Improved stock within the Vancouver Island actual property market outdoors Better Victoria has resulted in additional conditional presents.
There is likely to be extra out there within the Vancouver Island housing market, however it’s nonetheless not sufficient to fulfill demand, in keeping with numbers launched by the Vancouver Island Actual Property Board.
The board, which oversees the market past Better Victoria, mentioned excessive demand has pushed costs increased regardless of a surge in new models hitting the market.
The board-wide benchmark value of a single-family dwelling reached $881,800 in April, up 34 per cent from the identical time final 12 months. The value of a condominium elevated 34 per cent to $462,100 in the identical interval, whereas the common sale value of a townhouse elevated by 29 per cent to $657,300.
Whereas costs have been rising so was the variety of properties out there between Mill Bay and the North Island.
The variety of lively listings of single-family properties rose by 34 per cent versus the identical time final 12 months, and have been up 32 per cent from March of this 12 months.
The apartment stock was up 18 per cent from final month, however it was 13 per cent decrease than April 2021.
Townhouse stock was up 39 per cent year-over-year and 52 per cent since March of this 12 months.
The improved stock numbers have resulted in additional conditional presents for some properties, although it’s probably that rising rates of interest have performed an element in slowing the market.
General, gross sales are down, with 507 single-family properties altering arms in April, down from 521 in March and 580 recorded in April final 12 months.
Apartment gross sales dropped to 114 final month, down 11 per cent year-over-year and 6 per cent in contrast with March of this 12 months, whereas townhome gross sales dropping 9 per cent to 96 in contrast with final 12 months and final month.
aduffy@timescolonist.com
