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MONTHLY STATISTICS UPDATE FOR OCTOBER 2021

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OCTOBER 2021 Market Update

DIFFERENT MONTH BUT THE SAME ISSUES CONTINUE

NANAIMO, BC – The predominant theme running through the housing market in the Vancouver Island Real Estate Board (VIREB) area is one of “different month, same issues.”

By category, 398 single-family homes sold in October, a 23 three per cent decrease from one year ago. There were 122 condo apartment sales last month, a six per cent decrease from October 2020. In the row/townhouse category, 88 units sold compared to 98 the previous October. However, there is little doubt that a dearth of active listings is causing the sales decline.

Buyers continue to face frustrating hurdles caused by historically low inventory, with little relief in sight. Active listings of single-family homes were 46 per cent lower last month than in October 2020 and dropped by 18 per cent from September. VIREB’s inventory of condo apartments declined by 63 per cent from one year ago and was 26 per cent lower than in September. However, there was some positive news for townhouse buyers. While active listings in this category dropped by 39 per cent year over year, inventory increased by 13 per cent from September.

In its most recent housing forecast, the British Columbia Real Estate Association (BCREA) stated that the supply situation is especially severe in markets outside the Lower Mainland, including Vancouver Island. Listings activity has been lacklustre, and even if sales come back down to long-run average levels, total listings would need to nearly double to bring markets back into balance. The road to doubling those listings lies in increasing the housing supply.

“Unless demand drops significantly or more inventory comes online through new construction, VIREB’s inventory situation likely won’t improve,” says Ian Mackay, 2021 VIREB President.

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

Our October 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