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MONTHLY STATISTICS UPDATE FOR JUNE 2023

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JUNE MARKET UPDATE

NANAIMO, BC – Last month, there were 424 sales of single-family homes in the Vancouver Island Real Estate Board (VIREB) area, a five per cent increase from one year ago (403) and up by 13 per cent from May 2023 (488). Sales of condo apartments in June came in at 111, increasing by 39 per cent year over year and 29 per cent from the previous month. In the row/townhouse category, 101 units changed hands in June, up 49 per cent from one year ago and seven per cent from May.

Active listings of single-family homes were 1,105 in June, down from 1,204 one year ago. VIREB’s inventory of condo apartments hit 319 last month, up from 295 listings in June 2022. There were 274 row/townhouses for sale last month compared to 222 one year ago.

“After a temporary slowdown likely influenced by the most recent interest-rate hike, June ended up being busier than we expected,” says Kelly O’Dwyer, 2023 Chair. “Buyers and sellers are sort of meeting in the middle, with reasonable expectations at either end. Overall, it’s looking like we’re headed for a pretty normal summer market.”

However, O’Dwyer is quick to note that lack of inventory continues to be a roadblock for potential buyers.

“There is no doubt that sales would be higher if there more listings,” says O’Dwyer. “I know that we sound like a broken record, but the reality is that Vancouver Island has been chronically undersupplied for decades when it comes to housing.”

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.

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

JUNE 2023 Statistics Package

Our JUNE 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.