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 percent increase from one year ago (239) and down by 18 percent from August 2023 (324). Sales of condo apartments in September came in at 85, increasing by 63 percent year over year and the same number as in August. In the row/townhouse category, 71 units changed hands last month, up 48 percent from one year ago and down eight percent from August.

Active listings of single-family homes were 1,173 in September, down from 1,417 one year ago. VIREB’s inventory of condo apartments was 305 last month, down from 332 listings in September 2022. There were 239 row/townhouses for sale last month compared to 295 one year ago.

“September looked like a relatively typical fall market but was somewhat slower than expected, so higher interest rates could be catching up with us,” says Kelly O’Dwyer, 2023 Chair. “Potential buyers seem to be holding out for more favourable rates and conditions.”

O’Dwyer feels that the sellers’ market VIREB experienced for the past few years has transitioned to a balanced market and appears to be moving to one that favours buyers. Sellers should consider adjusting their expectations if they hope to sell their home in a reasonable amount of time.

Regardless of market conditions, connecting with a local REALTOR® can help smooth the way to a successful real estate transaction. They have specialized knowledge of their communities and will help you develop a winning strategy for buying or selling a home.

The board-wide benchmark price (MLS® Home Price Index) of a single-family home was $776,200 in September 2023, up two percent from one year ago and one percent from August. In the apartment category, the benchmark price was $399,100 last month, a one percent increase from September 2022 and up slightly from August. The year-over-year benchmark price of a townhouse was $556,400 in September, up slightly from last September and one percent lower than in August.

In Campbell River, the benchmark price of a single-family home was $668,600 last month, up one percent from the previous year. The Comox Valley’s year-over-year benchmark price rose by six percent to $842,000. In the Cowichan Valley, the benchmark price was $788,600, a one percent increase from September 2022. Nanaimo’s year-over-year benchmark price rose slightly to $802,000, while the Parksville-Qualicum area saw its benchmark price increase by two percent to $891,800. The cost of a benchmark single-family home in Port Alberni was $538,000, up two percent from the previous year. For the North Island, the benchmark price of a single-family home decreased by nine percent to $438,300.

(Information courtesy of the Vancouver Island Real Estate Board)