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Vancouver Island Market Report Infographics

Friday, July 10, 2020 2:59:32 PM UTC
INFOGRAPHICS: June 2020 VIREB Vancouver Island Market Reports
INFOGRAPHICS: June 2020 VIREB Vancouver Island Market Reports

Housing Market Rebounds in June

The COVID-19 effect on VIREB’s housing market seemingly wore off in June, with sales rebounding significantly from May and posting year-over-year increases in most markets.

Last month, 479 single-family homes sold on the Multiple Listing Service® (MLS®) System compared to 246 in May 2020 and 406 one year ago. Sales of apartments increased by 3% year over year but were 59% higher than in May. Townhouse sales rose by 3% year over year and were up by 118% from May 2020.

Read the full report on the VIREB website!

 


 

The following data is a comparison between June 2019 and June 2020 numbers, and is current as of July 2020. 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 – June 2020 VIREB Market Report

 

 

 

 

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INFOGRAPHICS: May 2020 VIREB Vancouver Island Market Reports
INFOGRAPHICS: May 2020 VIREB Vancouver Island Market Reports

Higher May sales indicate a recovering market.

While COVID-19 had a significant impact on the Vancouver Island Real Estate Board’s (VIREB) housing market in April, the board’s May numbers indicate that the market may already be recovering.Last month, 246 single-family homes sold on the Multiple Listing Service® (MLS®) System compared to 189 in April 2020 and 456 in May 2019. Sales of apartments decreased by 56% year over year but were significantly higher than in April, with 44 properties changing hands compared to 17 the previous month. Townhouse sales dropped by 70% year over year but rose by 65% from April.

Read the full report on the VIREB website.

 

 


 

The following data is a comparison between May 2019 and May 2020 numbers, and is current as of June 2020. 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 – May 2020 VIREB Market Report

 

 

 

 

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INFOGRAPHICS: April 2020 VIREB Vancouver Island Market Reports
INFOGRAPHICS: April 2020 VIREB Vancouver Island Market Reports

The anticipated impact of COVID-19 on VIREB’s housing market became a reality in April, with sales of single-family homes dropping by 54% year over year.

Last month, 189 single-family homes sold on the Multiple Listing Service® (MLS®) System compared to 333 in March 2020 and 412 in April 2019. Apartment and townhouse sales decreased by 82 and 69%, respectively. Inventory of single-family homes last month dipped by nine% year over year (1,293 to 1,173). Active listings of apartments rose by 33% (303 to 403) year over year, while townhouse inventory dropped by 19% (197 to 160).

Read the full report over on the VIREB website.

 


 

The following data is a comparison between April 2019 and April 2020 numbers, and is current as of May 2020. 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 – April 2020 VIREB Market Report

 

 

 

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INFOGRAPHICS: March 2020 VIREB Vancouver Island Market Reports
INFOGRAPHICS: March 2020 VIREB Vancouver Island Market Reports

We hope everyone is healthy and safe during this challenging period. For now, it’s time for our monthly market updates for areas covered by the Vancouver Island Real Estate Board (VIREB)!

As per VIREB’s latest market update, the Vancouver Island Real Estate Board (VIREB) reports that the virus had little impact on March sales.

Last month, 333 single-family homes sold on the Multiple Listing Service® (MLS®) System compared to 259 in February 2020 and 308 in March 2019. Apartment sales in March did drop by 44% year over year, but there was a 40% increase in townhouse sales from one year ago.

Inventory of single-family homes last month was slightly higher than one year ago (1,174 to 1,181). Active listings of apartments rose by 41% (284 to 400) year over year, while townhouse inventory dropped by 18% (181 to 147).

The benchmark price of a single-family home board-wide was $521,400 in March, a 4% increase from one year ago and marginally higher than in February. (Benchmark pricing tracks the value of a typical home in the reported area.) In the apartment category, the year-over-year benchmark price rose by 7%, hitting $314,700, which is around 1% higher than the previous month. The benchmark price of a townhouse in March rose by 4% year over year and was 2% higher than in February, climbing to $417,900.

Regionally, the benchmark price of a single-family home in the Campbell River area last month was $441,300, an increase of 5% over last year. In the Comox Valley, the benchmark price reached $516,800, up by 2% from one year ago. Duncan reported a benchmark price of $478,700, a 2% increase from March 2019. Nanaimo’s benchmark price rose by 2% to $564,500 in March, while the Parksville-Qualicum area saw its benchmark price increase by 4% to $590,700. The cost of a benchmark single-family home in Port Alberni reached $328,300 in March, a 12% increase from one year ago.

Although it is certainly not business as usual, real estate has been declared an essential service by the provincial government as long as licensees comply with health and safety guidelines, which VIREB members are doing.

As per 2019 president Kevin Reid,

“The reality is that there are always clients who, for various reasons, must buy or sell now, and REALTORS® are uniquely poised to help those individuals do so safely. The real estate industry’s embrace of technology, such as virtual tours and electronic document signing, makes it possible to conduct a large part of the real estate transaction without face-to-face interaction.”

 

 


 

The following data is a comparison between March 2019 and March 2020 numbers, and is current as of April 2020. 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 – March 2020 VIREB Market Report

 

 

(Image Source: VIREB Twitter)

 

 

 

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INFOGRAPHICS: February 2020 VIREB Vancouver Island Market Reports
INFOGRAPHICS: February 2020 VIREB Vancouver Island Market Reports

Spring is almost upon us, and it’s time for our monthly market updates for areas covered by the Vancouver Island Real Estate Board (VIREB)!

As noted in their latest media release, February has seen higher sales, which can be taken as a positive sign.

Sales of single-family homes in the VIREB area last month rose by 15% year over year and were 49% higher than in January.

Last month, 260 single-family homes sold on the Multiple Listing Service® (MLS®) System compared to 174 in January and 227 one year ago. Apartment sales in February dropped by 19% year over year, while the number of townhouses sold decreased by 10% from one year ago.

Inventory of single-family homes last month rose by eight% from one year ago (992 to 1,069). Active listings of apartments rose by 37% (261 to 358) year over year, while townhouse inventory dropped by 11% (162 to 144).

The benchmark price of a single-family home board-wide was $516,500 in February, a 3% increase from one year ago and marginally higher than in January. (Benchmark pricing tracks the value of a typical home in the reported area.) In the apartment category, the year-over-year benchmark price rose by 5%, hitting $310,800, which is slightly higher than the previous month. The benchmark price of a townhouse in February rose by 2% year over year and was a bit higher than in January, climbing to $411,200.

Regionally, the benchmark price of a single-family home in the Campbell River area last month was $442,000, an increase of 4% over last year. In the Comox Valley, the benchmark price reached $517,600, up by 2% from one year ago. Duncan reported a benchmark price of $479,300, an increase of 4% from February 2019. Nanaimo’s benchmark price rose by 3% to $564,700 in February, while the Parksville-Qualicum area saw its benchmark price drop slightly to $578,300. The cost of a benchmark single-family home in Port Alberni reached $321,100 in February, a 4% increase from one year ago.

Due to VIREB’s broad geographic area, what is a trend in one market may not be in another. For example, REALTORS® in some zones are seeing multiple offers that benefit sellers, while other markets are more balanced. However, VIREB’s board-wide February sales are a positive sign that buyers are feeling optimistic as we head into spring, which is historically a busy time for real estate.

Another positive outcome is Minister of Finance Bill Morneau’s announcement regarding changes to the benchmark rate used to determine the minimum qualifying rate for insured mortgages. Guideline B-20, also known as the mortgage stress test, significantly reduced the purchasing power of some buyers and pushed others to the sidelines.

 

 


 

The following data is a comparison between February 2019 and February 2020 numbers, and is current as of March 2020. 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 – February 2020 VIREB Market Report

 

 

(Image Source: VIREB Twitter)

 

 

 

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INFOGRAPHICS: January 2020 VIREB Vancouver Island Market Reports
INFOGRAPHICS: January 2020 VIREB Vancouver Island Market Reports

It’s time for our monthly market updates for areas covered by the Vancouver Island Real Estate Board (VIREB)!

As stated in VIREB’s latest market report, sales of single-family homes in January dropped by 16% from one year ago and were 26% lower than in December.

Last month, 174 single-family homes sold on the Multiple Listing Service® (MLS®) System compared to 235 in December and 208 one year ago. Apartment sales in January decreased by 3% year over year, while the number of townhouses sold dropped by 18% from one year ago.

Inventory of single-family homes last month rose slightly from one year ago (981 to 992) and increased by 6% from December 2019. Active listings of apartments rose by 3% (299 to 309) year over year, while townhouse inventory dropped by 24% (165 to 125). The benchmark price of a single-family home board-wide was $515,400 in January, a 4% increase from one year ago and marginally lower than in December.

In the apartment category, the year-over-year benchmark price rose by 5%, hitting $309,300, which is 2% higher than in December. The benchmark price of a townhouse last month rose by 3% year over year, climbing to $408,600, and was virtually the same as in December.

VIREB Past President Kaye Broens notes,

 

“The stress test is compressing more demand into our mid-and lower-priced property market. Lack of inventory in that price range is certainly curtailing some buyers from moving ahead with their home purchase. Unfortunately, without new construction, this gridlock may just be the new normal.”

 

 


 

The following data is a comparison between January 2019 and January 2020 numbers, and is current as of February 2020. 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 – January 2020 VIREB Market Report

 

 

(Image Source: VIREB Twitter)

 

 

More...
INFOGRAPHICS: December 2019 VIREB Vancouver Island Market Reports
INFOGRAPHICS: December 2019 VIREB Vancouver Island Market Reports

Ready to get started for 2020? It’s time for our monthly market updates for areas covered by the Vancouver Island Real Estate Board (VIREB)!

According to VIREB’s most recent market update, sales of single-family homes in December increased by 40% from one year ago and were 24% lower than in November. Last month, 237 single-family homes sold on the Multiple Listing Service® (MLS®) System compared to 312 in November and 169 one year ago.

Apartment sales in December rose by 68% year over year, while the number of townhouses sold dropped by 20% from one year ago. Annual sales of single-family homes in 2019 totaled 4,119, a 9% drop from 2018’s 4,539 sales.

Inventory of single-family homes last month was virtually the same as in December 2018 (937 to 934) but dipped by 19% from November 2019. Active listings of apartments rose by 10% (270 to 298) year over year while townhouse inventory dropped by 35% (148 to 96).

The benchmark price of a single-family home board-wide was $518,000 in December, a 5% increase from one year ago and marginally higher than in November. (Benchmark pricing tracks the value of a typical home in the reported area.) In the apartment category, the year-over-year benchmark price rose by 4%, hitting $304,600, which was three%higher than in November. The benchmark price of a townhouse last month rose by 2% year over year and was slightly higher than in November, climbing to $408,500.

Trend-wise, VIREB’s housing market is balanced in most areas and inching towards a buyers’ market in a few zones. Overall, however, home sales and listing activity are at typical levels for our region. REALTORS® across the Island are reporting that there is interest among buyers, but many are taking a wait-and-see approach.

 

 


 

The following data is a comparison between December 2018 and December 2019 numbers, and is current as of January 2020. 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 – December 2019 VIREB Market Report

 

 

(Image Source: VIREB Twitter)

 

 

 

More...
INFOGRAPHICS: November 2019 VIREB Vancouver Island Market Reports
INFOGRAPHICS: November 2019 VIREB Vancouver Island Market Reports

Can you believe it’s already December? 2019 is winding down and it’s time for our monthly market updates for areas covered by the Vancouver Island Real Estate Board (VIREB)!

According to their latest market release, sales of single-family homes in November rose by 3% from 2018 and were 9% lower than in October. Apartment and townhouse sales dipped by 8% and 33%, respectively.

Last month, 312 single-family homes sold on the Multiple Listing Service® (MLS®) System compared to 343 the previous month and 304 in November 2018. In the apartment category, 65 units sold last month, while 26 townhouses changed hands.

Inventory of single-family homes in November rose by 8% from one year ago (1,065 to 1,155), the lowest since March, which saw 1,172 properties for sale. Active listings of apartments increased by 15% (319 to 368) year over year while townhouse inventory dropped by 31% (177 to 123).

The British Columbia Real Estate Association reports that after a slow start to 2019, MLS® home sales in the province embarked on a sustained upward climb in the spring, returning to trend after adjusting to market shocks caused by federal mortgage rules and provincial tax policies.

Trend-wise, VIREB’s housing market is balanced in most areas and inching towards a buyers’ market in a few zones. Overall, however, home sales and listing activity are at typical levels for our region. REALTORS® across the Island are reporting that there is interest among buyers; however, they are price-savvy, not in a hurry, and willing to walk away from deals. Some buyers and sellers are also choosing to wait until spring, hoping for more favourable conditions.

 

 


 

The following data is a comparison between November 2018 and November 2019 numbers, and is current as of December 2019. 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 – November 2019 VIREB Market Report

 

 

(Image from VIREB Twitter)

 

 

 

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INFOGRAPHICS: October 2019 VIREB Vancouver Island Market Reports
INFOGRAPHICS: October 2019 VIREB Vancouver Island Market Reports

And in a flash, 2019 is almost over. Meanwhile, it’s time for our monthly market updates for areas covered by the Vancouver Island Real Estate Board (VIREB)!

As noted in their most recent monthly market report, sales of single-family homes in October dropped by 11% from 2018 and were virtually the same as in September. Apartment and townhouse sales dipped by 9% and 22%, respectively.

Last month, 343 single-family homes sold on the Multiple Listing Service® (MLS®) System compared to 345 the previous month and 384 in October2018. In the apartment category, 88 units sold last month, while 42 townhouses changed hands. Inventory of single-family homes in October rose by 14% from one year ago (1,173 to 1,333). Active listings of apartments increased by 16% (322 to 373) year over year while townhouse inventory dropped by 21% (167 to 132).

Trend-wise, VIREB’s housing market is balanced in most areas, with home sales and listing activity at typical levels for the region. Buyers are negotiating competitively and are willing to walk away and wait, so smart pricing is a must for sellers.

VIREB president Kaye Broens notes,

 

“This is a more comfortable market for people on both sides of the real estate transaction, but correctly pricing your home is the key to a quick sale and may even result in multiple offers. Overpriced properties tend to linger, and that risk increases in a balanced market.”

 

 


 

The following data is a comparison between October 2018 and October 2019 numbers, and is current as of November 2019. 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 – October 2019 VIREB Market Report

 

 

(Image from VIREB Twitter)

 

 

 

 

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INFOGRAPHICS: September 2019 VIREB Vancouver Island Market Reports
INFOGRAPHICS: September 2019 VIREB Vancouver Island Market Reports

It’s Autumn, temperatures and leaves are falling, and the Vancouver Island market is also seeing some movements. It’s time for our monthly market updates for areas covered by the Vancouver Island Real Estate Board (VIREB)!

As per their most recent media update, sales of single-family homes in September were virtually flat year-over-year, but dipped by 16% from August. However, apartment and townhouse sales rose by 15% and 11% year-over-year, respectively.

Last month, 345 single-family homes sold on the Multiple Listing Service® (MLS®) System compared to 413 the previous month and 347 in September 2018. In the apartment category, 85 units sold last month, while 51 townhouses changed hands in September.

In the VIREB area, inventory of single-family homes in September rose by 14% from one year ago (1,283 to 1,466). Active listings of apartments increased by 43% (293 to 419) year-over-year while townhouse inventory dropped by 18% (171 to 140).

The September statistics indicate that some buyers are turning to multi-family properties, but it is too early to say whether this is an anomaly or the beginning of a trend. As for the reasons behind this shift away from single-family homes, it could be a combination of factors, including affordability, Guideline B-20, and the speculation tax in Nanaimo.

Trend-wise, VIREB’s housing market has transitioned from one favouring sellers to one that is balanced, and, in some areas, conditions are better for buyers. Kaye Broens, 2019 President, reports that sellers now recognize the market has changed and are pricing their homes accordingly. Although real estate is cyclical, the one factor that remains constant is that well-priced homes sell faster.

 


 

The following data is a comparison between September 2018 and September 2019 numbers, and is current as of October 2019. 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 2019 VIREB Market Report

 

 

 

(Image from VIREB Twitter)

 

 

 

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.