Housing Market Quiets in Around Town
Your Weekly Construction Briefing
Last month, there were 1360 active listings in the VIREB zones for single-family homes. As a comparison, there were under 400 homes listed in October 2021 and over 2,300 in October 2013. Sales from October 2021 are down 37% in single family, 65% in condos and 41 % in townhomes.
VIREB’s inventory of condo apartments was 314 in October 2022, up from 124 listings one year ago and down by five per cent from September. There were 296 row/townhouses for sale last month, up by 147 per cent from the previous October and virtually the same number as in September (295). Sales in Campbell River decreased from 50 to 28 units, Port Alberni decreased by 52%, Comox Valley decreased by 44%, and Powell River decreased from 30 to 17.
Despite the increase in listings, the underlying supply issues contributing to low inventory and high prices are still factors working behind the scenes. Every year since 2013, except for 2018 and 2019, active listings dropped from the previous year, reaching a historic low of 394 in 2021. It will take a substantial decrease in demand or a significant increase in supply to achieve healthy inventory levels that can accommodate Vancouver Island’s expected population growth in the coming years.
The board-wide benchmark price of a single-family home reached $787,500 in October, up eight per cent from one year ago but down by four per cent from September. In the apartment category, the benchmark price was $414,200 last month, an 11 per cent increase from October 2021 and down three per cent from September. The year-over-year benchmark price of a townhouse increased by 11 per cent to $583,900, but it dropped by two per cent from September.
Benchmark prices for single-family homes decreased from August to September in every zone except the North Island. However, prices are still higher than in 2021. In Campbell River, the benchmark price of a single-family home hit $679,300 in October, up by four per cent from the previous year. In the Comox Valley, the year-over-year benchmark price rose by seven per cent to $829,800. Parksville-Qualicum area saw its benchmark price increase by seven per cent to $913,000. The cost of a benchmark single-family home in Port Alberni reached $566,300, up 13 per cent from the previous year. For the North Island, the benchmark price of a single-family home rose by 20 per cent to $488,000.
| SF MLS ® | Average Sale $ | $ Increase |
| Comox Valley | $717,192 | -18% last Oct |
| Campbell River | $691,100 | -9% last Oct |
| Parksville/Qualicum | $949,157 | +6% last Oct |
| Port Alberni/West | $562,250 | +1% last Oct |
| Powell River | $660,000 | +2% last Oct |
While average prices are lower in Campbell River and Courtenay, comparing benchmark prices from October 2021, single-family homes have increased between 2 to 20% in every zone.
Source: VIREBÂ Market Stats, PRSC Market Stats.
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