There might be more available in the Vancouver Island housing market, but it’s still not enough to satisfy demand, according to numbers released by the Vancouver Island Real Estate Board.
The board, which oversees the market beyond Greater Victoria, said high demand has driven prices higher despite a surge in new units hitting the market.
The board-wide benchmark price of a single-family home reached $881,800 in April, up 34 per cent from the same time last year. The price of a condominium increased 34 per cent to $462,100 in the same period, while the average sale price of a townhouse increased by 29 per cent to $657,300.
While prices were rising so was the number of homes available between Mill Bay and the North Island.
The number of active listings of single-family homes rose by 34 per cent versus the same time last year, and were up 32 per cent from March of this year.
The condo inventory was up 18 per cent from last month, but it was 13 per cent lower than April 2021.
Townhouse inventory was up 39 per cent year-over-year and 52 per cent since March of this year.
The improved inventory numbers have resulted in more conditional offers for some properties, though it’s likely that rising interest rates have played a part in slowing the market.
Overall, sales are down, with 507 single-family homes changing hands in April, down from 521 in March and 580 recorded in April last year.
Condo sales dropped to 114 last month, down 11 per cent year-over-year and six per cent compared with March of this year, while townhome sales dropping nine per cent to 96 compared with last year and last month.
aduffy@timescolonist.com
