Vancouver Island Market Report Infographics

BALANCED MARKET OFFERS THE BEST OF BOTH WORLDS

The Vancouver Island Real Estate Board (VIREB) recorded 722 unit sales and 4,015 active listings (all property types) board-wide on the MLS® System in October 2024, up 42 per cent and
12 per cent, respectively.

In the single-family category (excluding acreage and waterfront), 346 homes sold in October, up 45 per cent from one year ago and eight per cent from September. Sales of condo apartments last month came in at 80, increasing by 36 per cent year over year and 16 per cent from September. In the row/townhouse category, 83 units changed hands in October, up 43 per cent from one year ago and down 11 per cent from September.

Active listings of single-family homes were 1,352 in October, up from the 1,157 posted one year ago. VIREB’s inventory of condo apartments was 366 last month, up from 307 in October 2023. There were 299 row/townhouses for sale last month compared to 265 the previous year.

Read the full report on VIREB website!

The following data is a comparison between October 2024 and October  2023 numbers, and is current as of November 2024. Click here to check out last month’s infographics.

You can also view all our VIREB infographics by clicking here.

Download Printable Version – October 2024 VIREB Market Report

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SPRING MARKET ARRIVES IN THE FALL

The Vancouver Island Real Estate Board (VIREB) recorded 637 unit sales and 4,465 active listings (all property types) board-wide on the MLS® System in September 2024, up 16 per cent
and 24 per cent, respectively. In the single-family category (excluding acreage and waterfront), 320
homes sold in September, up 22 per cent from one year ago and down four per cent from August. Sales
of condo apartments last month came in at 69, decreasing by 19 per cent year over year and one per
cent from August. In the row/townhouse category, 93 units changed hands in September, up 31 per cent
from one year ago and 35 per cent from August.

Active listings of single-family homes were 1,586 in September, up from the 1,173 posted one year ago. VIREB’s inventory of condo apartments was 410 last month, up from 305 in September 2023. There were
335 row/townhouses for sale last month compared to 239 the previous year.

With active listings at their highest level in five years, slowing inflation, and recent rate cuts, it’s an
excellent time to buy. This advice holds particularly true for condo apartments and row/townhouses; the
single-family market has been somewhat stagnant lately.
Read the full report on VIREB website!

The following data is a comparison between September 2024 and September 2023 numbers, and is current as of October 2024. Click here to check out last month’s infographics.

You can also view all our VIREB infographics by clicking here.

Download Printable Version – September 2024 VIREB Market Report

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FAVOURABLE CONDITIONS TRENDING TOWARDS BUYERS’ MARKET

The Vancouver Island Real Estate Board (VIREB) recorded 662 unit sales board-wide and 4,520 active listings (all property types) on the MLS® System in August 2024. In the single-family category (excluding acreage and waterfront), 333 homes sold in August, up three per cent from one year ago and down eight per cent from July. Sales of condo apartments last month came in at 70, decreasing by 18 per cent year over year and 20 per cent from July. In the row/townhouse category, 69 units
changed hands in August, down eight per cent from one year ago and 30 per cent from July.

Active listings of single-family homes were 1,564 in August, up from the 1,072 posted one year ago. VIREB’s inventory of condo apartments was 437 last month, up from 308 in August 2023. There were 364 row/townhouses for sale last month compared to 254 the previous year.

VIREB CEO Jason Yochim notes that VIREB’s housing market was flat during spring and summer, but REALTORS® are optimistic about the fall market.

Read the full report on VIREB website!

The following data is a comparison between August 2024 and August 2023 numbers, and is current as of September 2024. Click here to check out last month’s infographics.

You can also view all our VIREB infographics by clicking here.

Download Printable Version – August 2024 VIREB Market Report

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WAITING IS THE THEME OF VIREB’S SUMMER HOUSING MARKET

The Vancouver Island Real Estate Board (VIREB) recorded 737 unit sales board-wide (all property types) on the MLS® System in June 2024. In the single-family category (excluding acreage and waterfront), 359 homes sold in June, down 15 per cent from one year ago and 12 per cent from May. Sales of condo apartments last month came in at 82, decreasing by 24 per cent year over year and by 11 per cent from May. In the row/townhouse category, 91 units changed hands in June, down eight per cent from one year ago and 16 per cent from May.

Active listings of single-family homes were 1,566 in June, an increase from the 1,105 posted one year ago. VIREB’s inventory of condo apartments was 440 last month, up from 319 in June 2023. There were 364 row/townhouses for sale last month compared to 274 the previous year.

Jason Yochim, VIREB Chief Executive Officer, says the market is behaving differently than during a typical summer, and the expected boost from the recent interest rate cut hasn’t materialized.

Read the full report on VIREB website!

The following data is a comparison between July 2024 and July 2023 numbers, and is current as of August 2024. Click here to check out last month’s infographics.

You can also view all our VIREB infographics by clicking here.

Download Printable Version – July 2024 VIREB Market Report

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WAITING IS THE THEME OF VIREB’S SUMMER HOUSING MARKET

The Vancouver Island Real Estate Board (VIREB) recorded 737 unit sales board-wide (all property types) on the MLS® System in June 2024. In the single-family category (excluding acreage and waterfront), 359 homes sold in June, down 15 per cent from one year ago and 12 per cent from May. Sales of condo apartments last month came in at 82, decreasing by 24 per cent year over year and by 11 per cent from May. In the row/townhouse category, 91 units changed hands in June, down eight per cent from one year ago and 16 per cent from May.

Active listings of single-family homes were 1,566 in June, an increase from the 1,105 posted one year ago. VIREB’s inventory of condo apartments was 440 last month, up from 319 in June 2023. There were 364 row/townhouses for sale last month compared to 274 the previous year.

Jason Yochim, VIREB Chief Executive Officer, says the market is behaving differently than during a typical summer, and the expected boost from the recent interest rate cut hasn’t materialized.

Read the full report on VIREB website!

The following data is a comparison between June 2024 and June 2023 numbers, and is current as of June 2024. Click here to check out last month’s infographics.

You can also view all our VIREB infographics by clicking here.

Download Printable Version – June 2024 VIREB Market Report

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LARGE INVENTORY INCREASE IN MAY WHILE SALES CONTINUE TO LAG

The Vancouver Island Real Estate Board (VIREB) recorded 824 unit sales board-wide (all property types) on the MLS® System in May 2024. In the single-family category (excluding acreage and waterfront), 409 homes sold in May, down 14 per cent from one year ago and up nine per cent from April. Sales of condo apartments last month came in at 92, increasing by 11 per cent year over year and up 23 per cent from April. In the row/townhouse category, 108 units changed hands in May, up 17 per cent from one year ago and 30 per cent from April.

Active listings of single-family homes were 1,433 in May, an increase from the 979 posted one year ago. VIREB’s inventory of condo apartments was 398 last month, up from 318 in May 2023. There were 375 row/townhouses for sale last month compared to 252 the previous year. VIREB Chief Executive Officer Jason Yochim says that the typically busy spring market is slow to launch this year.

“Last month, we were optimistic that the spring market had finally arrived,” says Yochim. “However, while sales did pick up somewhat in May, we’re still not where we usually are heading into summer.”

Read the full report on VIREB website!

The following data is a comparison between May 2024 and May 2023 numbers, and is current as of June 2024. Click here to check out last month’s infographics.

You can also view all our VIREB infographics by clicking here.

Download Printable Version – May 2024 VIREB Market Report

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MORE INVENTORY BENEFITS BOTH BUYERS AND SELLERS

The Vancouver Island Real Estate Board (VIREB) recorded 741 unit sales board-wide (all property types) in April 2024. In the single-family category (excluding acreage and waterfront), 376 homes sold in April, down two per cent from one year ago and up 29 per cent from the previous month. Sales of condo apartments last month came in at 75, dropping by one per cent year over year and down 11 per cent from March. In the row/townhouse category, 83 units changed hands in April, down two per cent from one year ago and up one per cent from March.

Active listings of single-family homes were 1,271 in April, an increase from the 956 posted one year ago. VIREB’s inventory of condo apartments was 381 last month, up from 304 in April 2023. There were 368 row/townhouses for sale last month compared to 246 the previous year.

VIREB Chief Executive Officer Jason Yochim says that the spring market, which typically starts showing signs of life in February, is finally here.

Read the full report on VIREB website!

The following data is a comparison between April 2024 and April 2023 numbers, and is current as of May 2024. Click here to check out last month’s infographics.

You can also view all our VIREB infographics by clicking here.

Download Printable Version – April 2024 VIREB Market Report

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MARCH HOUSING MARKET CALMER THAN EXPECTED

Last month, the Vancouver Island Real Estate Board (VIREB) recorded 655 unit sales board-wide (all property types). In the single-family category (excluding acreage and waterfront), 291 homes sold in March, down 22 per cent from one year ago and up 15 per cent from February 2024. Sales of condo apartments last month came in at 84, increasing by 27 per cent year over year and 24 per cent from February 2024. In the row/townhouse category, 82 units changed hands in March, an increase of nine per cent from one year ago and up 39 per cent from February.

The number of active listings of single-family homes was 1,084 last month, down from 963 the previous year. VIREB’s inventory of condo apartments was 324 in March 2024, up from 290 one year ago. There were 333 row/townhouses for sale last month compared to 253 the previous year. “As we reported last month, there is a lot of interest among potential buyers,” says Jason Yochim, VIREB Chief Executive Officer. “REALTORS® are definitely busy, although the statistics don’t reflect that. We expect it will be June before the numbers catch up with pent-up demand.”

Read the full report on VIREB website!

The following data is a comparison between March 2024 and March 2023 numbers, and is current as of April 2024. Click here to check out last month’s infographics.

You can also view all our VIREB infographics by clicking here.

Download Printable Version – March 2024 VIREB Market Report

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FEBRUARY SEES SIGNIFICANT SALES INCREASE

Last month, 254 single-family homes sold in the Vancouver Island Real Estate Board (VIREB) area, up 15 per cent from one year ago and 67 per cent from January 2023. Sales of condo apartments in February came in at 68, increasing by 11 per cent year over year and up 45 per cent from January. In the row/townhouse category, 59 units changed hands last month, an increase of 18 per cent from one year ago and up 48 per cent from the previous month.

Active listings of single-family homes were 915 in February, down from 937 the previous year. VIREB’s inventory of condo apartments was 298 last month, up from 253 one year ago. There were 328 row/townhouses for sale last month compared to 251 in February 2023. “Board-wide, sales rose significantly from last February, while month over month, increases were
in the high double digits,” says Jason Yochim, VIREB Chief Executive Officer. “REALTORS® are reporting that although many buyers are waiting for spring, pent-up demand is high.”

Read the full report on VIREB website!

The following data is a comparison between February 2024 and February 2023 numbers, and is current as of March 2024. Click here to check out last month’s infographics.

You can also view all our VIREB infographics by clicking here.

Download Printable Version – February 2024 VIREB Market Report

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NORMAL JANUARY KICKS OFF 2024 WITH OPTIMISTIC OUTLOOK

Last month, 152 single-family homes sold in the Vancouver Island Real Estate Board (VIREB) area, down six per cent from one year ago and up slightly from December 2023.

Sales of condo apartments in January came in at 47, increasing by 12 per cent year over year and up 21 per cent from December. In the row/townhouse category, 40 units changed hands last month, an increase of 14 per cent from one year ago and up three per cent from the previous month.

Active listings of single-family homes were 807 in January, down from 861 the previous year. VIREB’s inventory of condo apartments was 258 last month, up from 239 one year ago. There were 282 row/townhouses for sale last month compared to 239 in January 2023.

“We had a fairly normal January, with unit sales of 354 compared to 340 last year,” says Ian Mackay, 2024 Chair. “REALTORS® are reporting that plenty of listings are hitting the system, and we’re sensing a lot of optimism regarding the spring market.”

Read the full report on VIREB website!

The following data is a comparison between January 2024 and January 2023 numbers, and is current as of February 2024. Click here to check out last month’s infographics.

You can also view all our VIREB infographics by clicking here.

Download Printable Version – January 2024 VIREB Market Report

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