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High prices, low inventory plague Island real estate market

High prices and low inventory characterized the real estate market north of the Malahat Drive in September, ­according to numbers released Friday by the Vancouver Island Real Estate Board.
September 2021 real estate statistics
Greater Victoria September 2021 real estate statistics

High prices and low inventory characterized the real estate market north of the Malahat Drive in September, ­according to numbers released Friday by the Vancouver Island Real Estate Board.

The board noted there were 932 sales on the Island outside of Greater Victoria last month, down 27 per cent from one year ago.

The drop in sales is likely due to low inventory, as listings of single-family homes were down 47 per cent last month compared with the same time last year, while the available listings of condos and townhouses dropped by 57 per cent and 48 per cent respectively.

“There is no doubt that sales would be considerably higher if we had more listings,” said Ian Mackay, board president. “The demand is there, but the supply isn’t.”

At the same time the benchmark price of a single-family home throughout the mid and north Island hit $747,600 in September, a 32 per cent year jump over last year. The benchmark price of a condo increased 30 per cent year over year to $395,100 and the price of a townhouse increased by 34 per cent to $578,500.