Vancouver Island Real Estate saw many of the same trends as the Victoria region which in summation was sliding sales and building inventory. While the new trend (after years of the opposite situation) is refreshing for buyers as far as the options that are being presented to them, the situation is somewhat tainted by rising interest rates and decreasing affordability.
Digging into the Numbers, there was a total of 1,411 properties sold on all of Vancouver Island in May 2022. 650 of those sales took place in the Vancouver Island Board Area with the rest happening in the Greater Victoria region. Of those 650 Island board area sales, 455 were detached homes, 92 were condos and 103 were townhomes. Here is a breakdown of year-over-year and month-over-month percentages for each property segment:
| Year/year | Month/month | |
| Single Family Dwellings | -14% | -10% |
| Condos | -38% | -19% |
| Townhomes | -10% | -7% |
Listings of single-family homes on the Vancouver Island board increased 64% year over year. Condos increased by 28% and townhomes by 49% in the same period. Month lover month inventory stats saw detached homes up 34%, condos up 32% and townhomes up 12%.
VIREB board-wide single-family homes hit a benchmark price of $867,000 while condos hit $451,900 and townhomes came in at $618,900 (all lower than the previous month). Here is a regional breakdown of benchmark prices and year-over-year changes for single-family homes:
| Campbell River | $776,200 | +29% |
| Comox Valley | $910,900 | +29% |
| Cowichan Valley | $886,300 | +35% |
| Nanaimo | $901,400 | +29% |
| Parksville/Qualicum | $1,002,700 | +30% |
| Port Alberni | $617,400 | +43% |
| North Island | $456,200 | +36% |
| Victoria | $1,446,400 | +23.8% |
For our thoughts on the future of the market and for our team highlights, check out our Victoria Update.
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The Neal Estate GroupYour Victoria & Vancouver Island Real Estate Experts“Let our experience be your guidewww.RonNeal.comwww.HomesOnVancouverIsland.ca
