BUSIER JUNE THAN EXPECTED DESPITE RATE HIKE
June brought a pleasant surprise to the Vancouver Island Real Estate Board (VIREB) with robust market activity. Single-family home sales increased by five percent compared to last year, reaching 424 transactions, while condo apartment sales surged by 39 percent year over year. The row/townhouse category also saw significant growth, with a 49 percent increase in sales compared to last year. However, the persisting challenge remains the lack of inventory for potential buyers.
The board-wide benchmark price for single-family homes in June 2023 was $759,900, down by eight percent from last year. Apartments' benchmark price stood at $395,000, showing a six percent decrease from June 2022. Townhouses experienced a five percent drop, settling at a benchmark price of $558,600.
Despite the fluctuating market conditions, connecting with a local REALTOR® can help navigate the housing landscape and ensure successful real estate transactions.
The Coast To Coast Real Estate Team
