February Sees Significant Sales Increase

The February 2024 Market Statistics show us that last month, 254 single-family homes sold in the Vancouver Island Real Estate Board (VIREB) area, up 15 percent from one year ago and 67 percent from January 2023. Sales of condo apartments in February came in at 68, increasing by 11 percent year over year and up 45 percent from January. In the row/townhouse category, 59 units changed hands last month, an increase of 18 percent from one year ago and up 48 percent from the previous month.

Active listings of single-family homes were 915 in February, down from 937 the previous year. VIREB’s inventory of condo apartments was 298 last month, up from 253 one year ago. There were
328 row/townhouses for sale last month compared to 251 in February 2023.

“Board-wide, sales rose significantly from last February, while month over month, increases were in the high double digits,” says Jason Yochim, VIREB Chief Executive Officer. “REALTORS® are reporting that although many buyers are waiting for spring, pent-up demand is high.”

While much media attention has been on interest rates and a hoped-for reduction from the Bank of Canada, some financial institutions are offering excellent rates.

“In fact, five-year fixed rates are between five and seven percent, and for current clients, some banks are offering rates of less than five percent for longer terms,” adds Yochim. “We encourage people to speak to a mortgage professional to determine their best option.”

Benchmark Prices

In the February 2024 Market Statistics, the board-wide benchmark price (MLS® Home Price Index) of a single-family home was $753,500 in February 2024, up six percent from one year ago and a one percent increase from January.
In the apartment category, the benchmark price was $387,400 last month, up one percent from the previous February and two percent from January. The benchmark price of a townhouse in February was $546,500, up two percent from one year ago and a slight decrease from January.

• Nanaimo’s year-over-year benchmark price rose by six percent to reach $787,000
• In Campbell River, the benchmark price of a single-family home was $661,600 last month, up nine percent from the previous year.
• The Comox Valley’s year-over-year benchmark price rose by six percent to $829,500.
• In the Cowichan Valley, the benchmark price was $749,900, a five percent increase from February 2023.
• Parksville-Qualicum area saw its benchmark price increase by three percent to $845,700.
• The cost of a benchmark single-family home in Port Alberni was $528,400, up nine percent from the previous year.
• For the North Island, the benchmark price of a single-family home dropped by four percent to $392,100.

February 2024 Real Estate Market Stats

Regardless of market conditions, connecting with a local REALTOR® can help smooth the way to a successful real estate transaction.
They have access to tools and custom analytics for developing a winning strategy, whether you’re buying or selling a home.

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Original Source: VIREB