Here are the latest real estate market statistics from Macdonald Realty on Greater Victoria, Parksville/Qualicum, and Nanaimo listings and sales in July 2021.
Find all the infographics related to the April Market Statistics by visiting the Facebook Album.
Greater Victoria
According to the Victoria Real Estate Board housing inventory in Victoria continues to decline over the summer months.
As released by the Board a total of 835 properties sold in the Victoria Real Estate Board region this July, 14.7 per cent fewer than the 979 properties sold in July 2020 and 11.4 per cent fewer than the previous month of June. Condominium sales were up 18.8 per cent from July 2020 with 284 units sold. 16 per cent fewer condominiums sold in July 2021 than in the previous month of June. Sales of single family homes were down 29.2 per cent from July 2020 with 396 sold. 10 per cent fewer single family homes sold in July 2021 than in the previous month of June.
“The real estate story right now continues to be inventory,” said Victoria Real Estate Board President David Langlois. “The market is driven by inventory; and fewer home listings lead to fewer home sales. In that context, these numbers do not reflect a downturn in our market but reveal sales falling due to this continued trend of low inventory.”
Nanaimo
Parksville / Qualicum
Looking for more information about the real estate market in specific neighbourhoods in Victoria, Parksville, Nanaimo, Vancouver Island and the Gulf Islands?
Macdonald Realty has offices in downtown Victoria, Sidney, Parksville and Salt Spring Island. Please email [email protected] or call 1-877-278-3888 to be matched with a REALTOR® working in your area.
MLS® Home Price Index (HPI) Benchmark Price
Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.
This blog post is based on market data provided by the Victoria Real Estate Board (VREB) www.vreb.org and the Vancouver Island Real Estate Board (VIREB) www.vireb.com. Market data from the VIREB includes listings and sales in Campbell River, Comox Valley, Cowichan Valley Nanaimo, Parksville/Qualicum, Port Alberni/West, North Island, and the Islands.
