MARKET REPORT
January 2025
POSITIVE START TO 2025 TEMPERED BY UNCERTAINTY
The Vancouver Island Real Estate Board (VIREB) recorded 434 unit sales and 2,988 active listings (all property types) board-wide on the MLS® System in January 2025, up 26 and five per cent, respectively. In the single-family category (excluding acreage and waterfront), 205 homes sold in January, up 36 per cent from one year ago and down 10 per cent from December. Sales of condo apartments last month came in at 46, the same number as in January 2024 and up five per cent from December.
READ MOREDecember 2024
2024 ENDS WITH A BALANCED MARKET AND A POSITIVE OUTLOOK
The Vancouver Island Real Estate Board (VIREB) recorded 7,489 unit sales (all property types) in 2024 compared to 7,297 in 2023 and 7,810 in 2022. December 2024 saw unit sales of 443 (all property types) and 2,883 active listings. In the single-family category (excluding acreage and waterfront), 227 homes sold in December, up 52 per cent from one year ago and down 15 per cent from November. Sales of condo apartments last month came in at 44, increasing by 16 per cent year over year and down 29 per cent from November.
READ MORENovember 2024
BALANCED MARKET LIKELY TO CLOSE OUT THE YEAR
The Vancouver Island Real Estate Board (VIREB) recorded 566 unit sales and 3,478 active listings (all property types) board-wide on the MLS® System in November 2024, up 17 and three per cent, respectively. In the single-family category (excluding acreage and waterfront), 267 homes sold in November, up 14 per cent from one year ago and down 23 per cent from October. Sales of condo apartments last month came in at 62, increasing by 13 per cent year over year and down 23 per cent from October.
READ MOREOctober 2024
BALANCED MARKET OFFERS THE BEST OF BOTH WORLDS
The Vancouver Island Real Estate Board (VIREB) recorded 722 unit sales and 4,015 active listings (all property types) board-wide on the MLS® System in October 2024, up 42 per cent and 12 per cent, respectively. In the single-family category (excluding acreage and waterfront), 346 homes sold in October, up 45 per cent from one year ago and eight per cent from September. Sales of condo apartments last month came in at 80, increasing by 36 per cent year over year and 16 per cent from September.
READ MORESeptember 2024
SPRING MARKET ARRIVES IN THE FALL
The Vancouver Island Real Estate Board (VIREB) recorded 637 unit sales and 4,465 active listings (all property types) board-wide on the MLS® System in September 2024. In the single-family category (excluding acreage and waterfront), 320 homes sold in September, up 22 per cent from one year ago and down four per cent from August. Sales of condo apartments last month came in at 69, decreasing by 19 per cent year over year and one per cent from August.
READ MOREAugust 2024
FAVOURABLE CONDITIONS TRENDING TOWARDS BUYERS' MARKET
The Vancouver Island Real Estate Board (VIREB) recorded 662 unit sales board-wide and 4,520 active listings (all property types) on the MLS® System in August 2024. In the single-family category (excluding acreage and waterfront), 333 homes sold in August, up three per cent from one year ago and down eight per cent from July. Sales of condo apartments last month came in at 70, decreasing by 18 per cent year over year and 20 per cent from July.
READ MOREJuly 2024
QUIET HOUSING MARKET CLOSES OUT JULY
The Vancouver Island Real Estate Board (VIREB) recorded 737 unit sales board-wide and 4,559 active listings (all property types) on the MLS® System in July 2024. In the single-family category (excluding acreage and waterfront), 363 homes sold in July, down 11 per cent from one year ago and up one per cent from June. Sales of condo apartments last month came in at 87, decreasing by nine per cent year over year and up six per cent from June.
READ MOREJune 2024
WAITING IS THE THEME OF VIREB'S SUMMER HOUSING MARKET
The Vancouver Island Real Estate Board (VIREB) recorded 737 unit sales board-wide (all property types) on the MLS® System in June 2024. In the single-family category (excluding acreage and waterfront), 359 homes sold in June, down 15 per cent from one year ago and 12 per cent from May. Sales of condo apartments last month came in at 82, decreasing by 24 per cent year over year and by 11 per cent from May.
READ MOREMay 2024
LARGE INVENTORY INCREASE IN MAY WHILE SALES CONTINUE TO LAG
The Vancouver Island Real Estate Board (VIREB) recorded 824 unit sales board-wide (all property types) on the MLS® System in May 2024. In the single-family category (excluding acreage and waterfront), 409 homes sold in May, down 14 per cent from one year ago and up nine per cent from April. Sales of condo apartments last month came in at 92, increasing by 11 per cent year over year and up 23 per cent from April.
READ MOREApril 2024
MORE INVENTORY BENEFITS BOTH BUYERS AND SELLERS
The Vancouver Island Real Estate Board (VIREB) recorded 741 unit sales board-wide (all property types) in April 2024. In the single-family category (excluding acreage and waterfront), 376 homes sold in April, down two per cent from one year ago and up 29 per cent from the previous month. Sales of condo apartments last month came in at 75, dropping by one per cent year over year and down 11 per cent from March.
READ MOREMarch 2024
MARCH HOUSING MARKET CALMER THAN EXPECTED
Last month, the Vancouver Island Real Estate Board (VIREB) recorded 655 unit sales board-wide (all property types). In the single-family category (excluding acreage and waterfront), 291 homes sold in March, down 22 per cent from one year ago and up 15 per cent from February 2024. Sales of condo apartments last month came in at 84, increasing by 27 per cent year over year and 24 per cent from February 2024.
READ MOREFebruary 2024
FEBRUARY SEES SIGNIFICANT SALES INCREASE
Last month, 254 single-family homes sold in the Vancouver Island Real Estate Board (VIREB) area, up 15 per cent from one year ago and 67 per cent from January 2023. Sales of condo apartments in February came in at 68, increasing by 11 per cent year over year and up 45 per cent from January.
READ MOREJanuary 2024
NORMAL JANUARY KICKS OFF 2024 WITH OPTIMISTIC OUTLOOK
Last month, 152 single-family homes sold in the Vancouver Island Real Estate Board (VIREB) area, down six per cent from one year ago and up slightly from December 2023. Sales of condo apartments in January came in at 47, increasing by 12 per cent year over year and up 21 per cent from December.
READ MOREDecember 2023
LACKLUSTRE DECEMBER CLOSES OUT 2023
Last month, there were 151 sales of single-family homes in the VIREB area, down 23 per cent from last December and 36 per cent from November. Sales of condo apartments in December came in at 39, increasing by 11 per cent year over year but down 30 per cent from November.
READ MORENovember 2023
HOUSING MARKET WINDING DOWN TO YEAR END ON A SLOW NOTE
Last month, there were 236 sales of single-family homes in the Vancouver Island Real Estate Board (VIREB) area, down two per cent from last November and three per cent from October. Sales of condo apartments in November came in at 56, increasing by four per cent year over year and down seven per cent from October.
READ MOREOctober 2023
INTEREST RATES TAKING A TOLL ON HOUSING MARKET
Last month, there were 244 sales of single-family homes in the Vancouver Island Real Estate Board (VIREB) area, the same number as last October and down by eight per cent from September 2023 (266). Sales of condo apartments in October came in at 60, increasing by 43 per cent year over year and down 29 per cent from September.
READ MORESeptember 2023
QUIET SEPTEMBER MARKET FAVOURS BUYERS
Last month, there were 266 sales of single-family homes in the Vancouver Island Real Estate Board (VIREB) area, an 11 per cent increase from one year ago (239) and down by 18 per cent from August 2023 (324). Sales of condo apartments in September came in at 85, increasing by 63 per cent year over year and the same number as in August.
READ MOREAugust 2023
QUIET MARKET CLOSES OUT THE SUMMER
Last month, there were 324 sales of single-family homes in the Vancouver Island Real Estate Board (VIREB) area, a seven per cent increase from one year ago (304) and down by 21 per cent from July 2023 (414). Sales of condo apartments in August came in at 85, increasing by 29 per cent year over year but down 13 per cent from the previous month.
READ MOREJuly 2023
STEADY SALES MAKE FOR A BUSIER-THAN-USUAL JULY
Last month, there were 414 sales of single-family homes in the Vancouver Island Real Estate Board (VIREB) area, a 41 per cent increase from one year ago (294) and down by two per cent from June 2023 (424). Sales of condo apartments in July came in at 98, increasing by 31 per cent year over year but down 12 per cent from the previous month.
READ MOREJune 2023
BUSIER JUNE THAN EXPECTED DESPITE RATE HIKE
Last month, there were 424 sales of single-family homes in the Vancouver Island Real Estate Board (VIREB) area, a five per cent increase from one year ago (403) and up by 13 per cent from May 2023 (488). Sales of condo apartments in June came in at 111, increasing by 39 per cent year over year and 29 per cent from the previous month.
READ MOREMay 2023
RETURN TO A MORE TRADITIONAL SPRING MARKET IS WELCOME
Last month, there were 488 sales of single-family homes in the Vancouver Island Real Estate Board (VIREB) area, an eight per cent increase from one year ago (450) and a 25 per cent increase from April 2023 (391). Sales of condo apartments in May came in at 86, declining by seven per cent year over year and increasing by 12 per cent from the previous month.
READ MOREApril 2023
BUYERS TAKING MEASURED APPROACH IN SPRING MARKET
Last month, there were 391 sales of single-family homes in the Vancouver Island Real Estate Board (VIREB) area, a 22 per cent decrease from one year ago (500) and a three per cent increase from March 2023 (381). Sales of condo apartments in April came in at 77, declining by 31 per cent year over year and increasing by 17 per cent from the previous month.
READ MOREMarch 2023
HOUSING MARKET BRISKER THAN EXPECTED IN MARCH
Last month, there were 381 sales of single-family homes in the Vancouver Island Real Estate Board (VIREB) area, a 26 per cent decrease from one year ago (515) and a 73 per cent increase from February 2023 (220). Sales of condo apartments in March 2023 came in at 66, declining by 46 per cent year over year and increasing by three per cent from the previous month.
READ MOREFebruary 2023
MARKET PICKING UP STEAM AS WE HEAD TOWARDS SPRING
Last month, 220 single-family homes sold in the Vancouver Island Real Estate Board (VIREB) area, a 37 per cent decrease from one year ago (350) and a 33 per cent increase from January 2023 (165). Sales of condo apartments in February 2023 came in at 64, declining by 40 per cent year over year and increasing by 52 per cent from the previous month.
READ MOREJanuary 2023
CALM START TO THE YEAR HERALDS A GREAT TIME TO BUY
Last month, 165 single-family homes sold in the Vancouver Island Real Estate Board (VIREB) area, a 24 per cent decrease from one year ago and a drop of 18 per cent from December. Sales of condo apartments in January 2023 came in at 42, declining by 52 per cent year over year and increasing by 20 per cent from December.
READ MORE