MARKET UPDATE: February 28, 2021

Courtesy NANCY SMITH and VIREB

• 
• By Nancy Smith
• Qualicum Beach REALTOR®
• Published: Mar 5th, 2021 at 9:42 am

ON THE GROUND
February 2021 Market Update

VIREB's February 2021 statistics show that buyer demand continues to outstrip supply.

Active listings of single-family detached properties (excluding acreage and waterfront) dropped to 394 in February, down six per cent from January. There were 169 condo apartments for sale last month compared to 212 in January, a drop of 20 per cent. Month-over-month townhouse inventory decreased slightly, with 91 units for sale in February compared to 95 the previous month.

This month, 417 single-family detached properties sold on the MLS® System, a year-over-year increase of 56 per cent. In the condo apartment category, sales rose by 132 per cent year over year (56 to 130), while row/townhouse sales increased by 42 per cent (57 to 81).

The benchmark price of a single-family home hit $609,100 last month, 15 per cent higher than in February 2020. The benchmark price of an apartment reached $325,000, an increase of nine per cent, while the benchmark price of a townhouse rose by 15 per cent year over year, climbing to $466,200.

CLICK on the "Single Family Homes" link for a PDF Market Charts and Graphs.

Single Family Homes (pdf)