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

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

Low inventory driving up home prices in the Comox Valley and Island region

“…We expect that prices will continue to rise unless demand drops or listings increase”

Historically low inventory on the real estate market from the Malahat north has thrust the average price of a home in the Comox Valley to the second-most expensive in the region.

According to the Vancouver Island Real Estate Board (VIREB), the board-wide benchmark price of a single-family home reached $740,900 in August, up 33 per cent year over year and slighter higher than July.

In the Comox Valley, the year-over-year benchmark price rose by 32 per cent to $772,800.

By comparison, the most expensive area in the region for a single-family home is Parksville-Qualicum, which saw its benchmark price increase by 35 per cent to $863,800.

The lowest benchmark price for a home in the VIREB’s region is the north Island, where single-family homes rose by 52 per cent, hitting $394,400 in August.

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“…Because the real estate sector is driven by supply and demand, we expect that prices will continue to rise unless demand drops or listings increase,” said Ian Mackay, 2021 VIREB president in a release.

Comparatively, the benchmark price for apartments/condos hit $390,200 in July, a three per cent increase month over month and up by 27 per cent year over year. The price of a townhouse rose by 31 per cent from the previous August and by one per cent from July, to $569,900.

Mackay added building more homes isn’t an easy solution, but it’s the key to making housing more affordable.

In terms of active listings, single-family and townhomes are 50 per cent lower than in August 2020, while condo listings have dropped by 61 per cent year over year.

There were 891 unit sales in the VIREB area last month, down 18 per cent from one year ago.



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