The May Team - Vancouver Island Real Estate Updates

2021 ENDS WITH NEAR-RECORD SALES AND RECORD-LOW INVENTORY NANAIMO, BC – The Vancouver Island Real Estate Board (VIREB) recorded 11,045 unit sales (all property types) in 2021, close to the 12,014 and 11,341 unit sales seen in 2016 and 2017. It is a remarkable outcome notwithstanding since it occurred amidst an environment of historically low inventory. Based on buyer demand, 2021 would have ...

HOW LOW CAN HOUSING INVENTORY GO? NANAIMO, BC – Active listings in the Vancouver Island Real Estate Board (VIREB) area continue to drop, with demand far outpacing supply. Inventory has hit consecutive historical lows for several months running. Active listings of single-family homes were 44 per cent lower last month than in November 2020 and dropped by 24 per cent from the previous month. V ...

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 ...

HOUSING MARKET CLOSED OUT SUMMER THE WAY IT BEGAN NANAIMO, BC – The housing market in the Vancouver Island Real Estate Board (VIREB) area finished summer the way it began, with historically low inventory and rising prices. Active listings of single-family homes were 47 per cent lower last month than in September 2020, while VIREB’s inventory of condo apartments and row/townhouses dropped by ...

INCREASING HOUSING SUPPLY IS KEY TO AFFORDABILITY NANAIMO, BC – Historically low inventory in the Vancouver Island Real Estate Board (VIREB) area continues to plague potential buyers and hamper sales. Active listings of single-family homes and row/townhouses are 50 percent lower than in August 2020, while VIREB’s inventory of condo apartments dropped by 61 percent year over year. There were ...

SLIGHT COOLING LIKELY DUE TO HISTORICALLY LOW INVENTORY NANAIMO, BC – Last month, the Vancouver Island Real Estate Board (VIREB) saw sales of 450 singlefamily detached properties compared to 531 in June, a decrease of 15 per cent. In the condo apartment category, sales dropped by seven per cent from June 2021. However, row/townhouse sales rose by 29 per cent from the previous month. Invento ...

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 pr ...

MARKET CALMS SLIGHTLY IN MAY BUT CONTINUES TO SIZZLE NANAIMO, BC – The Vancouver Island Real Estate Board (VIREB) reports that the housing market calmed slightly in May but is still the strongest experienced since 2016. May saw sales of 534 single-family detached properties compared to 590 in April, a dip of nine percent. In the condo apartment category, 150 units sold last month versus 133 ...

LITTLE RELIEF FOR FRUSTRATED BUYERS IN APRIL NANAIMO, BC – There was little relief for frustrated buyers in April despite a slight uptick in active listings. Inventory of single-family homes and condo apartments rose by eight percent and 16 percent, respectively, but active listings of townhouses dropped by eight percent. April saw sales of 590 single-family detached properties compared to ...

INVENTORY UP SLIGHTLY BUT STILL NO RELIEF FOR BUYERS NANAIMO, BC – Lack of inventory is frustrating potential buyers in the VIREB area, with demand for homes far exceeding supply. 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 ...