Karelyn Campbell

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A Record Year For Real Estate

Despite record-low inventory, sales numbers were strong with 11,045 units sold; just shy of the 12,014 and 11,341 unit sales seen in 2016 and 2017. Were there sufficient supply we surely would have seen significantly higher sales across the board.

Inventory remains tight across Vancouver Island as it does in most markets, with supply needing to double in order to balance the market. This statistic has remained stead since 2020 and the Government of BC and Municipalities are attempting to make changes to speed up development approval processes to increase housing stock.

The board-wide benchmark of a single-family home reached $785,300 in December 2021, up 34% from one year ago. Apartments reached $403,800, up 29% year over year. And townhomes reached $609,300, up 35% year over year.
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