The Victoria Real Estate Board (VREB) reported 705 property sales in June 2023 while the Vancouver Island Real Estate Board (VIREB, everything north of the Malahat) reported 636 sales. Of the VIREB sales, 424 were single-family homes, 111 were condo sales, and 101 were townhomes. For a deeper dive into the VREB numbers AND a more general market discussion CLICK HERE.
|
Y/Y |
M/M |
|
|
SFD |
+5% |
+13% |
|
Condos |
+39% |
+29$ |
|
Townhomes |
+49% |
+7% |
In June, the number of active listings for single-family homes decreased to 1,105, down from 1,204 during the same period last year. VIREB's inventory of condo apartments, on the other hand, increased to 319 listings last month, up from 295 listings in June 2022. Additionally, there were 274 row/townhouses available for sale last month, indicating a notable rise from 222 listings in June of the previous year.
The Benchmark Price (MLS Home Price Index) for a single-family home stood at $759,900. This is an 8% decline from the previous year but a positive uptick of 1% from May. For condos, the benchmark price in June was $395,000, marking a 6% decrease compared to June 2022, yet a 1% increase from May as well. As for townhouses, the year-over-year benchmark price in June came to $558,600, a 5% decrease from the same period one year earlier, while a 2% increase from May.
Here is a regional breakdown of benchmark prices and year-over-year changes for single-family homes (all are down from their respective peaks):
|
Campbell River |
$652,500 |
-9% |
|
Comox Valley |
$805,300 |
-9% |
|
Cowichan Valley |
$771,200 |
-10% |
|
Nanaimo |
$792,200 |
-8% |
|
Parksville/Qualicum |
$880,400 |
-6% |
|
Port Alberni |
$532,600 |
-9% |
|
North Island |
$431,100 |
-8% |
|
Victoria |
$1,310,100 |
-7% |
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