The Vancouver Island Real Estate Board says there is more breathing room for buyers as housing inventory increases.
According to their September report, active listings of single-family detached properties nearly tripled from September last year to 1,417.
A similar result can be found with condos with 332 for sale compared to 167 in 2021 and for townhouses with 295 up on the market. There were 106 a year ago, according to the board.
Board chair Erica Kavanaugh says while there are still offers and demand, the higher inventory means buyers are not feeling as much pressure.
“We’re still seeing multiple offers on well-priced properties, but buyers are taking more of a wait-and-see approach,” said Kavanaugh. “Overpriced properties typically take longer to sell, so clients need to be realistic when listing their home.
“What your neighbour sold for in the spring doesn’t mean you’ll get the same amount of money now. Six months can be a long time in real estate.”
Sales are also down for September. The report finds 241 single-family-home sales were made, down 45 per cent from a year ago and 21 per cent from August.
Condo apartment sales declined 57 per cent year-over-year and 21 per cent from August. The same goes for townhouses, which the board says dropped 42 per cent from last year and four per cent from August.
However, Kavanaugh adds even with the rise in inventory, supply issues that contributed to low inventory and high prices still exist.
The board-wide benchmark price for a single-family home reached $816,700 in September, up 14 per cent from a year ago but down three per cent from August. Apartments are at $425,800, up 15 per cent and along with townhouses at $597,500.
The board also found benchmark prices for single-family homes rose in nearly every area year-over-year:
- Campbell River: $710,100 (11% increase)
- Comox Valley: $864,300 (13% increase)
- Cowichan Valley: $838,400 (14% increase)
- Parksville-Qualicum: $937,800 (12% increase)
- North Island: $487,800 (24% increase)
Kavanaugh adds that if demand increases but supply stays the same the island could see similar conditions experienced in 2021 and much of 2022.