Vancouver Island Market - January 2023

The Vancouver Island Real Estate Board (VIREB) saw a decrease in sales activity in January 2023 compared to the previous year, with a 24% decline in single-family home sales and a 52% drop in condo apartment sales. However, there was a 33% increase in row/townhouse sales. While inventory increased, active listings decreased in some categories from December 2022.

Single-family home listings rose year over year to 861 but decreased by 4% from the previous month. VIREB's inventory of condo apartments increased to 239 in January compared to 108 listings one year ago but decreased by 4% from December. The inventory of row/townhouses for sale increased to 239 last month, up from 66 one year ago and 229 in December.

Despite slower sales activity, Kelly O'Dywer, 2023 Chair of VIREB, stated that it is a great time to buy a home. She also reminded potential buyers that they can renegotiate their rate later if they are concerned about interest rate hikes or drops.

The Home Buyer Rescission Period (HBRP), which provides buyers with up to three business days to rescind an offer on a home after the seller has accepted it, took effect on January 3, 2023. O'Dywer noted that sales dates may be slowing down to ensure there is enough time to satisfy buyer subjects due to longer subject-removal periods in some cases.

The benchmark price of a typical single-family home dropped 5% from one year ago to $735,800 in January 2023, while the benchmark price of an apartment increased 2% from January 2022 to $398,300. The benchmark price of a townhouse dropped slightly from one year ago to $558,600.

In Campbell River, the benchmark price of a single-family home dropped 5% to $647,600, and the Comox Valley saw a 4% year-over-year drop in benchmark price to $784,700. The Cowichan Valley's benchmark price decreased 4% from January 2022 to $745,700, while Nanaimo's benchmark price decreased 7% year over year to $755,300. The benchmark price in the Parksville-Qualicum area decreased 6% to $856,100, and Port Alberni's benchmark price dropped 8% to $518,300. However, the North Island saw a 2% increase in the benchmark price of a single-family home to $428,500.

Statistics and information provided by VIREB.