Different Month, Same Issues in Around Town

November 4, 2021

According to the Vancouver Island Real Estate Board’s (VIREB) Media Release, active listings of single-family homes were 46 per cent lower than in October 2020, and inventory of condo apartments and row/townhouses dropped by 63 and 39 per cent.

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.

its most recent housing forecast, the British Columbia Real Estate Association (BCREA) stated that the supply situation is especially severe in markets outside the Lower Mainland, including Vancouver Island. Listings activity has been lacklustre, and even if sales come back down to long-run average levels, total listings would need to nearly double to bring markets back into balance. The road to doubling those listings lies in increasing the housing supply.

SF MLS ®	AVERAGE SALE $	$ INCREASE
Comox Valley	$872,184	+31% last Oct
Campbell River	$755,543	+38% last Oct
Parksville/Qualicum	$900,522	+14% last Oct
Port Alberni/West	$548,413	+23% last Oct

For the North Island the benchmark price rose by 55 per cent, hitting $418,800. The press release restated last month’s comment that even if sales come back down to long-run average levels, total listings would need to nearly double to bring markets back into balance.

Source: VIREB Market Statistics

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