Real Estate Market – Listing Up, Sales Down in Around Town
Your Weekly Construction Briefing
Last month, 165 single-family homes sold in the Vancouver Island Real Estate Board (VIREB) area, a 24 per cent decrease from one year ago and a drop of 18 per cent from December. Sales of condo apartments came in at 42, declining by 52 per cent. In the row/townhouse category, 36 units sold, down 41 per cent.
Listings have increased year-over-year, but have dipped in comparison to December 2022. There were 861 listings of single-family homes in January of 2023 compared to 257 one year ago; 239 condos compared to 108 in 2022; and 239 row/townhomes compared to 66. However, single family home and condo listings dipped 4% in comparison to the previous month.
The benchmark price for single family homes and townhouses in the VIREB service area continue to drop, with single family homes dropping five per cent year-over-year to $735,800 and townhomes slightly to $558,600. Condos increased by two per cent year-over-year to $398,300.
| SF MLS ® | Average Sale $ | $ Increase |
| Comox Valley | $724,752 | -19% last Jan |
| Campbell River | $617,326 | -7% last Jan |
| Parksville/Qualicum | $902,652 | -7% last Jan |
| Port Alberni/West | $659,308 | +1% last Jan |
| Powell River | $642,250 | -4% last Jan |
For the VIREB areas (north of Victoria), active listings for single-family, condos and townhomes rose to 1339 compared to 431 in January 2022. Listings in Powell River rose to 121 compared to 78 last year.
Source: VIREB Market Stats & PRSCREB January Stats
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