Real Estate Market Update in Around Town

September 14, 2023

Your Weekly Construction Briefing

Last month, 324 single-family homes sold in the Vancouver Island Real Estate Board (VIREB) area, a seven per cent increase from one year ago (304) and down 21 per cent from July 2023 (414). Sales of condo apartments came in at 85 units, increasing by 29 per cent from August 2022. In the row/townhouse category, 77 units sold, up by 51 per cent.

Real Estate sales have been steady in 2023 despite rising interest rates.

Active listings continue to be down year-over-year across all housing types. However home sales and pricing continue to hold steady. Low inventories has led to rising home prices, despite higher interest rates. 

SF MLS ®Average Sale $$ Change
Comox Valley$878,585+0.15% last August
Campbell River$693,925-0.6% last August
Parksville/Qualicum$901,938+0.3% last August
Port Alberni/West$487,990-32% last August
Powell River$664,058-15% last August

In August, the board-wide benchmark price (MLS® Home Price Index) of a single-family home was $770,500, up slightly over the previous month but down 2% year-over-year. The benchmark price for an apartment was $397,900 and the benchmark price for a townhome was $560,400.

Comparing August 2022 and August 2023, the number of units sold in Campbell River was up from 28 to 44, Comox Valley decreased from 56 to 42, Port Alberni-West Coast decreased from 25 to 21, and Powell River decreased from 29 to 20.

Source: VIREB and PRSCREB Market Stats

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