BUYERS TAKING MEASURED APPROACH IN SPRING MARKET
In Nanaimo, BC – According to the Vancouver Real Estate Board. Last month, there were 391 sales of single-family homes in the Vancouver Island Real Estate Board (VIREB) area, a 22% decrease from one year ago (500) and a 3 % increase from March 2023 (381). Sales of condo apartments in April came in at 77, declining by 31 % year over year and increasing by 17 % from the previous month. In the row/townhouse category, 88 units changed hands in April, down 6% from one year ago and up by 14 % from March.
Active listings of single-family homes were 956 in April, up from 731 one year ago. VIREB’s inventory of condo apartments hit 304 last month, up from 174 listings in April 2022. There were 246 row/ townhouses for sale last month compared to 150 one year ago.
The board-wide benchmark price (MLS® Home Price Index) of a single-family home was $738,600 in April 2023, down 14 % from one year ago and up by 1% from March. In the apartment category, the benchmark price was $410,000 last month, a 10 % decrease from April 2022 and up by 1% from March. The year-over-year benchmark price of a townhouse was $563,600 in April, down 7% from one year ago and a slight increase from March.
In Campbell River, the benchmark price of a single-family home was $677,800 in April, down 11 per cent from the previous year. The Comox Valley’s year-over-year benchmark price dropped by 10 per cent to $797,000. In the Cowichan Valley, the benchmark price was $743,300, a 14 per cent decrease from April 2022. Nanaimo’s year-over-year benchmark price dropped by 16 per cent to $753,000, while the Parksville-Qualicum area saw its benchmark price decrease by 14 per cent to $850,500. The cost of a benchmark single-family home in Port Alberni was $515,400, down 16 per cent from the previous year. For the North Island, the benchmark price of a single-family home decreased by four per cent to $422,300.
Please note: The Vancouver Island Real Estate Board (VIREB) transitioned to a new MLS® System in July 2020 and now uses a significantly different data model, which has affected our categories and terminology. For the board- supplied graphs, single-family is now referred to as single-family detached, apartment as condo apartment, and townhouse as row/townhouse, which now includes patio homes. However, when reporting HPI numbers, VIREB still refers to single-family, apartment, and townhouse in the media release.
HOW TO READ THE TABLES
Benchmark Price: Estimated sale price of a benchmark property. Benchmarks represent a typical property in each market.
Price Index: Index numbers estimate the percentage change in price on typical and constant quality properties over time. All figures are based on past sales.
Month/Year Change Percentage: Percentage change of index over a period of (x) month(s) year.
SINGLE-FAMILY BENCHMARK PRICE AND HPI
NOTE: VIREB’s HPI benchmark prices were recalculated to adjust for changes to new MLS® System software implemented in July 2020. This has resulted in changes to some of our historical benchmark prices, many of which have increased. Benchmark prices reported beginning in January 2021 are correct as of this writing.
SINGLE-FAMILY BENCHMARK PRICE AND HPI
NOTE: VIREB’s HPI benchmark prices were recalculated to adjust for changes to new MLS® System software implemented in July 2020. This has resulted in changes to some of our historical benchmark prices, many of which have increased. Benchmark prices reported beginning in January 2021 are correct as of this writing.
APARTMENT BENCHMARK PRICE AND HPI
NOTE: VIREB’s HPI benchmark prices were recalculated to adjust for changes to new MLS® System software implemented in July 2020. This has resulted in changes to some of our historical benchmark prices, many of which have increased. Benchmark prices reported beginning in January 2021 are correct as of this writing.
APARTMENT BENCHMARK PRICE AND HPI
NOTE: VIREB’s HPI benchmark prices were recalculated to adjust for changes to new MLS® System software implemented in July 2020. This has resulted in changes to some of our historical benchmark prices, many of which have increased. Benchmark prices reported beginning in January 2021 are correct as of this writing.
TOWNHOUSE BENCHMARK PRICE AND HPI
NOTE: VIREB’s HPI benchmark prices were recalculated to adjust for changes to new MLS® System software implemented in July 2020. This has resulted in changes to some of our historical benchmark prices, many of which have increased. Benchmark prices reported beginning in January 2021 are correct as of this writing.
TOWNHOUSE BENCHMARK PRICE AND HPI
NOTE: VIREB’s HPI benchmark prices were recalculated to adjust for changes to new MLS® System software implemented in July 2020. This has resulted in changes to some of our historical benchmark prices, many of which have increased. Benchmark prices reported beginning in January 2021 are correct as of this writing.
AVERAGE, MEDIAN, AND BENCHMARK PRICE (HPI) COMPARISONS
RESIDENTIAL - SINGLE-FAMILY DETACHED ACTIVE MLS® LISTINGS/SALES
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