Vancouver Island Real Estate Market Update in Around Town

June 13, 2024

Vancouver Island Real Estate Board (VIREB) recorded 824 unit sales board-wide (all property types) in May. 409 single-family homes sold, down 14 per cent from May 2023. Sales of condos came in at 92 units, increasing by 11 per cent. In the row/townhouse category, 108 units sold, up 17 per cent from 2023. 

The Vancouver Island Real Estate Board has released its latest monthly statistics package. Active listings increased by 33 percent on Vancouver Island north of Victoria in May, and inventory of single-family homes rose by 46%. The real estate market is now approached balanced territory.

Active listings increased in May, with 1,433 single-family homes (compared to 979 year-over-year), 398 apartments (vs. 318 year-over-year), and 375 row/townhouses (vs. 252 year-over-year). 

Board-wide benchmark prices also continued to tick upwards year-over-year. Single-family homes increased by four percent to $718,100; apartments were up three percent to $413,000; and townhouses were up one percent to $544,200. 

By region, Campbell River saw a nine percent increase in the benchmark price for a single-family home to $712,800 for single-family homes; the Comox Valley saw an increased of six percent to $833,600; Parksville-Qualicum saw an increase of two percent to $896,400; Port Alberni saw an increase of three percent to $517,000; and finally the North Island dropped one percent to $426, 600. 

SF MLS ®Average Sale $$ Change
Comox Valley$894,604+6.7% last May
Campbell River$798,647+5.7% last May
Port Alberni/West$592,275-6.5% last May
Powell River$647,565-17.6% last May

Comparing May 2023 and May 2024, the number of single family homes that sold in Campbell River decreased from 64 to 38, Comox Valley decreased from 98 to 78, Port Alberni-West Coast decreased from 34 to 28, and Powell River decreased from 25 to 20.

Source: VIREB and PRSCREB Market Stats

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