Vancouver Island Real Estate saw an increasing gap between new listings and units sold with new listings coming out on top in the month of April 2022. This dynamic eased pressure further and allowed a little bit of much-needed inventory to build. That said, the easing of pressure does not mean it isn’t still a hot market and the inventory situation is still keeping sellers in a strong position.
Digging into the Numbers, there was a total of 1,551 sales on Vancouver Island in April with 727 of them taking place in the Vancouver Island Real Estate Board Area (the rest in the Victoria board area). Of those 727 sales, 507 were single-family homes, 114 were condos and 96 were townhomes. Here is how those numbers look as percentage changes from the previous month and year over year.
| Month/Month | Year/Year | |
| Single Family Homes | -13% | -3% |
| Condos | -11% | -6% |
| Townhomes | -9% | -9% |
Single-family home inventory in the VIREB area increased 34% compared to April last year and 32% from the previous month. Condo listings on the market increased 18% from March but were 13% lower than at the end of April last year. Townhome listings increased 39% year over year and 52% from last month.
VIREB board-wide single family homes hit a benchmark price of $881,800 while condos hit $462,100 and townhomes came in at $657,300. Here is a regional break down of benchmark prices and year over year changes for single family homes:
| VIREB Board-Wide | $881,800 | +34% |
| Campbell River | $769,800 | +31% |
| Comox Valley | $878,400 | +27% |
| Cowichan Valley | $871,900 | +36% |
| Nanaimo | $907,600 | +33$ |
| Paksville/Qualicum | $1,027,000 | +38% |
| Port Alberni | $615,200 | +46% |
| North Island | $437,400 | +39% |
| Victoria | $1,266,200 | +26.9% |
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
