The blistering heat that finally gave way to slightly cooler temperatures mirrors what is
happening in our housing market, as scorching real estate activity continued its cooling trend in June.
Last month, the Vancouver Island Real Estate Board (VIREB) saw sales of 533 single-family detached
properties compared to 531 the previous month and 473 in June 2020. In the condo apartment category,
sales dropped by 10 per cent from May 2021 (150 to 134). Row/townhouse sales decreased by 18 per cent
from May and were 15 per cent lower than in June 2020. Sales in the VIREB area are tracking at around
400 units more than at this time in 2016, which was our strongest market historically.
Inventory is rising slightly, which opens up a few more opportunities for buyers, but it is still historically
tight on Vancouver Island. Although active listings of single-family homes dropped by two per cent from
May, condo apartment and row/townhouse inventory rose by 16 and 23 per cent, respectively.
VIREB’s heated housing market continues to impact prices, which are rising throughout the board area.
The board-wide benchmark price of a single-family home broke the $700,000 mark in June, rising to
$714,700, up 31 per cent year over year and three per cent from May. In the apartment category, the
benchmark price was three per cent higher than in May and 21 per cent higher year over year. The
benchmark price of a townhouse rose by 34 per cent year over year and by four per cent from May,
climbing to $549,300.