The price of a single family home went up nearly 30 per cent in Campbell River since this time last year, according to the Vancouver Island Real Estate Board.
In their November update, which looks at data from the previous month, VIREB says that the benchmark price of a home in Campbell River hit $663,000, which is 29 per cent higher than October 2021. The Comox Valley was even higher, with an increase 31 per cent ($779,000 as a benchmark price). In the north island, the benchmark price went up 55 per cent, hitting $418,800 in September.
While prices in the region did not increase as much as they did further south (Parksville-Qualicum hit $887,300 for a single family home), VIREB said there is “little relief in sight” for buyers.
“Buyers continue to face frustrating hurdles caused by historically low inventory, with little relief in sight,” said a release from VIREB. “Active listings of single-family homes were 46 per cent lower last month than in October 2020 and dropped by 18 per cent from September.”
Unless demand drops significantly or more inventory comes online through new construction, VIREB’s inventory situation likely won’t improve,” said Ian Mackay, 2021 VIREB President.
Mackay welcomes the news that the Government of British Columbia is giving local governments more tools and powers to simplify and speed up their development approvals processes, helping to build the homes people need more quickly.
“Real estate is all about supply and demand. New construction isn’t a quick solution, but it’s the only one that can address the housing shortage, and, hopefully, temper prices,” said Mackay.
The board-wide price of a single family home was $757,300, or 31 per cent increase over the last year. The increases affected apartments as well, which hit $397,200 in October (30 per cent increase).
By category, 398 single-family homes sold in October, a 23 three per cent decrease from one year ago. There were 122 condo apartment sales last month, a six per cent decrease from October 2020. In the row/townhouse category, 88 units sold compared to 98 the previous October.