VIREB Real Estate Market Update In Around Town

November 9, 2023

Your Weekly Construction Briefing

Last month, 244 single-family homes sold in the Vancouver Island Real Estate Board (VIREB) area, the same number as last October and down eight per cent from September 2023 (266). Sales of condos came in at 60 units, increasing by 43 per cent from 2023. In the row/townhouse category, 58 units sold, up by 14 per cent from 2023.

The Vancouver Island Real Estate Board reports year-over-year price increases but low inventory in their October Market Update

Active listings continue to be down year-over year, with 1,157 single family homes (vs. 1,360 one year ago), 307 condos (vs. 314), and 265 row/townhouses (vs 295). VIREB expects 7,100 sales by the end of 2023, which would be the lowest number of sales since 2013. 

In contrast, most regions have seen an increase in benchmark prices year-over-year. The board-wide benchmark prince for single-family homes is up three percent to $767,600, apartments up two percent to $394,300, and townhouses up three percent to $557,400. Those prices amount to a one percent decrease over September. For single-family homes and apartments, but a slight increase for townhomes. 

By region, Campbell River is up five percent year-over-year to $658,500 for single family homes; the Comox Valley seven percent to $839,700; Parksville-Qualicum area two percent to $881,700; Port Alberni was down two percent to $509,200; and the North Island down six percent to $412,000.

SF MLS ®Average Sale $$ Change
Comox Valley$920,740+28% last October
Campbell River$697,658+1% last October
Port Alberni/West$548,691-2% last October
Powell River$618,100-12% last October

Comparing October 2022 and October 2023, the number of single family units sold in Campbell River decreased from 27 to 25, Comox Valley increased from 38 to 47, Port Alberni-West Coast increased from 14 to 23, and Powell River decreased from 30 to 17.

Source: VIREB and PRSCREB Market Stats

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