Vancouver Island Real Estate Report - Coast To Coast Newsletter
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 CONGRATS To Our Clients! 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March 2023 Real Estate Update:
March 2023 Real Estate Update: Coast To Coast Real Estate Team Celebrates 1 Year Anniversary as Vancouver Island Real Estate Market Sees Steady Increase in February Sales Despite Low InventoryWe are thrilled to announce that The Coast To Coast Real Estate Team is celebrating its first anniversary! It has been an incredible year for our team, and we are grateful for the opportunity to serve our clients and help them achieve their real estate goals.As we reflect on our first year in business, we are reminded of the importance of staying up to date on the latest real estate trends and market conditions. Speaking of which, last month, the Vancouver Island Real Estate Board (VIREB) reported that 220 single-family homes were sold in the area, a 37% decrease from last year. However, there was a 33% increase from January 2023.Sales of condo apartments declined by 40% year-over-year, but there was a 52% increase from the previous month, with 64 units sold. Meanwhile, 50 row/townhouses were sold in February, down 44% from one year ago but up 39% from January.Although listings have increased from the depleted level seen at the beginning of 2022, they are still low compared to historical levels. As a result, we are not expecting supply to normalize until sometime in 2026, and weak inventory will put more pressure on prices when demand increases.The British Columbia Real Estate Association (BCREA) predicts that a slowing economy and still-elevated mortgage rates will keep housing activity lower than usual throughout much of 2023. However, they expect a strong recovery, boosted by an expected decline in mortgage rates and record-high immigration that will carry significant momentum into 2024.In the meantime, the board-wide benchmark price of a single-family home was $732,500 in February 2023, down eight per cent from one year ago, and a small dip from January. The benchmark price of an apartment was $398,800 last month, a one per cent decrease from February 2022, and a slight increase from January. The year-over-year benchmark price of a townhouse was $560,800 in February, down two per cent from one year ago and up slightly from January.Despite the challenging market conditions, our team remains committed to providing the highest level of service to our clients. Thank you for your trust and support during our first year in business, and we look forward to continuing to serve you in the years to come.Sincerely,The Coast To Coast Real Estate Team CONGRATS To Our Clients! 🎉 Thinking about real estate on Vancouver Island? Allow us to introduce ourselves. Check out our website to begin your real estate journey: https://www.coasttocoastvi.ca/ Alright folks, let's talk about the infamous "fast ferry" that's been the talk of the town for over two decades. Will we finally get to ride this mythical vessel in the summer of 2023? Or is it just a made-up story we tell ourselves to keep the dream alive? One thing's for sure, if it does happen, it's going to change the game for Nanaimo and the whole of Vancouver Island. Are you ready for it? Let's dive into the speculation and have some laughs along the way. And while you're at it, don't forget to check out our website for all your Vancouver Island real estate needs. We promise, no ferry tales there! Join Trevor as he reacts to some of the most expensive homes currently for sale on Vancouver Island. Mansions, private beaches, helicopter pads, and much more. View these homes and much more yourself on our website: https://www.coasttocoastvi.ca/ Today real estate agents Jake and Trevor react to some of the craziest homes on selling sunset. Would you buy any of these homes? Read More About Recent Stats
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