MARKET REPORT

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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.

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December 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.

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November 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.

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October 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.

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September 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.

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August 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.

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July 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.

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June 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.

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May 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.

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April 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.

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March 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.

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February 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.

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January 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.

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December 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.

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November 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.

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October 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.

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September 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.

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August 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.

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July 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.

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June 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.

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May 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.

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April 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.

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March 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.

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February 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.

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January 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.

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