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Parksville Qualicum Beach benchmark home price hovers near $900K

Month-over-month increase of 2 per cent compared to last year
(PQB News file photo)

The benchmark price for a single-family home in Parksville Qualicum Beach remains close to $900,000.

According to stats released this month by the Vancouver Island Real Estate Board (VIREB), that number is up two per cent year-over-year from the same period a year ago.

In PQB, the benchmark price sits at $896,400. Nanaimo’s year-over-year benchmark price rose by four per cent to reach $815,000. 

In Campbell River, the benchmark price of a single-family home was $712,800 last month, up nine per cent from the previous year. The Comox Valley’s year-over-year benchmark price rose by six per cent to $833,600. In the Cowichan Valley, the benchmark price was $779,300, a two per cent increase from May 2023. in Port Alberni, the number was $517,000, up three per cent. For the North Island, the benchmark price of a single-family home dropped by one per cent to $424,600. 

VIREB stats show the board-wide benchmark price of a single-family home was $781,100 in May 2024, up four per cent from one year ago and a slight uptick from April. In the apartment category, the benchmark price was $413,000 last month, up three per cent from the previous May and two per cent from April. The benchmark price of a townhouse in May was $544,200, up one per cent from one year ago and one per cent higher than in April.

According to VIREB, 824 unit sales were made board-wide (all property types) in May 2024. In the single-family category (excluding acreage and waterfront), 409 homes sold in May, down 14 per cent from one year ago and up nine per cent from April. Sales of condo apartments last month came in at 92, increasing by 11 per cent year over year and up 23 per cent from April. In the row/townhouse category, 108 units changed hands in May, up 17 per cent from one year ago and 30 per cent from April. Active listings of single-family homes were 1,433 in May, an increase from the 979 posted one year ago. VIREB’s inventory of condo apartments was 398 last month, up from 318 in May 2023. There were 375 row/townhouses for sale last month compared to 252 the previous year.

VIREB chief executive officer Jason Yochim says  the typically busy spring market is slow to launch this year.

“Last month, we were optimistic that the spring market had finally arrived,” said Yochim in a release. “However, while sales did pick up somewhat in May, we’re still not where we usually are heading into summer.”

Yochim said there are likely several reasons fuelling VIREB’s lagging sales, including investor concerns surrounding higher capital gains taxes and consumer worries regarding long-term affordability. Some buyers are also waiting for interest-rate cuts.

About the Author: Parksville Qualicum Beach News Staff

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