December 2020 Market Update Stats (Vancouver Island Real Estate Board)

Last month, 302 single-family detached properties (excluding acreage and waterfront) sold on the MLS® System compared to 226 in December 2019 and 421 in November 2020.

In the condo apartment category, sales rose by 94 per cent year over year and 16 per cent from November. Row/townhouse sales increased by 61 per cent from the previous year but dropped by 41 per cent from November.

As reported in previous media releases, low inventory continues to be the primary reason behind the weaker sales posted in November and December. The buyers are there, but the listings are not.

Active listings of single-family detached properties were 421 in December compared to 541 in November, a 22 per cent decrease and the lowest number on record. There were 232 condo apartments and 119 row/townhouses for sale last month, down 24 per cent and 17 per cent, respectively, from November.

The benchmark price of a single-family home hit $546,900 in December, a five per cent increase from the previous year. The benchmark price of an apartment reached $312,000, an increase of four per cent, while the benchmark price of a townhouse rose by 10 per cent year over year, climbing to $450,100.

For additional information, please refer to our comprehensive stats package here.