INFOGRAPHICS: December 2023 VIREB Vancouver Island Market Reports

LACKLUSTRE DECEMBER CLOSES OUT 2023

The Vancouver Island Real Estate Board (VIREB) recorded 7,297 unit sales in 2023
compared to 11,045 in 2021 and 7,810 in 2022. High interest rates are primarily to blame for the weaker sales, as there was significant demand, but many buyers opted to wait for an anticipated 2024 rate cut.

Last month, there were 151 sales of single-family homes in the VIREB area, down 23 per cent from last December and 36 per cent from November. Sales of condo apartments in December came in at 39, increasing by 11 per cent year over year but down 30 per cent from November. In the row/ townhouse category, 39 units changed hands last month, an increase of 50 per cent from one year ago and down 22 per cent from November 2023.

Active listings of single-family homes dropped to 796 in December from 895 one year ago and
1,040 in November. VIREB’s inventory of condo apartments was 257 last month, up from 248 in
December 2022 but down from November’s 285 listings. There were 244 row/townhouses for sale
last month compared to 229 one year ago and 282 in November.

“Based on conversations REALTORS® are having with clients, there is certainly demand out there, so we’re expecting a fairly busy spring,” says Kelly O’Dwyer, 2023 Chair. “However, there are policy changes coming in 2024 that could impact the real estate market, such as new rules surrounding short-term rentals that take effect on May 1.”

Read the full report on VIREB website!

The following data is a comparison between December 2023 and December 2022 numbers, and is current as of January 2024. Click here to check out last month’s infographics.

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