Monthly Statistics Update for March 2021
Posted by Team Biberger on
March 2021 Market Update
INVENTORY UP SLIGHTLY BUT STILL NO RELIEF FOR BUYERS
While active listings in March were higher than in February, inventory is still at a historical low. There were 508 single-family detached properties for sale last month compared to 394 in February, an increase of 29 percent. The number of condo apartments for sale rose slightly, up to 171 from 169 in February. Month-over-month townhouse inventory increased by 29 per cent, with 117 units for sale in March compared to 91 in February.
March saw sales of 567 single-family detached properties, a year-over-year increase of 67 per cent. As for condo apartments, 136 sold last month versus 47 the previous year, an increase of 189 per cent. In the row/townhouse category, sales increased by 53 per cent year over year (81 to 124).
Although lack of inventory is a problem throughout British Columbia, it has reached a crisis point on Vancouver Island, says 2021 VIREB president Ian Mackay.
“Demand-side policies like taxes and higher mortgage rates have done little to remedy our inventory issue, which is a decade-old problem,” says Mackay. “Vancouver Island has always been popular with retirees, but COVID-19 and the option of remote work are now attracting younger buyers. Competition is fierce, and we don’t see that abating any time soon.”
For more information, check out the following resources on REALTOR Link®.
Our March 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