INFOGRAPHICS: February 2023 VIREB Vancouver Island Market Reports
MARKET PICKING UP STEAM AS WE HEAD TOWARDS SPRING
Last month, 220 single-family homes sold in the Vancouver Island Real Estate Board (VIREB) area, a 37 per cent decrease from one year ago (350) and a 33 per cent increase from January 2023 (165). Sales of condo apartments in February 2023 came in at 64, declining by 40 per cent year over year and increasing by 52 per cent from the previous month. In the row/townhouse category, 50 units changed hands in February, down 44 per cent from one year ago and up by 39 per cent from January.
“The higher sales seen in February are no real surprise, as the housing market typically begins to pick up steam as we head towards spring,” says Kelly O’Dywer, 2023 Chair. “We’re still seeing some multiple offers on well-priced properties, but the market is more price-sensitive than we’ve seen in some time. Buyers are savvy and unwilling to stretch their budget by more than they can comfortably afford.”
Inventory continues to post gains but is still below ideal for a balanced market. Active listings of single- family homes were 937 in February, up from 345 one year ago and 861 in January. VIREB’s inventory of condo apartments hit 253 last month, up from 116 listings one year ago and 239 in January. There were 251 row/townhouses for sale last month compared to 66 one year ago and 239 the previous month.
The following data is a comparison between February 2023 and February 2022 numbers, and is current as of March 2023. Click here to check out last month’s infographics.