Vancouver Island Real Estate Board Market Update in Around Town
Your Weekly Construction Briefing
Last month, 414 single-family homes sold in the Vancouver Island Real Estate Board (VIREB) area, a 41 per cent decrease from one year ago (294) and down two per cent from June 2023 (424). Sales of condo apartments came in at 98 units, increasing by 31 per cent from July 2023. In the row/townhouse category, 86 units sold, up 69 per cent
| SF MLS ® | Average Sale $ | $ Increase |
| Comox Valley | $825,075 | -3% last July |
| Campbell River | $738,361 | +2% last July |
| Parksville/Qualicum | $1,027,203 | +9% last July |
| Port Alberni/West | $625,635 | -1% last July |
Active listings for single-family, condos and townhomes declined to 1666 compared to 1990 in July 2022. The summer season has been busier than typical, despite rising interest rates. Multiple offers are still happening with well-priced properties, and sellers should not have preconceived expectations regarding sale prices.
Board-wide benchmark prices for the region are 3-9% lower year-over-year in all categories. The board-wide benchmark price for a single family home was $770,000 in July, apartments were $399,600, and townhomes were $561,500. By community, the benchmark price for a single family home was $669,000 in Campbell River, $815,700 in the Comox Valley, $890,300 in Parksville-Qualicum, $546,700 in Port Alberni, and $439,700 for the North Island.
Source: VIREB Market Stats
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