Real Estate Market Update in Around Town

February 8, 2024

Last month, 152 single-family homes sold in the Vancouver Island Real Estate Board (VIREB) area, down six per cent from January 2023. Sales of condos came in at 47 units, increasing by 12 per cent from 2023. In the row/townhouse category, 40 units sold, up by 14 per cent from 2023. 

While benchmark prices continue to increase year-over-year, January 2024 saw a decrease in sale prices from December. (Provided by VIREB).

This January saw 807 active listings for single-family homes, down year-over-year from 861. Condo inventories, however, increased to 258 from 239 and row/townhouses increased to 282 from 239 year-over-year. 

Benchmark prices continue to increase in most categories, with single-family homes increased 6% to $749,000 and townhouses up two percent to $546,600 compared to January 2023. In contrast, apartments dropped slightly to $380,600. 

The same trend could be foundin communities across the Vancouver Island. In Campbell River, the benchmark price for a single-family home was up 7% to $650,500, the Comox Valley up seven per cent to $816,300, Parksville-Qualicum increased six per cent to $856,700, and Port Alberni increased 5%  to $517,600. Only the North Island decreased year-over-year to $403,000. However, prices decreased from December 2023 in nearly every zone.

SF MLS ®Average Sale $$ Change
Comox Valley$852,488+17.6% last October
Campbell River$713,655+15.6% last October
Port Alberni/West$586,522-11% last October
Powell River$663,613+3.3% last January

Comparing January 2023 and January 2024, the number of single family units sold in Campbell River decreased from 17 to 16, Comox Valley decreased from 31 to 21, Port Alberni-West Coast increased from 14 to 23, and Powell River increased from 10 to 14.

Source: VIREB and PRSCREB Market Stats

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