North Vancouver Island Real Estate Market Update for July 2021

 
By: PropertyGuys.com on Vancouver Island
 
 

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North Vancouver Island Real Estate Market Update for July 2021

The Average 12 Month to Date Sale Price increased by 27.97% from the previous 12 month period. The 12 Month to Date Average Sale Price was $332,389. There are 1.68 Months of Inventory of Single Family in North Vancouver Island. It is currently a Avg. Sellers Market. This month’s Inventory decreased to 32 Active Listings. There were 18 units listed and 19 units sold.

  • The benchmark price for the North Island also rose by 47 per cent, hitting $384,200 in July

“Unless demand drops significantly or more housing supply comes online through new construction, the needle for VIREB’s inventory situation will not move by much,” states Mackay. “BCREA, VIREB, and other real estate boards continue advocating with policymakers at the provincial and regional levels to speed up the development process so that municipalities can expand supply more quickly to meet demand.”

Source: Vancouver Island Real Estate Board – MLS® Statistics ​​​

Single Family Homes

The Average 12 Month to Date Sale Price increased by 27.97% from the previous 12 month period. The 12 Month to Date Average Sale Price was $332,389. There are 1.68 Months of Inventory of Single Family in North Vancouver Island. It is currently a Avg. Sellers Market. This month’s Inventory decreased to 32 Active Listings. There were 18 units listed and 19 units sold.

PLEASE NOTE: SINGLE FAMILY property does NOT INCLUDE acreage with a house, condominiums, duplex/triplex, mobile homes/on a pad, single-family waterfront or single-family strata. LOTS do NOT INCLUDE acreage or waterfront acreage.

Lots
The Average 12 Month to Date Sale Price increased by 72.57% from the previous 12 month period. The 12 Month to Date Average Sale Price was $117,044. There are 5.67 Months of Inventory of Lots in North Vancouver Island. It is currently a Balanced Market. This month’s Inventory increased to 17 Active Listings. There were 6 units listed and 3 units sold.
Apartment Condos
The Average 12 Month to Date Sale Price increased by 35.98% from the previous 12 month period. The 12 Month to Date Average Sale Price was $90,971. There are 1.5 Months of Inventory of Condos (Apt) in the North Vancouver Island. It is currently a Avg. Sellers Market. This month’s Inventory remained the same to 6 Active Listings. There were 4 units listed and 4 units sold.
Townhouse & Patio Condos
The Average 12 Month to Date Sale Price increased by 47.43% from the previous 12 month period. The 12 Month to Date Average Sale Price was $151,635. There are 2.67 Months of Inventory of Condos (Twnhse & Patio) in the North Vancouver Island. It is currently a Avg. Sellers Market. This month’s Inventory increased to 8 Active Listings. There were 4 units listed and 3 units sold.
  • Seller’s MarketIn a seller’s market, conditions are favorable for sellers to get higher prices for their homes. The number of buyers who want homes exceeds the number of homes available. In this type of market, the homes sell quickly, prices will increase, and a large number of buyers are available for a minimal inventory of homes. These characteristics have implications for the buyer who has to make decisions quickly, must pay more, and frequently has their conditional offers rejected.
  • Balanced Market – In a balanced market, the number of homes on the market is equal to the demand or number of buyers. Houses sell within a reasonable period, the demand equals supply, sellers accept reasonable offers, and prices are generally stable. The implications for the buyer in this type of market are that the atmosphere is more relaxed. There is a reasonable number of homes from which to choose.
  • Buyer’s Market – A buyer’s market allows buyers to come in at lower prices. The supply of homes on the market exceeds the demand or the number of buyers. Homes will be on the market longer, fewer buyers will be available compared to the higher inventory of homes, and house prices are reduced. The implications for the buyers in this type of market are more favorable, negotiating leverage, more time to search for a home, and better prices.

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