Skip to content

Parksville Qualicum Beach benchmark home price remains close to $900K

Increase of one per cent over same time period in 2023
240410-pqn-home-prices-house_1

The benchmark price for a single-family home in Parksville Qualicum Beach continues to hover near $900,000.

According to statistics released this month by the Vancouver Island Real Estate Board, the PQB area saw its benchmark price increase by one per cent (over the same time period a year ago) to $896,400. Last month, the benchmark price was $902,500.

Nanaimo’s year-over-year benchmark price dropped slightly to $809,000, according to a VIREB release. The Comox Valley’s year-over-year benchmark price rose by one per cent to $838,400. In Campbell River, the benchmark price of a single-family home was $701,400 last month, up six per cent from the previous year. In the Cowichan Valley, the benchmark price was $769,300, a one per cent decrease from October 2023. The cost of a benchmark single-family home in Port Alberni was $502,100, up two per cent from the previous year. For the North Island, the benchmark price of a single-family home rose by six per cent to $430,300.

VIREB reported it recorded 722 unit sales and 4,015 active listings (all property types) board-wide on the MLS® System in October 2024, up 42 per cent and 12 per cent, respectively.
 
In the single-family category (excluding acreage and waterfront), 346 homes sold in October, up 45 per cent from one year ago and eight per cent from September. Sales of condo apartments last month came in at 80, increasing by 36 per cent year over year and 16 per cent from September. In the row/townhouse category, 83 units changed hands in October, up 43 per cent from one year ago and down 11 per cent from September.

“We saw healthy sales increases in October, ranging from 36 per cent for condo apartments to 45 per cent for single-family homes,“ says VIREB CEO Jason Yochim. “With an absorption rate of 18 per cent and around five months of inventory, the VIREB market is currently in balanced territory.”
 
Active listings of single-family homes were 1,352 in October, up from the 1,157 posted one year ago. VIREB’s inventory of condo apartments was 366 last month, up from 307 in October 2023. There were 299 row/townhouses for sale last month compared to 265 the previous year.
 
Although board-wide active listings of all property types dropped from September, they were still at their second-highest level since 2019, according to VIREB.

“It looks like we’ll close out 2024 on a good note, with about 7,400 sales, significantly higher than the 7,114 sales seen in 2023,” adds Yochim.
 
The board-wide benchmark price (MLS® Home Price Index) of a single-family home was $777,900 in October 2024, up one per cent from one year ago and $300 less than in September. In the apartment category, the benchmark price was $395,600 last month, down three per cent from the previous October and two per cent from September. The benchmark price of a townhouse in October was $546,700, a slight decrease from one year ago and a small uptick from September.
 



Philip Wolf

About the Author: Philip Wolf

I’ve been involved with journalism on Vancouver Island for more than 30 years, beginning as a teenage holiday fill-in at the old Cowichan News Leader.
Read more