INFOGRAPHICS: June 2022 VIREB Vancouver Island Market Reports
RISING INVENTORY A HOPEFUL SIGN FOR BUYERS
Inventory in the Vancouver Island Real Estate Board (VIREB) area rose significantly last
month, with listings of single-family homes more than doubling from June 2021. At the same time, sales dipped across the board area in most markets.
Last month, active listings of single-family homes (not acreage or waterfront) climbed by 107 per cent from June 2021 and 23 per cent from May 2022, reaching 1,204. VIREB’s inventory of condo apartments was 295 in June, 43 per cent higher than one year ago and up by 28 per cent from May. There were 222 row/townhouses for sale in June, a 60 per cent year-over-year increase and up by 32 per cent from May.
The additional inventory is a positive development for buyers, providing more options and easing the pressure to move too quickly when making an offer. Higher interest rates are causing some buyers to put the brakes on purchasing a home, and REALTORS® are seeing price reductions in the higher end of the market. However, it is too early to speculate whether VIREB’s housing market is moving towards a buyers’ or balanced market.
The following data is a comparison between June 2022 and June 2021 numbers, and is current as of July 2022. Click here to check out last month’s infographics.