The benchmark price sale price of a detached home in Nanaimo surpassed $728,000 in June. (NanaimoNewsNOW file photo)

By NanaimoNewsNOW Staff

rising prices

Vancouver Island benchmark real estate price surges past $700K

Jul 12, 2021 | 5:09 PM

NANAIMO — Low inventory remains a key factor in driving up residential real estate prices across Vancouver Island.

The Vancouver Island Real Estate Board (VIREB) reported the average value of single-family home sales in its markets north of the Malahat in June increased an average of 31 per cent to $714,700 compared to June 2020 figures.

VIREB president Ian McKay said while inventory is rising slightly, demand is still far outstripping supply.

“To get to a balanced market the Vancouver Island Real Estate Board would typically have about 2,500 listings and currently we’re running at about a third of that,” McKay said. “We’ve got quite a ways to go until we get back to a balanced market reflecting advantages for buyers and sellers.”

McKay said their members are starting to see more conditional offers, a signal the frenzied fear-of-missing-out mentality is easing.

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Nanaimo’s single-family benchmark price rose by 31 per cent to $728,200 in June, while in the Oceanside market it was $824,000.

Sale prices year-over-year for condos and townhouses rose by 21 and 34 per cent respectively across the the VIREB.

The agency represents more than 1,000 real estate agents from the Malahat to the northern tip of Vancouver Island.

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