The Vancouver Island Real Estate market continued strong with 1,287 total sales in September 2020 in the VIREB board area (excluding Victoria) an 86% increase compared to the same month the previous year. Many of the sales are still taking place in the single-family home segment but condo’s and townhomes are seeing hefty increases in sales volume as well.
Sales of single-family homes were up a whopping 98.5% year over year with 643 of the sales being in that segment in Septemeber. Condos increased in sales year over year by 46% (a significantly higher jump than Victoria condos) and townhome sales jumped 28% in the same Septemeber year over year comparison. While sales are up across the whole island, including Victoria, it is worth noting that luxury properties and higher-end homes in the Vancouver Island board area have not seen the same increase in sales volume as those types of properties in Victoria.
There is a whole array of factors affecting the market right now, including pent-up demand, low-interest rates, early retirements, travel restrictions leading to snowbirds looking for warmer climates within Canada, and tight supply. Not including waterfront properties and acreages, there was a total of 1,502 listings for sale in Septemeber, 909 detached homes, 389 condos, and 204 townhomes to be exact.
Benchmark prices according to the Home Price Index were down for board-wide single-family homes compared to last month as were condos. Detached home benchmark price was $527,300 in Septemeber, 1% lower than August, and just higher than September the previous year. Board-wide condo prices were down slightly from the previous month but up 3% compared to last year, to hit $309,00. Townhomes hit $434,300, up 6% from last year and up slightly from the previous month.
Here is a breakdown of regional benchmark values and how they have changed year over year:
| Campbell River | $454,200 | +1% |
| Comox Valley | $523,500 | -1% |
| Duncan | $489,000 | +1% |
| Nanaimo | $553,600 | -3% |
| Parksville-Qualicum | $612,800 | +3% |
| Port Alberni | $329,500 | +2% |
| North Island | $222,400 | +10% |
| Victoria | $879,200 | +3.5% |
The rebound in our market has been greater than anyone could have expected. We will be seeing pent up demand playing less and less of a role as the sales numbers surpass that which would have sold in a “normal year”. This is not a normal year though and it is even more foolhardy than usual to predict the future of this market. Right now, it is a FANTASTIC time to sell, especially a single-family or semi-detached home. Also, there could be some opportunity for buyers in the condo market as the demand has kept pretty steady and inventory is increasing (not to mention killer interest rates available for those buyers).
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Stay safe,
The Neal Estate TeamYour Victoria & Vancouver Island Real Estate Experts“Let our experience be your guidewww.RonNeal.comwww.HomesOnVancouverIsland.ca
