Average home listing prices on Vancouver Island are up 32.8 per cent in February 2022 compared to the same month in 2021, according to the British Columbia Real Estate Association.
Last month, homes on Vancouver Island were listed for an average of $805,801 compared to $606,904 in February 2021.
This was the fifth-highest percentage increase in the province behind Powell River (37.9 per cent increase), Fraser Valley (34.8 per cent), Okanagan (34.8 per cent) and Kamloops (34.3 per cent).
Of the regions monitored, only the South Peace region saw a decrease, at 11.7 per cent.
Victoria saw a 20.3 per cent increase in listing prices increasing to $1,041,068 last month compared to $865,235 in 2021.
READ MORE: Demand continues to outpace supply for property in January 2022, says Vancouver Island Real Estate Board
This is despite a decrease in amount of active listings.
On Vancouver Island there was a 17.8 per cent decrease in active listings last month, and a 40.6 per cent decrease in Victoria.
Victoria’s decrease was the largest percentage in the province.
“While sales are not keeping pace with the unprecedented level of activity we saw this time last year, demand continues to be quite strong,” said BCREA Chief Economist Brendon Ogmundson. “There are some encouraging signs that listings are recovering from historical lows, but there is a very long way to go before markets achieve balance.”
The average price for the whole province increased 24.9 per cent and active listings were down 19.2 per cent.