Vancouver Island Real Estate Board

Market Conditions


Single Detached

Months of inventory for single detached homes numbered 6.1 at the end of the fourth quarter of 2023, up from the 5.1 months recorded at the end of the fourth quarter of 2022.

The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

Despite a more balanced market, homes spent less time on the market in the fourth quarter of 2023 than they had a year earlier.

The median number of days on market for single detached homes was 44 in the fourth quarter of 2023, down slightly from 49 days in the fourth quarter of 2022.


Townhouse

Months of inventory for townhouse and row units numbered 6.3 at the end of the fourth quarter of 2023, down from the 8.5 months recorded at the end of the fourth quarter of 2022.

The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

With a tighter market, townhouse and row units spent less time on the market in the fourth quarter of 2023 than they had a year earlier.

The median number of days on market for townhouse and row units was 36 in the fourth quarter of 2023, down from 44 days in the fourth quarter of 2022.



Apartment Units

Months of inventory for apartment units numbered 6.6 at the end of the fourth quarter of 2023, down slightly from the 7.1 months recorded at the end of the fourth quarter of 2022.

The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

With a tighter market, apartment units spent less time on the market in the fourth quarter of 2023 than they had a year earlier.

The median number of days on market for apartment units was 37 in the fourth quarter of 2023, down slightly from 38 days in the fourth quarter of 2022.



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