Last month, the Vancouver Island Real Estate Board (VIREB) saw sales of 450 single family detached properties compared to 531 in June, a decrease of 15 per cent. In the condo apartment category, sales dropped by seven per cent from June 2021. However, row/townhouse sales rose by 29
per cent from the previous month.
Inventory remains extremely tight in the VIREB area, tracking at a 21-year historical low. Active listings
of single-family homes and row/townhouses dropped by 51 per cent from July 2020. In the condo
apartment category, inventory decreased by 60 per cent from one year ago. Based on the demand
VIREB is seeing, there is no doubt that sales would be higher if there were sufficient inventory.
Mackay reiterates what VIREB and other real estate boards have been saying for
VIREB’s heated housing market continues to impact prices, which continue to increase throughout the
board area. The board-wide benchmark price of a single-family home reached $732,700 in July, up
33 per cent year over year and three per cent from June. In the apartment category, the benchmark
price was four per cent higher than the previous month and 24 per cent higher year over year, reaching
$380,700. The benchmark price of a townhouse rose by 32 per cent year over year and by three per cent
from June, climbing to $564,400.