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Sales down, inventory up in November Island housing market: VIREB

It appears there were fewer sales of single-family homes on Vancouver Island in November, and the inventory has gone up since last year.

That’s from the Vancouver Island Real Estate Board (VIREB). According to their latest report, 244 single-family homes were sold in the area. That is a 30 per cent decrease from a year ago and down two per cent since October.

Inventory was up, with 1,195 active listings of single-family detached properties last month. That’s compared to 301 in November 2021 and 1,360 in October.

VIREB board chair Erica Kavanaugh says the findings are encouraging and show good news for buyers.

“Our statistics indicate that active listings are nearing our 10-year average, which is a positive development,” said Kavanaugh.

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“Lack of inventory contributed to the creation of a long-standing sellers’ market that presented many challenges for our buyers, particularly those purchasing a home for the first time.”

Year-over-year price increases have decreased, according to the report. However, it still costs more to buy a home in the VIREB area than it did a year ago.

The benchmark price for a single-family home hit $772,800 in November, up about five per cent from a year ago and down two per cent from October.

Increases are reported in markets up and down the Island, with the largest increase on the North Island.

The Cowichan Valley saw a benchmark price of $793,500 for a single-family home, up one per cent from the previous year. Nanaimo’s benchmark price increased by six per cent hitting $800,100, and Parksville-Qualicum hit $887,000 for a two per cent increase.

The Comox Valley saw a three per cent rise in price to $807,900 while Port Alberni saw a nine per cent jump to $552,200.

Campbell River’s benchmark price hit $679,200 for a one per cent increase and the North Island jumped 15 per cent for a benchmark price of $462,700.

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