Vancouver Island Real Estate Board says 2024 ends with a balanced market
The Vancouver Island Real Estate Board (VIREB) recorded 7,489 unit sales (all property types) in 2024 compared to 7,297 in 2023 and 7,810 in 2022. December 2024 saw unit sales of 443 (all property types) and 2,883 active listings with increased sales in all categories from December 2023.Â
Both active listings and sales for single-family homes and condo apartments were up in December, while row/townhomes saw a decrease in listings and an increase in sales. The current absorption rate is 15%, meaning the market is balanced.
Prices, however, continue to increase in several categories and multiple communities. The board-wide benchmark price for single family homes came in at $776,500 in December, amounting to a three percent increase year-over-year. Apartments came in at $395,700, down one per cent from the previous December while townhouses were up two percent to $547,000 in December.
In Campbell River, the benchmark price of a single-family home was $693,400, up five per cent from the previous year. The Comox Valley rose three per cent to $834,500 while the Parksville-Qualicum area saw its benchmark price increase by four per cent to $886,300. The cost of a benchmark single-family home in Port Alberni was $511,000, up one per cent from the previous year. For the North Island, the benchmark price of a single-family home rose by six per cent to $448,400.
Analysts anticipate a steady increase in housing prices across Vancouver Island. This growth is driven by sustained demand from retirees and remote workers, coupled with limited housing inventory.
Source: VIREB
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