAPHICS: January 2024 VIREB Vancouver Island Market Reports

NORMAL JANUARY KICKS OFF 2024 WITH OPTIMISTIC OUTLOOK

Last month, 152 single-family homes sold in the Vancouver Island Real Estate Board (VIREB) area, down six per cent from one year ago and up slightly from December 2023.

Sales of condo apartments in January came in at 47, increasing by 12 per cent year over year and up 21 per cent from December. In the row/townhouse category, 40 units changed hands last month, an increase of 14 per cent from one year ago and up three per cent from the previous month.

Active listings of single-family homes were 807 in January, down from 861 the previous year. VIREB’s inventory of condo apartments was 258 last month, up from 239 one year ago. There were 282 row/townhouses for sale last month compared to 239 in January 2023.

“We had a fairly normal January, with unit sales of 354 compared to 340 last year,” says Ian Mackay, 2024 Chair. “REALTORS® are reporting that plenty of listings are hitting the system, and we’re sensing a lot of optimism regarding the spring market.”

Read the full report on VIREB website!


 

The following data is a comparison between January 2024 and January 2023 numbers, and is current as of February 2024. Click here to check out last month’s infographics.

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

 

Download Printable Version – January 2024 VIREB Market Report

 

January 2024 Infographics VIREB

 

 

 


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INFOGRAPHICS: December 2023 VIREB Vancouver Island Market Reports

LACKLUSTRE DECEMBER CLOSES OUT 2023

The Vancouver Island Real Estate Board (VIREB) recorded 7,297 unit sales in 2023
compared to 11,045 in 2021 and 7,810 in 2022. High interest rates are primarily to blame for the weaker sales, as there was significant demand, but many buyers opted to wait for an anticipated 2024 rate cut.

Last month, there were 151 sales of single-family homes in the VIREB area, down 23 per cent from last December and 36 per cent from November. Sales of condo apartments in December came in at 39, increasing by 11 per cent year over year but down 30 per cent from November. In the row/ townhouse category, 39 units changed hands last month, an increase of 50 per cent from one year ago and down 22 per cent from November 2023.

Active listings of single-family homes dropped to 796 in December from 895 one year ago and
1,040 in November. VIREB’s inventory of condo apartments was 257 last month, up from 248 in
December 2022 but down from November’s 285 listings. There were 244 row/townhouses for sale
last month compared to 229 one year ago and 282 in November.

“Based on conversations REALTORS® are having with clients, there is certainly demand out there, so we’re expecting a fairly busy spring,” says Kelly O’Dwyer, 2023 Chair. “However, there are policy changes coming in 2024 that could impact the real estate market, such as new rules surrounding short-term rentals that take effect on May 1.”

Read the full report on VIREB website!


 

The following data is a comparison between December 2023 and December 2022 numbers, and is current as of January 2024. Click here to check out last month’s infographics.

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

 

Download Printable Version – December 2023 VIREB Market Report

 

 

 

 


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INFOGRAPHICS: November 2023 VIREB Vancouver Island Market Reports

HOUSING MARKET WINDING DOWN TO YEAR END ON A SLOW NOTE

Last month, there were 236 sales of single-family homes in the Vancouver Island Real Estate Board (VIREB) area, down two per cent from last November and three per cent from October. Sales of condo apartments in November came in at 56, increasing by four per cent
year over year and down seven per cent from October. In the row/townhouse category, 50 units changed hands last month, an increase of nine per cent from one year ago and down 14 per cent from October 2022.

Active listings of single-family homes were 1,040 in November, down from 1,195 one year ago. VIREB’s inventory of condo apartments was 285 last month, one more than in November 2022. There were 282 row/townhouses for sale last month compared to 266 one year ago.

“November didn’t hold any surprises,” says Kelly O’Dwyer, 2023 Chair. “As we get closer to Christmas, the market usually slows down considerably.”

Read the full report on VIREB website!


 

The following data is a comparison between November 2023 and November 2022 numbers, and is current as of December 2023. Click here to check out last month’s infographics.

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

 

Download Printable Version – November 2023 VIREB Market Report

 

 

 

 


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INFOGRAPHICS: October 2023 VIREB Vancouver Island Market Reports

INTEREST RATES TAKING A TOLL ON HOUSING MARKET

Last month, there were 244 sales of single-family homes in the Vancouver Island Real Estate Board (VIREB) area, the same number as last October and down by eight per cent from September 2023 (266). Sales of condo apartments in October came in at 60, increasing by 43 per cent year over year and down 29 per cent from September. In the row/townhouse category, 58 units changed hands last month, up 14 per cent from one year ago and down 18 per cent from September.

Active listings of single-family homes were 1,157 in October, down from 1,360 one year ago. VIREB’s inventory of condo apartments was 307 last month, down from 314 listings in October 2022. There were 265 row/townhouses for sale last month compared to 296 one year ago.

“October was slower than expected, continuing the trend of the past few months,” says Kelly O’Dwyer, 2023 Chair. “High interest rates and a mortgage stress test of eight per cent are taking a toll on demand.”

Read the full report on VIREB website!


 

The following data is a comparison between October 2023 and October 2022 numbers, and is current as of November 2023. Click here to check out last month’s infographics.

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

 

Download Printable Version – October 2023 VIREB Market Report

 

 

 

 


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INFOGRAPHICS: September 2023 VIREB Vancouver Island Market Reports

QUIET SEPTEMBER MARKET FAVOURS BUYERS

Last month, there were 266 sales of single-family homes in the Vancouver Island Real Estate Board (VIREB) area, an 11 per cent increase from one year ago (239) and down by
18 per cent from August 2023 (324). Sales of condo apartments in September came in at 85, increasing by 63 per cent year over year and the same number as in August. In the row/townhouse category, 71 units changed hands last month, up 48 per cent from one year ago and down eight per cent from August.

Active listings of single-family homes were 1,173 in September, down from 1,417 one year ago. VIREB’s inventory of condo apartments was 305 last month, down from 332 listings in September 2022. There were 239 row/townhouses for sale last month compared to 295 one year ago.

“September looked like a relatively typical fall market but was somewhat slower than expected, so higher interest rates could be catching up with us,” says Kelly O’Dwyer, 2023 Chair. “Potential buyers seem to be holding out for more favourable rates and conditions.”

Read the full report on VIREB website!


 

The following data is a comparison between September 2023 and September 2022 numbers, and is current as of October 2023. Click here to check out last month’s infographics.

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

 

Download Printable Version – September 2023 VIREB Market Report

 

VIREB-September-2023

 

 

 


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INFOGRAPHICS: August 2023 VIREB Vancouver Island Market Reports
Victoria

QUIET MARKET CLOSES OUT THE SUMMER

Last month, there were 324 sales of single-family homes in the Vancouver Island Real Estate Board (VIREB) area, a seven per cent increase from one year ago (304) and down by 21 per cent from July 2023 (414). Sales of condo apartments in August came in at 85, increasing by 29 per cent year over year but down 13 per cent from the previous month. In the row/townhouse category, 77 units changed hands last month, up 51 per cent from one year ago and down 10 per cent from July.

Active listings of single-family homes were 1,072 in August, down from 1,368 one year ago. VIREB’s inventory of condo apartments was 308 last month, down from 332 listings in August 2022. There were 254 row/townhouses for sale last month compared to 280 one year ago.
“The last two weeks of August were slower than the rest of the summer, which isn’t surprising, ” says Kelly O’Dwyer, 2023 Chair. “The market is usually pretty quiet right before school starts again.”

In its Third-Quarter Housing Market Forecast, the British Columbia Real Estate Association (BCREA) reports that the B.C. housing market has been more resilient than expected in 2023, with both home sales and prices holding up well in the face of sharply higher interest rates. BCREA has projected the VIREB area to close out the year with 8,300 unit sales and is forecasting 8,800 unit sales in 2024.

Read the full report on VIREB website!


 

The following data is a comparison between August 2023 and August 2022 numbers, and is current as of September 2023. Click here to check out last month’s infographics.

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

 

Download Printable Version – August 2023 VIREB Market Report

 

 

 

 


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INFOGRAPHICS: July 2023 VIREB Vancouver Island Market Reports
Victoria

STEADY SALES MAKE FOR A BUSIER-THAN-USUAL JULY

Last month, there were 414 sales of single-family homes in the Vancouver Island Real Estate Board (VIREB) area, a 41 per cent increase from one year ago (294) and down by two per cent from June 2023 (424). Sales of condo apartments in July came in at 98, increasing by 31 per cent year over year but down 12 per cent from the previous month. In the row/townhouse category, 86 units changed hands in July, up 69 per cent from one year ago and down 15 per cent from June.

Active listings of single-family homes were 1,092 in July, down from 1,387 one year ago. VIREB’s inventory of condo apartments was 312 last month, down from 336 listings in July 2022. There were 262 row/townhouses for sale last month compared to 267 one year ago.
“We’re busier this summer than is typical despite rising interest rates,” says Kelly O’Dwyer, 2023 Chair. “After a rate increase is posted, clients tend to pull back and sit for a bit, but then the desire to buy takes precedence. Consumers tend to be resilient and are determined to find a way to make things work.”

O’Dwyer notes that while multiple offers are still happening, they tend to be on well-priced properties.

Read the full report on VIREB website!


 

The following data is a comparison between July 2023 and July 2022 numbers, and is current as of August 2023. Click here to check out last month’s infographics.

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

 

Download Printable Version – July 2023 VIREB Market Report

 

July VIREB Market Reports

 

 

 


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INFOGRAPHICS: June 2023 VIREB Vancouver Island Market Reports
Victoria

BUSIER JUNE THAN EXPECTED DESPITE RATE HIKE

Last month, there were 424 sales of single-family homes in the Vancouver Island Real Estate Board (VIREB) area, a five per cent increase from one year ago (403) and up by 13 per cent from May 2023 (488). Sales of condo apartments in June came in at 111, increasing by 39 per cent year over year and 29 per cent from the previous month. In the row/townhouse category, 101 units changed hands in June, up 49 per cent from one year ago and seven per cent from May.

Active listings of single-family homes were 1,105 in June, down from 1,204 one year ago. VIREB’s inventory of condo apartments hit 319 last month, up from 295 listings in June 2022. There were 274 row/townhouses for sale last month compared to 222 one year ago.

“After a temporary slowdown likely influenced by the most recent interest-rate hike, June ended up being busier than we expected,” says Kelly O’Dwyer, 2023 Chair. “Buyers and sellers are sort of meeting in the middle, with reasonable expectations at either end. Overall, it’s looking like we’re headed for a pretty normal summer market.”

However, O’Dwyer is quick to note that lack of inventory continues to be a roadblock for potential buyers.

“There is no doubt that sales would be higher if there more listings,” says O’Dwyer. “I know that we sound like a broken record, but the reality is that Vancouver Island has been chronically undersupplied for decades when it comes to housing.”

Read the full report on VIREB website!


 

The following data is a comparison between June 2023 and June 2022 numbers, and is current as of July 2023. Click here to check out last month’s infographics.

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

 

Download Printable Version – June 2023 VIREB Market Report

 

Victoria VIREB infographics

 

 

 


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INFOGRAPHICS: May 2023 VIREB Vancouver Island Market Reports

RETURN TO A MORE TRADITIONAL SPRING MARKET IS WELCOME

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.

Read the full report on VIREB website!


 

The following data is a comparison between May 2023 and May 2022 numbers, and is current as of June 2023. Click here to check out last month’s infographics.

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

 

Download Printable Version – May 2023 VIREB Market Report

 

 

 

 


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INFOGRAPHICS: April 2023 VIREB Vancouver Island Market Reports

BUYERS TAKING MEASURED APPROACH IN SPRING MARKET

Last month, there were 391 sales of single-family homes in the Vancouver Island Real Estate Board (VIREB) area, a 22 per cent decrease from one year ago (500) and a three per cent increase from March 2023 (381). Sales of condo apartments in April came in at 77, declining by 31 per cent year over year and increasing by 17 per cent from the previous month. In the row/townhouse category, 88 units changed hands in April, down six per cent from one year ago and up by 14 per cent from March.

Active listings of single-family homes were 956 in April, up from 731 one year ago. VIREB’s inventory of condo apartments hit 304 last month, up from 174 listings in April 2022. There were 246 row/ townhouses for sale last month compared to 150 one year ago.

“We’re seeing a lot of positivity among buyers, but they’re taking a more thoughtful approach this spring compared to last year, when the fear of missing out contributed to a frenetic market,” says Kelly O’Dywer, 2023 Chair.

She notes that a “perfect storm” of factors last year – including record-low supply, historically low mortgage rates, and lifestyle changes resulting from the COVID-19 pandemic – fuelled dramatic price increases and highly competitive real estate transactions.

“It isn’t a balanced market yet, largely because inventory is still lower than what’s needed on Vancouver Island,” says O’Dwyer. “But prices are down board-wide from last year, so homes are definitely more affordable this spring.”

Read the full report on VIREB website!


 

The following data is a comparison between April 2023 and April 2022 numbers, and is current as of May 2023. Click here to check out last month’s infographics.

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

 

Download Printable Version – April 2023 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.