Vancouver Island Real Estate Market Update in Around Town
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.
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
Building Links Construction Reports and Statistics: The weekly #1 construction projects resource for 30 years. New and updated projects, permits, tenders, and industry connections for Vancouver Island – Central North, West Coast and Powell River. Helping you build connections so you can build communities! Where are you getting your information from? Support local trades – Subscribe Now!
