March 2023 Real Estate Update:
Coast To Coast Real Estate Team Celebrates 1 Year Anniversary as Vancouver Island Real Estate Market Sees Steady Increase in February Sales Despite Low Inventory
We are thrilled to announce that The Coast To Coast Real Estate Team is celebrating its first anniversary! It has been an incredible year for our team, and we are grateful for the opportunity to serve our clients and help them achieve their real estate goals.
As we reflect on our first year in business, we are reminded of the importance of staying up to date on the latest real estate trends and market conditions. Speaking of which, last month, the Vancouver Island Real Estate Board (VIREB) reported that 220 single-family homes were sold in the area, a 37% decrease from last year. However, there was a 33% increase from January 2023.
Sales of condo apartments declined by 40% year-over-year, but there was a 52% increase from the previous month, with 64 units sold. Meanwhile, 50 row/townhouses were sold in February, down 44% from one year ago but up 39% from January.
Although listings have increased from the depleted level seen at the beginning of 2022, they are still low compared to historical levels. As a result, we are not expecting supply to normalize until sometime in 2026, and weak inventory will put more pressure on prices when demand increases.
The British Columbia Real Estate Association (BCREA) predicts that a slowing economy and still-elevated mortgage rates will keep housing activity lower than usual throughout much of 2023. However, they expect a strong recovery, boosted by an expected decline in mortgage rates and record-high immigration that will carry significant momentum into 2024.
In the meantime, the board-wide benchmark price of a single-family home was $732,500 in February 2023, down eight per cent from one year ago, and a small dip from January. The benchmark price of an apartment was $398,800 last month, a one per cent decrease from February 2022, and a slight increase from January. The year-over-year benchmark price of a townhouse was $560,800 in February, down two per cent from one year ago and up slightly from January.
Despite the challenging market conditions, our team remains committed to providing the highest level of service to our clients. Thank you for your trust and support during our first year in business, and we look forward to continuing to serve you in the years to come.
Sincerely,
The Coast To Coast Real Estate Team |
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