Sept. 4, 2022
SEPTEMBER 1, 2022
CALMER MARKET CONDITIONS AS SUMMER DRAWS TO A CLOSE
NANAIMO, BC – Inventory was up, and sales were down in August, reminiscent of a typical summer
market in pre-COVID times.
Last month, active listings of single-family detached properties (not acreage or waterfront) jumped to
1,368, a 153 per cent increase from August 2021. VIREB’s inventory of condo apartments hit 332 last
month, up from 164 listings one year ago. There were 280 row/townhouses for sale last month compared
to 109 one year ago.
The quieter August gave consumers and REALTORS® time to catch their breath after the frenetic pace
VIREB’s housing market has been setting since 2020. Additional inventory is good news for buyers,
giving them more options to choose from and easing the pressure to move too quickly when making an
offer. On the other side of the transaction, sellers may have to adjust their expectations somewhat.
“After months of historically low listings, January posted a small inventory bump, and active listings
have risen steadily since then accompanied by slightly lower demand,” says Erica Kavanaugh, 2022
VIREB Chair. “What we’re seeing now is more about conditions returning to what they were before the
pandemic. We’ll have to see how the rest of the year shapes up to determine whether we’re looking at a
more significant trend.”
Kavanaugh adds that while demand has dipped, the underlying supply issues that caused low inventory
and rising prices still exist.
“The British Columbia Real Estate Association crunched the numbers and determined that it will take
a substantial decline in demand to return active listings to a healthy state on Vancouver Island,” says
Kavanaugh. “Province-wide, we’re dealing with decades of insufficient supply, and that’s not a quick fix.”
By category, there were 307 single-family-home sales in August, a 33 per cent decrease from one year
ago and up by three per cent from July. There were 66 condo apartment sales last month, a decline of
33 per cent year over year and down by 12 per cent from July. In the row/townhouse category, 51 units
changed hands in August, down 43 per cent from one year ago and the same number as in July.
After a long period of steadily rising prices in virtually every VIREB region, slight month-over-month
price dips began appearing in June. However, 2022 continues to post higher prices than seen in 2021.
The board-wide benchmark price of a single-family home reached $842,800 in August, up 18 per cent
from one year ago. In the apartment category, it hit $444,800 last month, a 22 per cent increase from
August 2021. The benchmark price of a townhouse increased by 19 per cent, climbing to $615,400 in
If consumers are struggling with timing around whether to buy or sell in the current market, the advice
of a local REALTOR® can be beneficial. REALTORS® have specialized knowledge of their communities
and are equipped with sales tools, such as custom analytics, to help you develop a winning strategy for
buying or selling your home.
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 board-
supplied 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.
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
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.
Erica Kavanaugh, President: 250.248.4321
Kelly O’Dwyer, President-Elect: 833.817.6506
Ian Mackay, Past President: 250.248.4321
For localized commentary, please contact:
Janet Scotland: 250.28