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NANAIMO, BC – Last month, there were 381 sales of single-family homes in the Vancouver Island Real Estate Board (VIREB) area, a 26 per cent decrease from one year ago (515) and a 73 per cent increase from February 2023 (220). Sales of condo apartments in March 2023 came in at 66, declining by 46 per cent year over year and increasing by three per cent from the previous month. In the row/townhouse category, 77 units changed hands in March, down 26 per cent from one year ago and up by 54 per cent from February.

“Sales were lower last month than at this time last year, but 2022 was an unusually robust year for the housing market,” says Kelly O’Dywer, 2023 Chair. “That said, March was surprisingly busy for many REALTORS®, and we’re seeing a lot of optimism in the market.”

Inventory is higher than in 2022 but is still below what’s needed to achieve a balanced market. Active listings of single-family homes were 963 in March, up from 552 one year ago and 937 in February. VIREB’s inventory of condo apartments hit 290 last month, up from 148 listings one year ago and 253 in February. There were 253 row/townhouses for sale last month compared to 99 one year ago and 251 the previous month.

“We continue to see multiple offers on well-priced properties, but overpriced homes are taking longer to sell. Sellers need to recognize that their home isn’t going to fetch the same amount of money that it would have last year, but buyers shouldn’t expect prices to drop drastically,” says O’Dywer. “In fact, prices in many markets are up from February. This could indicate that they’re bottoming out, and when the market shifts – and it always does – it usually happens without much of a warning

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

March 2023 Statistics Package

Our March 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.