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Monthly Statistics Update for Feb 2021

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February 2021 Market Update

VIREB's February 2021 statistics show that buyer demand continues to outstrip supply.

Active listings of single-family detached properties (excluding acreage and waterfront) dropped to 394 in February, down six per cent from January. There were 169 condo apartments for sale last month compared to 212 in January, a drop of 20 per cent. Month-over-month townhouse inventory decreased slightly, with 91 units for sale in February compared to 95 the previous month.

Last month, 417 single-family detached properties sold on the MLS® System, a year-over-year increase of 56 per cent. In the condo apartment category, sales rose by 132 per cent year over year (56 to 130), while row/townhouse sales increased by 42 per cent (57 to 81).

The benchmark price of a single-family home hit $609,100 last month, 15 per cent higher than in February 2020. The benchmark price of an apartment reached $325,000, an increase of nine per cent, while the benchmark price of a townhouse rose by 15 per cent year over year, climbing to $466,200.

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

Our February 2021 Market Update is provided above and available on YouTube; it summarizes our housing market in about two minutes. 

ABOUT VIREB - VIREB represents over 1,000 REALTORS® in nearly 90 member offices on Vancouver Island, from the Malahat in the south to the northern tip. VIREB cautions that average price information can be useful in establishing trends over time but does not indicate the actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Trademarks are owned or controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA (REALTOR® ) and/or the quality of services they provide (MLS® ). Visit our website for updated information at www.vireb.com. HPI Note: Areas with insufficient data do not generate statistics and are not included in the HPI graphs.

Courtesy of the Vancouver Island Real Estate Board