In what was one of the less pleasant summers we’ve had here in British Columbia, full of heatwaves, moths, and forest fires like we’ve never seen before, one part of the province fueled plenty of interest from home seekers. From top to bottom, Vancouver Island saw a major uptick in real estate searches on REW.ca this summer, as month over month queries continue to rise quickly.
Interest in property on Vancouver Island isn’t contained to home seekers on the island itself. Many Greater Vancouver residents are showing interest in cities like Nanaimo and Victoria as well. After a summer full of fires in the Interior, Vancouver Island is looking more attractive than ever for Lower Mainland residents looking for vacation properties and second homes.
While interest and prices may be rising, one of the most notable trends taking place on Vancouver Island is the limited supply of housing. There were 51% fewer homes on the market in August 2021 on Vancouver Island than in the year prior, with major cities like Victoria having 57.8% less inventory. According to the BCREA, sales are returning to normal, while supply is hitting record lows. This is a trend taking shape right across Canada, with all of the major political parties running for office promising to take on the lack of supply.
