INFOGRAPHICS: October 2022 VIREB Vancouver Island Market Reports
HOUSING MARKET QUIETS AS YEAR-END APPROACHES
Last month, 249 single-family homes sold in the Vancouver Island Real Estate Board (VIREB) area, a 37 per cent decrease from one year ago and up by three per cent from September.
There were 42 condo apartment sales in October 2022, a decline of 65 per cent year over year and down by 19 per cent from September. In the row/townhouse category, 51 units changed hands in October, down 41 per cent from one year ago and up four per cent from September.
Active listings of single-family detached properties last month more than tripled from October 2021 but dipped by four percent from September, hitting 1,360. VIREB’s inventory of condo apartments was 314 in October 2022, up from 124 listings one year ago and down by five per cent from September. There were 296 row/townhouses for sale last month, up by 147 per cent from the previous October and virtually the same number as in September (295).
“More inventory and weaker demand mean it’s a perfect time to buy. Well-priced and well-maintained properties are still generating multiple offers and selling briskly, but the market has shifted from the heated conditions REALTORS® saw for much of the year,” says Erica Kavanaugh, 2022 VIREB Chair. “Buyers and sellers need to be realistic and flexible about prices, and a local REALTOR® can help develop a winning strategy no matter which side of the real estate transaction you occupy.”
The following data is a comparison between October 2022 and October 2021 numbers, and is current as of November 2022. Click here to check out last month’s infographics.