VIREB July Real Estate Market Update in Around Town
Vancouver Island Real Estate Board (VIREB) recorded 737 unit sales board-wide (all property types) in July. 363 single-family homes sold, down 11 per cent from July 2023. Sales of condos came in at 87 units, decreasing by nine per cent. In the row/townhouse category, 99 units sold, up 16 per cent from 2023.
Active listings continued to increase in July with 1,596 single-family homes listed, up from 1,092 year-over-year; 455 condos, up from 363; and 342 row/townhouses up from 262. These listings equal a five year high, and the VIREB service area now has six months of inventory. While still in balanced territory, the market may be edging towards a buyer’s market.
| SF MLS ® | Average Sale $ | $ Change |
| Comox Valley | $850,999 | -+3.2% last July |
| Campbell River | $679,229 | -7.7% last July |
| Port Alberni/West | $580,870 | -7.2% last July |
Benchmark prices showed small price changes up and down across all categories. Single-family home came in at $784,200 in July 2024, up two per cent from one year ago; apartments at $414,300, up one per cent; and townhouse at $540,800 were down two per cent.
In Campbell River, the benchmark price of a single-family home was $705,700, up four per cent year-over-year; the Comox Valley $842, 100, up five per cent; Parksville-Qualicum $899,900 up one percent; Port Alberni $531,800, up one per cent; and the North Island, $431,300, down by two percent.
Comparing July 2023 and July 2024, the number of single family homes that sold in Campbell River decreased from 51 to 31, Comox Valley decreased from 61 to 56,and Port Alberni-West Coast increased from 29 to 35.
Source: VIREB Monthly Stats
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