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NOVEMBER MARKET UPDATE

NANAIMO, BC – 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. In the row/townhouse category, 50 units changed hands last month, an increase of nine per cent from one year ago and down 14 per cent from October 2022.

Active listings of single-family homes were 1,040 in November, down from 1,195 one year ago. VIREB’s inventory of condo apartments was 285 last month, one more than in November 2022. There were 282 row/townhouses for sale last month compared to 266 one year ago.

“November didn’t hold any surprises,” says Kelly O’Dwyer, 2023 Chair. “As we get closer to Christmas, the market usually slows down considerably.”

O’Dwyer adds that there is undoubtedly demand out there, but high interest rates are deterring many buyers from moving forward.

“Many potential buyers are opting to wait until spring, with the hope that rates will come down, so we’re expecting a decent spring market,” says O’Dwyer.

The British Columbia Real Estate Association anticipates that VIREB will close the year with around 7,100 sales, the lowest number posted since 2013.

Regardless of market conditions, connecting with a local REALTOR® can help smooth the way to a successful real estate transaction.

For more information and full update, check out the following resources on REALTOR Link®.

NOVEMBER 2023 Statistics Package

 Our NOVEMBER 2023 Market Update is provided above and available on YouTube; it summarizes our housing market in about two minutes.

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 boardsupplied 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.