New housing inventory is needed to bring down real estate prices on Vancouver Island, according to VIREB. Photo by Sean Feagan / Campbell River Mirror.

New housing inventory is needed to bring down real estate prices on Vancouver Island, according to VIREB. Photo by Sean Feagan / Campbell River Mirror.

Campbell River home price 29 per cent higher than last year: VIREB

January 2022 benchmark of $682,800 represents 29 per cent year-over-year hike

The benchmark price of homes in Campbell River remains higher than last year, as housing inventory continues to be strained throughout Vancouver Island — despite a “bump” of late.

In Campbell River, the benchmark price of a single-family home was $682,800 in January 2022, a year-over-year increase of 29 per cent, per the Vancouver Island Real Estate Board (VIREB). This was a slight decrease from the previous month, when the benchmark price was $689,000.

VIREB reported a slight increase in housing inventory across Vancouver Island last month, but it says demand is still outpacing supply.

According to a Feb. 1 news release from VIREB, active listings of single-family homes were still 39 per cent lower last month than in the previous January — but rose by 15 per cent from December 2021. For condos, inventory was 49 per cent lower from one year ago — but increased by 61 per cent from the previous month. Row/townhouse inventory dropped by 31 per cent year-over-year, but rose 18 per cent from December.

The number of sales decreased from last year. In January, 220 single-family homes sold in January, a 22 per cent decrease from a year ago. Looking at condo apartments, 91 condos sold last month, compared to 87 a year ago and 75 the previous month. For row/townhouses, 61 units sold in January, compared to 77 a year ago and 50 in December 2021.

RELATED: B.C. housing sales slow amid ‘severely limited’ supply

The solution to Vancouver Island’s housing woes remains expanding supply, said Erica Kavanaugh, VIREB president.

“Unless demand drops significantly or more inventory comes online through new construction, VIREB’s inventory situation likely won’t improve,” said Kavanaugh. “The issue of supply isn’t a new one in British Columbia, but the lack of inventory we’re experiencing has been compounded by the pandemic and decades of insufficient planning.”

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