The benchmark price of a single-family home in the Parksville Qualicum Beach area surpassed $867,000 last month.
Statistics released this week showed the benchmark price increase by two per cent from the previous year to $867,300. The number peaked in mid-2022, when it approached the $1M mark.
Nanaimo’s year-over-year benchmark price rose by six per cent to reach $794,900. The cost of a benchmark single-family home in Port Alberni was $528,800, up four per cent from the previous year. In Campbell River, the benchmark price of a single-family home was $677,500 last month, up eight per cent. The Comox Valley’s year-over-year benchmark price rose by 10 per cent to $856,300. In the Cowichan Valley, the benchmark price was $753,200, a three per cent increase from March 2023. For the North Island, the benchmark price of a single-family home rose by four per cent to $407,100.
According to a press release, last month, the Vancouver Island Real Estate Board (VIREB) recorded 655 unit sales board-wide (all property types). In the single-family category (excluding acreage and waterfront), 291 homes sold in March, down 22 per cent from one year ago and up 15 per cent from February 2024. Sales of condo apartments last month came in at 84, increasing by 27 per cent year over year and 24 per cent from February 2024. In the row/townhouse category, 82 units changed hands in March, an increase of nine per cent from one year ago and up 39 per cent from February.
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The number of active listings of single-family homes was 1,084 last month, down from 963 the previous year. VIREB’s inventory of condo apartments was 324 in March 2024, up from 290 one year ago. There were 333 row/townhouses for sale last month compared to 253 the previous year.
The board-wide benchmark price of a single-family home was $765,600 in March 2024, up five per cent from one year ago and a two per cent increase from February. In the apartment category, the benchmark price was $395,000 last month, up two per cent from the previous March and two per cent from February. The benchmark price of a townhouse in March was $545,200, up one per cent from one year ago and a marginal month-over-month decrease.
— NEWS Staff