INFOGRAPHICS: May 2024 VIREB Vancouver Island Market Reports

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.