Source – VIREB (Vancouver Island Real Estate Board)
With the lowest inventory on record, and with us seeing 40 to 50% of sales receiving multiple offers or offers over list price, it’s a great time to sell – but with such limited supply, choosing to sell can be a difficult choice if you have nowhere to move!
“The British Columbia Real Estate Association (BCREA) doesn’t see the inventory situation improving until there’s an increase in supply. BCREA and local real estate boards are advocating with policymakers at the provincial and regional levels to encourage streamlining the development process so that municipalities can expand supply more quickly to meet demand.”
Naturally, the robust housing market is impacting prices, which are rising throughout the board area.
- In the Comox Valley, the benchmark price was $620,100, up by 11 percent from one year ago.
- In Campbell River, the benchmark price of a single-family home hit $528,000 in January, an increase of 14 percent over last year.
- Duncan reported a benchmark price of $561,900, an increase of 17 percent from January 2020.
- Nanaimo’s benchmark price rose by 11 percent, hitting $604,500, while the Parksville-Qualicum area saw its benchmark price increase by 12 percent to $686,600.
- The cost of a benchmark single-family home in Port Alberni reached $371,200, a seven percent year-over-year increase.
- For the North Island, the benchmark price rose to $283,200, a seven percent increase over last year.
Compare these prices to Metro Vancouver:
In the first month of 2021, Metro Vancouver’s* housing market continued the pattern set at the end of last year with home sale activity outpacing the supply of homes listed for sale.
Sales of detached homes in January 2021 reached 740, a 68.6 percent increase from the 439 detached sales recorded in January 2020.
- The benchmark price of a detached home is $1,576,800. This represents a 10.8 percent increase from January 2020 and a 1.4 percent increase compared to December 2020.
Interested in comparing different cities across Canada?
Check out CREA’s interactive National Price Map –
https://www.crea.ca/housing-market-stats/national-price-map/