The Vancouver Island Real Estate Board saw a surge in sales as restrictions eased in May 2020. While not back to pre-COVID numbers, the board had a 23.1% increase in single-family home sales compared to April reaching 246 sales (still down 46% from May 2019). Condo sales were up 61.3% from April with 44 units sold, 56% down from the previous year.
The number of active single-family home listings on the market at the end of May 2020 was 14% lower than May 2019 with 1,282 homes available. Condo inventory on the other hand was up 21% compared to last year with 410 units on the market.
Single-family homes and condos each saw a 3% increase in VI board-wide benchmark values reaching $528,899 and $306,400 respectively (although SFD were up slightly from April while condos were down slightly). The board-wide benchmark price for a townhouse was $423,300, also up 3% from last year.
Regional benchmark prices and changes year over year:
| Campbell River | $449,900 | +5% |
| Comox Valley | $532,000 | +2% |
| Duncan | $482,100 | +3% |
| Nanaimo | $575,300 | +3% |
| Parksville-Qualicum | $594,800 | 1% |
| Port Alberni | $331,200 | 6% |
| Victoria | $885,400 | 2.6% |
No one can 100% predict the future (despite our crystal ball) but the commonality in projections and modeling from economists predict any downward momentum to correct in the fourth quarter and for the market to return to its normal state in 12 months. It could be much faster than that and we will have a much clearer picture in the next couple of months.
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Thank you for your trust in us as we navigate these challenging circumstances together.
