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Monthly Statistics Update for June 2021

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JUNE 2021 Market Update

JUNE MARKET COOLS SLIGHTLY BUT HIGH DEMAND CONTINUES

NANAIMO, BC - The blistering heat that finally gave way to slightly cooler temperatures mirrors what is happening in our housing market, as scorching real estate activity continued its cooling trend in June.

Last month, the Vancouver Island Real Estate Board (VIREB) saw sales of 533 single-family detached properties compared to 531 the previous month and 473 in June 2020. In the condo apartment category, sales dropped by 10 per cent from May 2021 (150 to 134). Row/townhouse sales decreased by 18 per cent from May and were 15 per cent lower than in June 2020. Sales in the VIREB area are tracking at around 400 units more than at this time in 2016, which was our strongest market historically.

Inventory is rising slightly, which opens up a few more opportunities for buyers, but it is still historically tight on Vancouver Island. Although active listings of single-family homes dropped by two per cent from May, condo apartment and row/townhouse inventory rose by 16 and 23 per cent, respectively.

The British Columbia Real Estate Association (BCREA) forecasts that market conditions may begin to even out somewhat by the end of the year. However, it would take approximately 2,500 new listings in the VIREB area to create an actual balanced market if activity continues at this pace.

“More inventory is certainly good news for buyers, even if the increases are slight,” says 2021 VIREB president Ian Mackay. “We’re also relieved to see a few more conditional offers again, which means the frenzied fear-of-missing-out mentality is tempering a bit.”

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

Our JUNE 2021 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.

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