With the number of new listings for single family homes coming on the market up +53.03% this past August, over those reported listed in August 2023, there’s plenty of inventory to see. In the last 12 months to date, the total reported Active Listings nearly doubled for all types of real estate except for bare land which reported an -8.87% drop. Across Vancouver Island, “Active listings are at their highest level in nearly five years,” says VIREB CEO Jason Yochim. (Read VIREB’s August Market Report Here)

The average sale price for a single family home remains relatively balanced up just +0.32% over August of last year and +2.63% over the last 12 months to date. Sales slowed for Single Family & Townhomes, dropping by -14.04% and -8.33% respectively, Condo sales rose +2.78% and Bare Land sales dropped -1.20% over the same period.

Summer is coming to a close, vacations over and kids are back to school. Now is when we see a bit of a fall rush before we slip into shorter days the typical winter lull. Its still a great time to have your home on the market; gardens still look lovely, the weather is still great for photos & viewings and buyers are still on the hunt.

Incidentally, its also a great time to buy. Sellers who have been on the market all summer and want to make a move before year end will likely be adjusting their prices & more motivated to make a deal. If buying at the bottom is the goal, it’s unlikely prices will drop much further. And, with the Bank of Canada reducing policy rate by another 25 basis points to 4.25% earlier this month, there is opportunity to be had for serious buyers and sellers.

If you’re thinking of making a move, Buying or Selling, contact me for a free, no obligation consultation.  Let’s chat about your real estate goals!