In the Loop: September 2021 Real Estate Market Stats

The housing market in the Vancouver Island Real Estate Board (VIREB) area finished summer the way it began, with historically low inventory and rising prices.

The September 2021 real estate market stats for Nanaimo show us that active listings of single-family homes were 47 percent lower last month than in September 2020, while VIREB’s inventory of condo apartments and row/townhouses dropped by 57% and 48%, respectively, from one year ago.

There were 932 unit sales in the VIREB area last month, which is a 27 percent decrease from one year ago. By category, 447 single-family homes sold in September, down three percent from August and 30 percent year over year. September saw 122 condo apartment sales compared to 123 one year ago and 101 in August. In the row/townhouse category, there were 86 sales last month. That is down 21% from September 2020 and five percent from the previous month.

Housing inventory shortage continues

In its most recent housing forecast, the British Columbia Real Estate Association (BCREA) states that the supply situation is especially severe in markets outside the Lower Mainland, including Vancouver Island. Listings activity has been lackluster. Even if sales come back down to long-run average levels, total listings would need to nearly double to bring markets back into balance.

Ian Mackay, 2021 VIREB President, confirms that lack of inventory is hampering sales in the VIREB area. This means that multiple offers on well-priced, quality properties continue to be the norm.

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

Mackay advises that while obtaining the advice of a local REALTOR® can help in any market, it is particularly crucial in a busy one.

“In a competitive housing market, using a REALTOR® can help streamline the buying and selling process to ensure the best possible outcome while mitigating associated risks,” says Mackay.

The board-wide benchmark price of a single-family home reached $747,600 in September. This means it has increased by 32% year-over-year and is slightly higher than in August. In the apartment category, the benchmark price hit $395,100 last month, which is a one percent increase from August and up by 30% year-over-year.

The benchmark price of a townhouse rose by 34 percent from the previous September and by two percent from August, climbing to $578,500.

September 2021 Benchmark Prices

Nanaimo’s benchmark price rose by 28 percent, hitting $745,400
Campbell River, the benchmark price of a single-family home hit $653,700 in September, up by 29 percent from the previous year
Comox Valley, the year-over-year benchmark price rose by 31 percent to $771,300
Cowichan Valley reported a benchmark price of $755,000, an increase of 34 percent from September 2020
Parksville-Qualicum area saw its benchmark price increase by 33 percent to $869,000
Port Alberni reached $494,500, a 40 percent year-over-year increase
North Island rose by 49 percent, hitting $404,100 in September