Real Estate Market Update in Around Town
Your Weekly Construction Briefing
Last month, 424 single-family homes sold in the Vancouver Island Real Estate Board (VIREB) area, a five per cent decrease from one year ago and a 13 per cent increase from May. Sales of condo apartments came in at 111 units, increasing by 39 per cent from June 2022. In the row/townhouse category, 101 units sold, up 49 per cent.
Active listings for single-family, condos and townhomes declined to 1698 compared to 1721 in June 2022. Lack of units for sales continue to hinder the market.
| SF MLS ® | Average Sale $ | $ Increase |
| Comox Valley | $837,320 | -2% last June |
| Campbell River | $699,394 | -7% last June |
| Parksville/Qualicum | $971,204 | -3% last June |
| Port Alberni/West | $587,517 | -17% last June |
The board-wide benchmark price (MLS® Home Price Index) of a single-family home was $759,900 in June 2023, while the benchmark price for apartments was $395,000 and townhomes were $558,600. These prices represent a year-over-year decrease in prices between five and eight percent, and month-over-month increases of one to six percent.
Bench mark prices north of Victoria ranged from $431,100 to $880,400 including $652,000 in Campbell River, $805,300 in the Comox Valley, $880,400 in Parksville-Qualicum, $532,600 in Port Alberni, and $431,100 on the North Island. This represents a price drop of 6 to 10 percent year-over-year.
Source: VIREB Market Stats
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