There were 417 single family homes sales in the Vancouver Island Real Estate Board (VIREB) area in February 2021, which was 56% more sales than February 2020. Condo sales for the month hit a whopping 132% increase compared to the same month last year with 130 sales. Townhomes hit 81 sales which was a 42% increase year over year.
The volume of sales spread across these different segments is closely related to the inventory of each property type. While single family dwelling (SFD) sales still likely have the highest level of demand behind it, the severely limited availability of SFD’s is keeping the year-over-year volume increases under the condo segment. There was a 6% decrease in SFD inventory from Jan 2021 to Feb 2021 to hit 394 available listings. That is under 1 month’s inventory in that segment! Condos were hit harder percentage-wise (dropping 20% from Jan to 169 available listings) but are still looking better on sales to inventory ratio. Townhomes remained near even with 91 listings.
VREB President David Langlois had these comments:
“The theme for 2021 is going to be inventory - where does it come from and how much new supply can be approved - so that this situation does not persist,” adds Langlois. “We’ve seen the government attempt to influence the housing market in hopes of dampening the demand for home ownership. The foreign buyer tax has changed nothing – our market continues to zoom forward with almost no foreign buyers. The government adjusted mortgage qualification rules, those are absorbed by the market and buyers adjust. Demand-suppression measures have not worked and their failure to moderate housing prices in our community has only exacerbated the pressure on the supply that was constrained ten years ago but is now at historically low levels. If you are concerned about housing prices and availability of housing in general in our community, please support development in your municipality. Be vocal with your local council or neighbourhood association – these stakeholders hold the power in these negotiations - and help to make space in your community. Gentle density and the building of new homes are the only pathway to moderate housing prices in our area.”
With the limited inventory and sustained demand we have seen many properties going in multiple offers and upwards pressure on price in general. The Benchmark price according to The Home Price Index of a single family home in the VIREB area hit $609,100 (15% up from February last year). Condos hit $325,000 with a 9% increase year over year and townhomes hit $466,200 with a 15% increase.
Regionally benchmark prices came in at the following:
| Campbell River | $547,700 | +18% | |
| Comox Valley | $631,400 | +15% | |
| Duncan | $572,900 | +17% | |
| Nanaimo | $617,700 | +12% | |
| Parksville-Qualicum | $695,600 | +13% | |
| Port Alberni | $378,200 | +16% | |
| North Island | $291,900 | +12% | |
| Victoria | $948,200 | +9% |
If you would like to know how we are beating the market, helping our clients win, and keeping people moving safely, please click Here for a FREE consultation. Find new listings before they get to MLS and ask us about featuring your home on VictoriaComingSoonListings.com, where we generate interest while you're getting ready to come to market. Ask us also about our FREE Staging Consultation for advice on preparing your home in its best light for the market, ensuring you the best results.
Stay safe,
The Neal Estate TeamYour Victoria & Vancouver Island Real Estate Experts“Let our experience be your guidewww.RonNeal.comwww.HomesOnVancouverIsland.ca
