The Cowichan Valley real estate market has shown intriguing dynamics as we enter 2025, presenting both opportunities and challenges for buyers and sellers alike.

 Market Overview

As of January's end, the single-family dwelling inventory in the Cowichan Valley increased by 15% to 172 homes, up from 158 in December 2024. This shift in inventory has had a noticeable impact on market conditions.

Pricing Trends

The average sale price for single-family homes in the area saw a modest uptick:

January: $797,000

December: $785,000

This increase reflects the market's response to the lower inventory levels.

Market Dynamics

Inverted Sell-to-List Ratio: The market is currently experiencing an unusual phenomenon with a sell-to-list ratio of 143%. This means more homes are being sold (59) than listed (41), creating a unique market imbalance.

Buyer Activity: Despite the seasonal trend of fewer listings, buyer interest remains strong. This is likely fueled by improved affordability due to slightly lower interest rates.

Sale Price to List Price Ratio: Homes are selling at an average of 97.1% of their list price, a trend that has held steady in recent months.

Days on Market: Properties are moving slightly faster, with the average time on market decreasing from 78 days in December to 72 days in January.

Strategic Considerations

This market environment requires careful navigation:

For sellers, the low inventory and active buyer market could potentially lead to competitive offers.

For buyers, while options may be limited, improved affordability could present good opportunities.

The current market conditions underscore the importance of timing and informed decision-making.

Whether you're looking to buy or sell, having a knowledgeable real estate professional by your side can provide valuable insights and guidance to help you achieve your real estate goals.

Please contact me with any real estate-related questions; I’m here to provide you with the guidance and advice needed for this type of market.

Download the VIREB Graph Stat

Media Release

FEBRUARY 4, 2025

POSITIVE START TO 2025 TEMPERED BY UNCERTAINTY

NANAIMO, BC – The Vancouver Island Real Estate Board (VIREB) recorded 434 unit sales and 2,988 active listings (all property types) board-wide on the MLS® System in January 2025, up 26 and five per cent, respectively.

In the single-family category (excluding acreage and waterfront), 205 homes sold in January, up 36 per cent from one year ago and down 10 per cent from December. Sales of condo apartments last month came in at 46, the same number as in January 2024 and up five per cent from December. In the row/ townhouse category, 43 units changed hands in January, up 10 per cent from one year ago and down 26 per cent from December.

Active listings of single-family homes were 888 last month, up from the 807 posted one year ago. VIREB’s inventory of condo apartments was 293 last month, up from 258 in January 2024. There were 219 row/townhouses for sale in January compared to 282 the previous year.

VIREB CEO Jason Yochim reports that VIREB’s 2025 housing market had a strong start, with singlefamily detached properties and row/townhouses posting healthy sales increases over last January. Condo sales remained flat, with no change from January 2024.

“REALTORS® are reporting that their phones are ringing, with many clients expressing interest in listing their home this spring,” says Yochim. “The market is stronger than it was last January, so there is a lot of optimism in the air.”

However, the threat of American tariffs looms large. The British Columbia Real Estate Association (BCREA) stated in its latest Market Intelligence Report (click here to read) that a 25 per cent tariff on all Canadian imports to the United States would seriously affect the Canadian and B.C. economies. That said, BCREA anticipates that in the most likely scenario, the B.C. housing market would see a temporary decline in activity before posting a robust recovery as mortgage rates decline substantially, thereby unleashing pent-up demand. Initially set to take effect on February 1, the tariffs are on “pause” for 30 days, according to Prime Minister Justin Trudeau, who spoke to President Trump yesterday.

Moving on to prices, the board-wide benchmark price (MLS® Home Price Index) of a single-family home was $774,600 in January 2025, up three per cent from one year ago. In the apartment category, the benchmark price was $393,600 last month, up one per cent from the previous January. The benchmark price of a townhouse last month was $540,000, up slightly from the prior year.

In Campbell River, the benchmark price of a single-family home was $691,900 last month, up four per cent from the previous year. The Comox Valley’s year-over-year benchmark price rose by two per cent to $827,000. In the Cowichan Valley, the benchmark price was $759,800, up one per cent from January 2024. Nanaimo’s year-over-year benchmark price rose by three per cent to $813,800, while the Parksville-Qualicum area saw its benchmark price increase by five per cent to $888,200. The cost of a benchmark single-family home in Port Alberni was $523,300, up three per cent from the previous year. For the North Island, the benchmark price of a single-family home rose by eight per cent to $448,800.

ABOUT VIREB

VIREB represents over 1,100 REALTORS® in nearly 90 member offices on Vancouver Island, from the Malahat in the south to the northern tip.

VIREB cautions that average price information can be useful in establishing trends over time but does not indicate the actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas.

Trademarks are owned or controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA (REALTOR®) and/or the quality of services they provide (MLS®).

Visit our website for updated information at www.vireb.com.

HPI Note: Areas with insufficient data do not generate statistics and are not included in the HPI graphs.

The Cowichan Valley real estate market has experienced notable shifts as we transition into the new year. At the end of December, the inventory of single-family dwellings dropped to 158, compared to 230 in November. While this represents a month-over-month decrease, it remains slightly higher than December 2023, when inventory stood at just 145 homes.

The average sale price for a single-family dwelling in the Cowichan Valley rose modestly in December, settling at $785,000. This marks an increase from November’s average of $743,000, reflecting seasonal and economic adjustments impacting the market.

A particularly noteworthy trend this month is the sell-to-list ratio, which surged to 143% (41 new listings versus 59 sales). This indicates that more homes sold than were listed—a dynamic often observed during the winter months. While fewer homeowners choose to list properties during this season, buyers remain active, motivated by improved affordability stemming from slightly lower interest rates. This imbalance has created a temporary inversion in the market, emphasizing the importance of timing for both buyers and sellers.

Homes are generally selling close to their listing prices, with sale prices averaging 97.3% of the list price—a consistent trend over recent months. Additionally, the average "days on market" climbed to 78 in December, up from October and November. This increase reflects the tendency of sellers to keep properties listed for throughout the slower winter period.

Navigating a market like this requires strategic planning, whether you're buying or selling. Our experienced team is here to provide personalized advice tailored to your real estate goals. Whether you're exploring future opportunities or ready to make a move, we’re committed to guiding you every step of the way.

If you have any questions about the current market or are considering buying or selling a home, don’t hesitate to contact us. We’re here to provide the insights and support you need to succeed in today’s dynamic market.

Download the VIREB Graph Stat

Media Release

JANUARY 2, 2025

2024 ENDS WITH A BALANCED MARKET AND A POSITIVE OUTLOOK

NANAIMO, BC – The Vancouver Island Real Estate Board (VIREB) recorded 7,489 unit sales (all property types) in 2024 compared to 7,297 in 2023 and 7,810 in 2022. December 2024 saw unit sales of 443 (all property types) and 2,883 active listings.

In the single-family category (excluding acreage and waterfront), 227 homes sold in December, up 52 per cent from one year ago and down 15 per cent from November. Sales of condo apartments last month came in at 44, increasing by 16 per cent year over year and down 29 per cent from November. In the row/townhouse category, 58 units changed hands in December, up 49 per cent from one year ago and down 24 per cent from November.

Active listings of single-family homes were 829 in December, up from the 796 posted one year ago. VIREB’s inventory of condo apartments was 271 last month, up from 257 in December 2023. There were 195 row/townhouses for sale last month compared to 244 the previous year.

VIREB CEO Jason Yochim reports that REALTORS® are feeling optimistic about 2025, with many clients stating they plan to buy or sell this year.

“Midway through 2024, VIREB’s housing market was fairly lacklustre, but it picked up steam later in the year,” says Yochim. “Our market remains balanced, indicated by an absorption rate of 15 per cent, which benefits buyers and sellers.”

However, Yochim adds that with only six-and-a-half months of inventory, VIREB could be heading towards a buyers’ market, particularly if listings continue the downward trend seen in December.

Moving on to prices, the board-wide benchmark price (MLS® Home Price Index) of a single-family home was $776,500 in December 2024, up three per cent from one year ago. In the apartment category, the benchmark price was $395,700 last month, down one per cent from the previous December. The benchmark price of a townhouse in December was $547,000, up two per cent from one year ago.

In Campbell River, the benchmark price of a single-family home was $693,400 last month, up five per cent from the previous year. The Comox Valley’s year-over-year benchmark price rose by three per cent to $834,500. In the Cowichan Valley, the benchmark price was $762,800, down one per cent from December 2023. Nanaimo’s year-over-year benchmark price rose by four per cent to $819,000, while the Parksville-Qualicum area saw its benchmark price increase by four per cent to $886,300. The cost of a benchmark single-family home in Port Alberni was $511,000, up one per cent from the previous year. For the North Island, the benchmark price of a single-family home rose by six per cent to $448,400.

Looking ahead to 2025, the British Columbia Real Estate Association projects sales in the VIREB area to be around 7,900 this year. However, there is a great deal of uncertainty in the air due to tariff threats made by the incoming American administration. While British Columbia is less dependent on the United States than the rest of Canada (exports of 50 per cent compared to 75 per cent), a 25 per cent tariff would significantly impact the Canadian economy.

ABOUT VIREB

VIREB represents over 1,100 REALTORS® in nearly 90 member offices on Vancouver Island, from the Malahat in the south to the northern tip.

VIREB cautions that average price information can be useful in establishing trends over time but does not indicate the actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas.

Trademarks are owned or controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA (REALTOR®) and/or the quality of services they provide (MLS®).

Visit our website for updated information at www.vireb.com.

HPI Note: Areas with insufficient data do not generate statistics and are not included in the HPI graphs.

As we move into the winter season, the Cowichan Valley real estate market has seen notable shifts. At the end of November, the inventory of single-family dwellings dropped to 230, down from 296 in October. While this represents a month-over-month decrease, it remains significantly higher than November 2023, when inventory stood at just 183. This increase year-over-year indicates a more balanced market compared to the tighter conditions we experienced last year.

The average sale price for a single-family dwelling in the Cowichan Valley declined slightly in November, settling at $743,000. This is down from October’s average of $776,000, reflecting a modest adjustment as the market responds to seasonal and economic factors.

A particularly interesting statistic this month is the sell/list ratio, which reached 117% (42 new listings versus 60 sales). This means more homes sold than were listed during November—an unusual dynamic but not entirely surprising. As we head into the quieter winter months, fewer homeowners are choosing to list their properties, while buyers, encouraged by slightly improved affordability due to lower interest rates, remain active. This imbalance has created a temporary inversion in the market, highlighting the importance of timing for both buyers and sellers.

Homes are generally selling close to their listing prices, with sale prices averaging 97.40% of the list price—consistent with trends observed over the past several months. Meanwhile, the average number of "days on the market" was 54 in November, aligning with recent trends and reflecting the impact of increased inventory on overall market pace.

If you have any questions about navigating the current market or are considering buying or selling a home, our experienced team is here to help. Whether you're planning for the future or looking to make a move now, we provide personalized advice to meet your real estate needs.

Please contact our team with any real estate-related questions; we’re here to provide you with the guidance and advice needed for this type of market.

Download the VIREB Graph Stat

MEDIA RELEASE

DECEMBER 2, 2024

BALANCED MARKET CONDITIONS LIKELY TO CLOSE OUT THE YEAR

NANAIMO, BC – The Vancouver Island Real Estate Board (VIREB) recorded 566 unit sales and 3,478 active listings (all property types) board-wide on the MLS® System in November 2024, up 17 and three per cent, respectively.

In the single-family category (excluding acreage and waterfront), 267 homes sold in November, up 14 per cent from one year ago and down 23 per cent from October. Sales of condo apartments last month came in at 62, increasing by 13 per cent year over year and down 23 per cent from October. In the row/ townhouse category, 76 units changed hands in November, up 58 per cent from one year ago and down eight per cent from October.

Active listings of single-family homes were 1,105 in November, up from the 1,040 posted one year ago. VIREB’s inventory of condo apartments was 314 last month, up from 285 in November 2023. There were 257 row/townhouses for sale last month compared to 282 the previous year.

VIREB expects to close out 2024 on a good note, with about 7,400 sales, significantly higher than the 7,114 sales seen in 2023. The British Columbia Real Estate Association projects sales in the VIREB area to be around 7,900 in 2025. However, the threat of tariffs imposed by the incoming American administration creates an environment of uncertainty for the Canadian economy as a whole, including the housing market.

VIREB CEO Jason Yochim reports that with an absorption rate of 16 per cent, the VIREB area remains in a balanced market, which offers buyers and sellers the best of both worlds.

“With just over six months of inventory last month, we edged slightly from a balanced market into one favouring buyers,” says Yochim. “While 2024 transactions haven’t turned out as we’d hoped, members are positive about 2025, with many clients stating they plan to buy or sell next year.’

Moving on to prices, the board-wide benchmark price (MLS® Home Price Index) of a single-family home was $778,400 in November 2024, up two per cent from one year ago and a slight uptick from October. In the apartment category, the benchmark price was $396,400 last month, down one per cent from the previous November and a small increase from October. The benchmark price of a townhouse in November was $544,400, down one per cent from one year ago and one per cent from October.

In Campbell River, the benchmark price of a single-family home was $713,700 last month, up seven per cent from the previous year. The Comox Valley’s year-over-year benchmark price rose by three per cent to $842,600. In the Cowichan Valley, the benchmark price was $769,300, down one per cent from November 2023. Nanaimo’s year-over-year benchmark price rose by two per cent to $812,900, while the Parksville-Qualicum area saw its benchmark price increase by three per cent to $885,900. The cost of a benchmark single-family home in Port Alberni was $494,400, up two per cent from the previous year. For the North Island, the benchmark price of a single-family home rose by five per cent to $430,700.

Please note: The Vancouver Island Real Estate Board (VIREB) transitioned to a new MLS® System in July 2020 and now uses a significantly different data model, which has affected our categories and terminology. For the boardsupplied graphs, single-family is now referred to as single-family detached, apartment as condo apartment, and townhouse as row/townhouse, which now includes patio homes. However, when reporting HPI numbers, VIREB still refers to single-family, apartment, and townhouse in the media release.

ABOUT VIREB

VIREB represents over 1,100 REALTORS® in nearly 90 member offices on Vancouver Island, from the Malahat in the south to the northern tip.

VIREB cautions that average price information can be useful in establishing trends over time but does not indicate the actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas.

Trademarks are owned or controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA (REALTOR®) and/or the quality of services they provide (MLS®).

Visit our website for updated information at www.vireb.com.

HPI Note: Areas with insufficient data do not generate statistics and are not included in the HPI graphs.

At the end of October, our real estate inventory for single-family dwellings in the Cowichan Valley dropped a little to 296 from 331 the previous month, but still up quite a bit from October 2023’s inventory of 196.

Our average sale price for a single-family dwelling in the Cowichan Valley in October dropped to $776k - down from September’s average sale price of $787k.

The sell/list ratio in October was 65% (95 listed, 79 sold) which is much better than the 45% in September.

In general, homes are selling close to the list price, with the market’s sale prices averaging 96.6% of the list price – consistent with results from the last few months.

Our average "days on the market" was 54 in October, which is consistent with the last few months and is expected with increased inventory.

Please contact our team with any real estate-related questions; we’re here to provide you with the guidance and advice needed for this type of market.

Download the VIREB Graph Stat

MEDIA RELEASE

NOVEMBER 1, 2024

BALANCED MARKET OFFERS THE BEST OF BOTH WORLDS

NANAIMO, BC – The Vancouver Island Real Estate Board (VIREB) 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.

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. Slowing inflation, rate cuts, and a strong Vancouver Island economy that’s outpacing the rest of the province have revitalized VIREB’s housing market.

“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.”

Balanced markets with healthy inventory levels offer buyers and sellers the best of both worlds. Current listings aren’t flying off the market, but they’re also not lingering for too long.

“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.

Moving on to prices, 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.

In Campbell River, the benchmark price of a single-family home was $701,400 last month, up six per cent from the previous year. The Comox Valley’s year-over-year benchmark price rose by one per cent to $838,400. In the Cowichan Valley, the benchmark price was $769,300, a one per cent decrease from October 2023. Nanaimo’s year-over-year benchmark price dropped slightly to $809,000, while the Parksville-Qualicum area saw its benchmark price increase by one per cent to $896,400. 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.

Please note: The Vancouver Island Real Estate Board (VIREB) transitioned to a new MLS® System in July 2020 and now uses a significantly different data model, which has affected our categories and terminology. For the boardsupplied graphs, single-family is now referred to as single-family detached, apartment as condo apartment, and townhouse as row/townhouse, which now includes patio homes. However, when reporting HPI numbers, VIREB still refers to single-family, apartment, and townhouse in the media release.

ABOUT VIREB

VIREB represents over 1,100 REALTORS® in nearly 90 member offices on Vancouver Island, from the Malahat in the south to the northern tip.

VIREB cautions that average price information can be useful in establishing trends over time but does not indicate the actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas.

Trademarks are owned or controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA (REALTOR®) and/or the quality of services they provide (MLS®).

Visit our website for updated information at www.vireb.com.

HPI Note: Areas with insufficient data do not generate statistics and are not included in the HPI graphs.

At the end of September, our real estate inventory for single-family dwellings in the Cowichan Valley stabilized at 331, which is about where we have been for the last few months, but that is significantly up from 197 in September of 2023.

Real Estate Inventory Duncan & Cowichan Valley

Our average sale price for a single-family dwelling in the Cowichan Valley in September was $787k, down from September 2023 which was $812k.

With the increased inventory, the sell/list ratio was 45% (138 listed, 63 sold) in September, which is lower than August which was 57%.

In general, homes are selling close to the list price, with the market’s sale prices averaging 97.66% of the list price – consistent with results from the last few months.

Our average "days on the market" was 58 in September 2024, up from 54 in August—which is expected with increased inventory.

Please contact our team with any real estate-related questions; we’re here to provide you with the guidance and advice needed for this type of market.

Download the VIREB Graph Stat

OCTOBER 1, 2024

SPRING MARKET ARRIVES IN THE FALL

NANAIMO, BC – The Vancouver Island Real Estate Board (VIREB) recorded 637 unit sales and 4,465 active listings (all property types) board-wide on the MLS® System in September 2024, up 16 per cent and 24 per cent, respectively. In the single-family category (excluding acreage and waterfront), 320 homes sold in September, up 22 per cent from one year ago and down four per cent from August. Sales of condo apartments last month came in at 69, decreasing by 19 per cent year over year and one per cent from August. In the row/townhouse category, 93 units changed hands in September, up 31 per cent from one year ago and 35 per cent from August.

Active listings of single-family homes were 1,586 in September, up from the 1,173 posted one year ago. VIREB’s inventory of condo apartments was 410 last month, up from 305 in September 2023. There were 335 row/townhouses for sale last month compared to 239 the previous year.

With active listings at their highest level in five years, slowing inflation, and recent rate cuts, it’s an excellent time to buy. This advice holds particularly true for condo apartments and row/townhouses; the single-family market has been somewhat stagnant lately.

“The market we typically see in the spring never transpired, but the increased sales activity in September has the feel of spring,” says VIREB CEO Jason Yochim. “However, there are price reductions occurring throughout our area. Sellers are compromising to attract buyers, and overpriced properties are lingering for several months.”

The British Columbia Real Estate Association reports that inflation is slowing faster than expected, so another interest-rate reduction is likely on the horizon. Further, as reported last month, the Vancouver Island economy is performing remarkably well, with solid job growth, particularly in Victoria.

“We feel optimistic about the next few months, but buyers and sellers need to be on the same page,” adds Yochim. “Everyone wants to buy at the bottom of the market, but by the time we realize it’s here, it’s frequently too late.”

Moving on to prices, the board-wide benchmark price (MLS® Home Price Index) of a single-family home was $777,600 in September 2024, slightly higher than one year ago and down one per cent from August. In the apartment category, the benchmark price was $403,600 last month, down two per cent from the previous September and a small uptick from August. The benchmark price of a townhouse in September was $545,400, down one per cent from one year ago and slightly higher than in August.

In Campbell River, the benchmark price of a single-family home was $694,700 last month, up three per cent from the previous year. The Comox Valley’s year-over-year benchmark price dropped by $500 to $828,600. In the Cowichan Valley, the benchmark price was $773,900, a two per cent decrease from September 2023. Nanaimo’s year-over-year benchmark price rose slightly to $810,800, while the Parksville-Qualicum area saw its benchmark price increase by one per cent to $902,500. The cost of a benchmark single-family home in Port Alberni was $501,100, down three per cent from the previous year. For the North Island, the benchmark price of a single-family home rose by four per cent to $451,100.

Please note: The Vancouver Island Real Estate Board (VIREB) transitioned to a new MLS® System in July 2020 and now uses a significantly different data model, which has affected our categories and terminology. For the board-supplied graphs, single-family is now referred to as single-family detached, apartment as condo apartment, and townhouse as row/townhouse, which now includes patio homes. However, when reporting HPI numbers, VIREB still refers to single-family, apartment, and townhouse in the media release.

ABOUT VIREB

VIREB represents over 1,100 REALTORS® in nearly 90 member offices on Vancouver Island, from the Malahat in the south to the northern tip.

VIREB cautions that average price information can be useful in establishing trends over time but does not indicate the actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas.

Trademarks are owned or controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA (REALTOR®) and/or the quality of services they provide (MLS®).

Visit our website for updated information at www.vireb.com.

HPI Note: Areas with insufficient data do not generate statistics and are not included in the HPI graphs.

At the end of August, our real estate inventory for single-family dwellings in the Cowichan Valley stabilized at 316, which is about where we have been for the last few months, but that is significantly up from 183 in August of 2023.

Real Estate Inventory Duncan & Cowichan Valley

Our average sale price for a single-family dwelling in the Cowichan Valley in August was $803k, close to July’s at $802k.

With the increased inventory, the sell/list ratio was 57% (101 listed, 58 sold) in August, which is much lower than a year ago, when it was 95% in August 2023.

In general, homes are selling close to the list price, with the market’s sale prices averaging 97.51% of the list price – consistent with results from the last few months.

Our average "days on the market" was 54 in August 2024, up from 45 in July—there are no real surprises with the increase in inventory.

When realtors mention terms like 'two months of inventory' or 'six months of inventory,' they're talking about how long it would take to sell all the current homes on the market if no new homes were listed. This is based on the average number of homes sold each month.

For example, in August, we had 318 single-family homes available and sold 58 houses. This means we have about six months of inventory, which is higher than in recent markets, which will impact pricing and days on the market. Lower interest rates and increased consumer confidence will likely bring back a more balanced market; however, this change is usually measured in months, not weeks.

Please contact our team with any real estate-related questions; we’re here to provide you with the guidance and advice needed for this type of market.

Download the VIREB Graph Stat

SEPTEMBER 3, 2024

FAVOURABLE CONDITIONS TRENDING TOWARDS BUYERS’ MARKET

NANAIMO, BC – The Vancouver Island Real Estate Board (VIREB) recorded 662 unit sales board-wide and 4,520 active listings (all property types) on the MLS® System in August 2024. In the single-family category (excluding acreage and waterfront), 333 homes sold in August, up three per cent from one year ago and down eight per cent from July. Sales of condo apartments last month came in at 70, decreasing by 18 per cent year over year and 20 per cent from July. In the row/townhouse category, 69 units changed hands in August, down eight per cent from one year ago and 30 per cent from July.

Active listings of single-family homes were 1,564 in August, up from the 1,072 posted one year ago. VIREB’s inventory of condo apartments was 437 last month, up from 308 in August 2023. There were 364 row/townhouses for sale last month compared to 254 the previous year.

VIREB CEO Jason Yochim notes that VIREB’s housing market was flat during spring and summer, but REALTORS® are optimistic about the fall market.

“Active listings are at their highest level in nearly five years,” says Yochim. “Combined with recent rate cuts, an anticipated rate cut, and pricing that’s responsive to the current market, it’s an excellent time for buyers to make a move.”

“We all want to buy at the bottom of the market,” adds Yochim. “However, by the time we realize it’s here, it’s frequently too late.”

Adding to the favourable picture is a Vancouver Island economy performing remarkably well, with solid job growth, particularly in Victoria, according to the British Columbia Real Estate Association.

“Around 30,000 jobs came on line in the Victoria area this year, many of them in IT and the public sector,” says Yochim. “We anticipate that the lower home prices in our area compared to the South Island might appeal to some of those potential home buyers, especially for telecommuters.”

Moving on to prices, the board-wide benchmark price (MLS® Home Price Index) of a single-family home was $785,400 in August 2024, up two per cent from one year ago and a slight uptick from July. In the apartment category, the benchmark price was $403,400 last month, down one per cent from the previous August and three per cent from July. The benchmark price of a townhouse in August was $544,100, down one per cent from one year ago and up one per cent from July.

In Campbell River, the benchmark price of a single-family home was $691,700 last month, up one per cent from the previous year. The Comox Valley’s year-over-year benchmark price rose by three per cent to $832,800. In the Cowichan Valley, the benchmark price was $782,800, a one per cent decrease from August 2023. Nanaimo’s year-over-year benchmark price rose by two per cent to reach $819,900, while the Parksville-Qualicum area saw its benchmark price increase by two per cent to $916,000. The cost of a benchmark single-family home in Port Alberni was $519,900, up two per cent from the previous year. For the North Island, the benchmark price of a single-family home rose by three per cent to $441,700.

Please note: The Vancouver Island Real Estate Board (VIREB) transitioned to a new MLS® System in July 2020 and now uses a significantly different data model, which has affected our categories and terminology. For the board-supplied graphs, single-family is now referred to as single-family detached, apartment as condo apartment, and townhouse as row/townhouse, which now includes patio homes. However, when reporting HPI numbers, VIREB still refers to single-family, apartment, and townhouse in the media release.

ABOUT VIREB

VIREB represents over 1,100 REALTORS® in nearly 90 member offices on Vancouver Island, from the Malahat in the south to the northern tip.

VIREB cautions that average price information can be useful in establishing trends over time but does not indicate the actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas.

Trademarks are owned or controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA (REALTOR®) and/or the quality of services they provide (MLS®).

Visit our website for updated information at www.vireb.com.

HPI Note: Areas with insufficient data do not generate statistics and are not included in the HPI graphs.

Real Estate Inventory Duncan & Cowichan Valley

At the end of June, our real estate inventory for single-family dwellings in the Cowichan Valley increased slightly to 330 active homes compared to 321 active ones in July 2024.

Our average sale price for a single-family dwelling in the Cowichan Valley in July was $802K, an small increase increase from $789K in July 2024.

The sell/list ratio rose to 46.5% in July (134 listed/65 sold), up from 36.55% in July 2024.

In general, homes are selling close to the list price, with the market’s sale prices averaging 97.38% of the list price – consistent with results from the last few months.

Our average "days on the market" was 45 in July 2024, consistent over the last few months but likely to increase with increased inventory.

Please contact our team with any real estate-related questions; we’re here to provide you with the guidance and advice needed for this type of market.

Download the VIREB Graph Stat

At the end of June, our real estate inventory for single-family dwellings in the Cowichan Valley increased significantly to 321 active homes compared to 224 active ones in June 2023.

Real Estate Inventory Duncan & Cowichan Valley

Our average sale price for a single-family dwelling in the Cowichan Valley in June was $789k, a decrease from two months ago in April 2024, which was $827k.

With the increased inventory, the sell/list ratio dropped to a low of 36.55% (145 listed/53 sold) in June, compared to 58.78% (148 listed/87 sold) in June 2023.

In general, homes are selling close to the list price, with the market’s sale prices averaging 97.67% of the list price – consistent with results from the last few months.

Our average "days on the market" was 42 in June 2024, consistent over the last few months but likely to increase with increased inventory.

When realtors mention terms like 'two months of inventory' or 'six months of inventory,' they're talking about how long it would take to sell all the current homes on the market if no new homes were listed. This is based on the average number of homes sold each month.

For example, in June, we had 321 single-family homes available and sold 53 houses. This means we have about six months of inventory, which is higher than recent markets and will impact pricing and days on the market. Lower interest rates and increased consumer confidence will likely bring back a more balanced market.

Please contact our team with any real estate-related questions; we’re here to provide you with the guidance and advice needed for this type of market.

Download the VIREB Graph Stat

MEDIA RELEASE - July 2, 2024

WAITING IS THE THEME OF VIREB’S SUMMER HOUSING MARKET

NANAIMO, BC – The Vancouver Island Real Estate Board (VIREB) recorded 737 unit sales board-wide (all property types) on the MLS® System in June 2024. In the single-family category (excluding acreage and waterfront), 359 homes sold in June, down 15 per cent from one year ago and 12 per cent from May. Sales of condo apartments last month came in at 82, decreasing by 24 per cent year over year and by 11 per cent from May. In the row/townhouse category, 91 units changed hands in June, down eight per cent from one year ago and 16 per cent from May.

Active listings of single-family homes were 1,566 in June, an increase from the 1,105 posted one year ago. VIREB’s inventory of condo apartments was 440 last month, up from 319 in June 2023. There were 364 row/townhouses for sale last month compared to 274 the previous year.

Jason Yochim, VIREB Chief Executive Officer, says the market is behaving differently than during a typical summer, and the expected boost from the recent interest rate cut hasn’t materialized.

“Buyers and sellers seem to be holding back and waiting for some sort of indication that it’s a good time to make a move,” says Yochim. “REALTORS® are conducting open houses and showings, but it’s decidedly more sluggish than we usually see at this time of year.”

Yochim notes that well-priced, high-quality properties continue to garner multiple offers, but REALTORS® are seeing more offers significantly below the asking price.

“Inventory has risen considerably, and it’s been five years since active listings in the VIREB area were at this level, so buyers have more choice and more time to wait,” adds Yochim. “The same holds true for sellers, so there seems to be a waiting game going on.”

The board-wide benchmark price (MLS® Home Price Index) of a single-family home was $787,300 in June 2024, up three per cent from one year ago and one per cent from May. In the apartment category, the benchmark price was $411,200 last month, up one per cent from the previous June and down slightly from May. The benchmark price of a townhouse in June was $542,400, down two per cent from one year ago and a slight decrease from May.

In Campbell River, the benchmark price of a single-family home was $704,600 last month, up six per cent from the previous year. The Comox Valley’s year-over-year benchmark price rose by six per cent to $842,800. In the Cowichan Valley, the benchmark price was $791,100, a two per cent increase from June 2023. Nanaimo’s year-over-year benchmark price rose by three per cent to reach $823,000, while the Parksville-Qualicum area saw its benchmark price increase by one per cent to $896,800. The cost of a benchmark single-family home in Port Alberni was $514,300, a small uptick from the previous year. For the North Island, the benchmark price of a single-family home rose by three per cent to $437,800.

Please note: The Vancouver Island Real Estate Board (VIREB) transitioned to a new MLS® System in July 2020 and now uses a significantly different data model, which has affected our categories and terminology. For the board-supplied graphs, single-family is now referred to as single-family detached, apartment as condo apartment, and townhouse as row/townhouse, which now includes patio homes. However, when reporting HPI numbers, VIREB still refers to single-family, apartment, and townhouse in the media release.

ABOUT VIREB

VIREB represents over 1,100 REALTORS® in nearly 90 member offices on Vancouver Island, from the Malahat in the south to the northern tip.

VIREB cautions that average price information can be useful in establishing trends over time but does not indicate the actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas.

Trademarks are owned or controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA (REALTOR®) and/or the quality of services they provide (MLS®).

Visit our website for updated information at www.vireb.com.

HPI Note: Areas with insufficient data do not generate statistics and are not included in the HPI graphs.

At the end of May, our real estate inventory for single-family dwellings in the Cowichan Valley was up slightly to 283 active homes compared to 267 active homes in April 2024.

Real Estate Inventory Duncan & Cowichan Valley

Our average sale price for a single-family dwelling in the Cowichan Valley in May was $799k, a slight decrease from April 2024, which was $827k.

With the increased inventory the sell/list ratio increased to 57.64% (144 listed/83 sold) in May, compared to the 38.75% (160 listed/62 sold) in April 2024.

In general, homes are selling close to list price, with the market’s sale prices averaging 98.15% of list price – consistent with results from the last few months.

Our average ‘days on the market’ was 42 in May, up slightly from 35 days in April 2024.

On Wednesday June 5, 2024, the Bank of Canada lowered its lending rate by 25 basis points from 5 per cent to 4.75 per cent. Hopes are that this will stimulate more real estate activity in the second half of the year.

Please contact our team with any real estate-related questions; we’re here to provide you with the guidance and advice needed for this type of market.

Please contact our team with any real estate-related questions; we’re here to provide you with the guidance and advice needed for this type of market.

Download the VIREB Graph Stat

June 3, 2024

LARGE INVENTORY INCREASE IN MAY WHILE SALES CONTINUE TO LAG

NANAIMO, BC – The Vancouver Island Real Estate Board (VIREB) recorded 824 unit sales boardwide (all property types) on the MLS® System 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 that the typically busy spring market is slow to launch this year.

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

Yochim notes 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.

“On a positive note, VIREB’s inventory of single-family homes rose by 46 per cent in May, while active listings of all property types are up by 33 per cent board-wide,” says Yochim. “The VIREB market is now in balanced territory, which is great news for buyers and sellers.”

The board-wide benchmark price (MLS® Home Price Index) 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.

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. Nanaimo’s year-over-year benchmark price rose by four per cent to reach $815,900, while the Parksville-Qualicum area saw its benchmark price increase by two per cent to $896,400. The cost of a benchmark single-family home in Port Alberni was $517,000, up three per cent from the previous year. For the North Island, the benchmark price of a single-family home dropped by one per cent to $424,600.

Please note: The Vancouver Island Real Estate Board (VIREB) transitioned to a new MLS® System in July 2020 and now uses a significantly different data model, which has affected our categories and terminology. For the board supplied graphs, single-family is now referred to as single-family detached, apartment as condo apartment, and townhouse as row/townhouse, which now includes patio homes. However, when reporting HPI numbers, VIREB still refers to single-family, apartment, and townhouse in the media release.

ABOUT VIREB

VIREB represents over 1,100 REALTORS® in nearly 90 member offices on Vancouver Island, from the Malahat in the south to the northern tip.

VIREB cautions that average price information can be useful in establishing trends over time but does not indicate the actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas.

Trademarks are owned or controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA (REALTOR®) and/or the quality of services they provide (MLS®).

Visit our website for updated information at www.vireb.com.

HPI Note:  Areas with insufficient data do not generate statistics and are not included in the HPI graphs.

At the end of April, our real estate inventory for single-family dwellings in the Cowichan Valley increased to 267 active homes compared to 209 active homes in March.

Real Estate inventory Duncan & Cowichan Valley

Our average sale price for a single-family dwelling in the Cowichan Valley in February was $827k, a slight increase from March, which was $812k.

With an increased in April’s inventory, the sell/list ratio was at 38.75% (160 listed/62 sold), a decrease from the 53.15% (111 listed/59 sold) in March.

In general, homes are selling close to list price, with the market’s sale prices averaging 98.19% of list price – consistent with results from the last few months.

Our average ‘days on the market’ was 35 in April, slightly down from 48 days in March.

With our increased mortgage rates, and the increased inventory, we are fully in a buyer’s market. Sellers are strongly advised to get ahead of the market and keep their pencils sharp on their house prices to be relevant.

Download the full VIREB April 2024 Graphstat Report

Please contact our team with any real estate-related questions; we’re here to provide you with the guidance and advice needed for this type of market.

At the end of February, our real estate inventory for single-family dwellings in the Cowichan Valley was up slightly at 183 active homes compared to 161 active homes in January.

Real Estate Inventory Duncan & Cowichan Valley

Our average sale price for a single-family dwelling in the Cowichan Valley in February was $805k, an increase from January, which was $773k.

Our inventory sell/list ratio rose to 53.68% (95 listed/51 sold) in February, an increase from the 32.86% (70 listed/23 sold) in January.

Homes are no longer selling over list price – the market saw sale prices averaging 97.4% of list price – consistent with results from the last few months.

Our average ‘days on the market’ was 55 in February, slightly up from 44 days in January.

We are witnessing more realistic pricing of homes as sellers try to match up with buyers’ expectations and reduced buying power.

With our increased mortgage rates, and despite our low inventory, we have transitioned fully from a seller’s market to a buyer’s market. Sellers are strongly advised to get ahead of the market and keep their pencils sharp on their house prices to be relevant.

Please contact our team with any real estate-related questions; we’re here to provide you with the guidance and advice needed for this type of market.

Download the VIREB Graph Stat

MEDIA RELEASE

MARCH 1, 2024

FEBRUARY SEES SIGNIFICANT SALES INCREASE

NANAIMO, BC – Last month, 254 single-family homes sold in the Vancouver Island Real Estate Board (VIREB) area, up 15 per cent from one year ago and 67 per cent from January 2023. Sales of condo apartments in February came in at 68, increasing by 11 per cent year over year and up 45 per cent from January. In the row/townhouse category, 59 units changed hands last month, an increase of 18 per cent from one year ago and up 48 per cent 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 per cent, and for current clients, some banks are offering rates of less than five per cent for longer terms,” adds Yochim. “We encourage people to speak to a mortgage professional to determine their best option.”

The board-wide benchmark price (MLS® Home Price Index) of a single-family home was $753,500 in February 2024, up six per cent from one year ago and a one per cent increase from January.

In the apartment category, the benchmark price was $387,400 last month, up one per cent from the previous February and two per cent from January. The benchmark price of a townhouse in February was $546,500, up two per cent from one year ago and a slight decrease from January.

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

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.

Please note: The Vancouver Island Real Estate Board (VIREB) transitioned to a new MLS® System in July 2020 and now uses a significantly different data model, which has affected our categories and terminology. For the board-supplied graphs, single-family is now referred to as single-family detached, apartment as condo apartment, and townhouse as row/townhouse, which now includes patio homes. However, when reporting HPI numbers, VIREB still refers to single-family, apartment, and townhouse in the media release.

ABOUT VIREB

VIREB represents over 1,100 REALTORS® in nearly 90 member offices on Vancouver Island, from the Malahat in the south to the northern tip.

VIREB cautions that average price information can be useful in establishing trends over time but does not indicate the actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas.

Trademarks are owned or controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA (REALTOR®) and/or the quality of services they provide (MLS®).

Visit our website for updated information at www.vireb.com.

HPI Note: Areas with insufficient data do not generate statistics and are not included in the HPI graphs.

At the end of January, our real estate inventory for single-family dwellings in the Cowichan Valley was up slightly at 161 active homes compared to 145 active homes in December 2023.

Real Estate Inventory Duncan & Cowichan Valley

Our average sale price for a single-family dwelling in the Cowichan Valley in January was $773k, a very slight increase from December 2023, which was $772k.

With the increased inventory the sell/list ratio dropped to 32.86% (70 listed/23 sold) in January, compared to the 66.67% (39 listed/26 sold) in December 2023.

Homes are no longer selling over list price – the market saw sale prices averaging 98.42% of list price – consistent with results from the last few months.

Our average ‘days on the market’ was 44 in January, just down from 45 days in December 2023.

We are witnessing more realistic pricing of homes as sellers try to match up with buyers’ expectations and reduced buying power.

With our increased mortgage rates, and despite our low inventory, we have transitioned fully from a seller’s market to a buyer’s market. Sellers are strongly advised to get ahead of the market and keep their pencils sharp on their house prices to be relevant.

Please contact our team with any real estate-related questions; we’re here to provide you with the guidance and advice needed for this type of market.

Download the VIREB Graph Stat

MEDIA RELEASE - February 1, 2024

NORMAL JANUARY KICKS OFF 2024 WITH OPTIMISTIC OUTLOOK

NANAIMO, BC – Last month, 152 single-family homes sold in the Vancouver Island Real Estate Board (VIREB) area, down six per cent from one year ago and up slightly from December 2023. Sales of condo apartments in January came in at 47, increasing by 12 per cent year over year and up 21 per cent from December. In the row/townhouse category, 40 units changed hands last month, an increase of 14 per cent from one year ago and up three per cent from the previous month.

Active listings of single-family homes were 807 in January, down from 861 one year ago. VIREB’s inventory of condo apartments was 258 last month, up from 239 one year ago. There were 282 row/townhouses for sale last month compared to 239 one year ago.

“We had a fairly normal January, with unit sales of 354 compared to 340 last year,” says Ian Mackay, 2024 Chair. “REALTORS® are reporting that plenty of listings are hitting the system, and we’re sensing a lot of optimism regarding the spring market.”

However, interest rates and the mortgage stress test (Guideline B-20) continue to deter some buyers, as does the pervasive low inventory in the VIREB area, which limits the selection of affordable homes.

Mackay, who works primarily in Parksville-Qualicum, notes that properties listed in a moderate range, are selling remarkably quickly.

The board-wide benchmark price (MLS® Home Price Index) of a single-family home was $749,000 in January 2024, up six per cent from one year ago and down one per cent from December. In the apartment category, the benchmark price was $380,600 last month, a slight decrease from the previous January and down one per cent from December. The benchmark price of a townhouse in January was $546,600, up two per cent from one year ago and a slight increase from December.

In Campbell River, the benchmark price of a single-family home was $650,500 last month, up seven per cent from the previous year. The Comox Valley’s year-over-year benchmark price rose seven per cent to $816,300. In the Cowichan Valley, the benchmark price was $746,600, a three per cent increase from January 2023. Nanaimo’s year-over-year benchmark price rose by six per cent to reach $783,100, while the Parksville-Qualicum area saw its benchmark price increase by six per cent to $856,700. The cost of a benchmark single-family home in Port Alberni was $517,600, down five per cent from the previous year. For the North Island, the benchmark price of a single-family home dropped slightly to $403,000. However, prices decreased from December 2023 in nearly every zone.

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.

Please note: The Vancouver Island Real Estate Board (VIREB) transitioned to a new MLS® System in July 2020 and now uses a significantly different data model, which has affected our categories and terminology. For the board-supplied graphs, single-family is now referred to as single-family detached, apartment as condo apartment, and townhouse as row/townhouse, which now includes patio homes. However, when reporting HPI numbers, VIREB still refers to single-family, apartment, and townhouse in the media release.

ABOUT VIREB

VIREB represents over 1,100 REALTORS® in nearly 90 member offices on Vancouver Island, from the Malahat in the south to the northern tip.

VIREB cautions that average price information can be useful in establishing trends over time but does not indicate the actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas.

Trademarks are owned or controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA (REALTOR®) and/or the quality of services they provide (MLS®).

Visit our website for updated information at www.vireb.com.

HPI Note: Areas with insufficient data do not generate statistics and are not included in the HPI graphs.

At the end of December, our real estate inventory for single-family dwellings in the Cowichan Valley was down slightly at 145 active homes compared to 183 active homes in November.

Real Estate Inventory Duncan & Cowichan Valley

Our average sale price for a single-family dwelling in the Cowichan Valley in December was $772k, a slight decrease from November, which was $788k.

Our inventory sell/list ratio rose to 66.67% (39 listed/26 sold) in December, an increase from the 60.87% (69 listed/42 sold) in November

Homes are no longer selling over list price – the market saw sale prices averaging 97.47% of list price – consistent with results from the last few months.

Our average ‘days on the market’ was 45 in December, slightly down from 48 days in November.

We are witnessing more realistic pricing of homes as sellers try to match up with buyers’ expectations and reduced buying power.

With our increased mortgage rates, and despite our low inventory, we have transitioned fully from a seller’s market to a buyer’s market. Sellers are strongly advised to get ahead of the market and keep their pencils sharp on their house prices to be relevant.

Please contact our team with any real estate-related questions; we’re here to provide you with the guidance and advice needed for this type of market.

Download the VIREB Graph Stat

MEDIA RELEASE - January 3, 2024

LACKLUSTRE DECEMBER CLOSES OUT 2023 

NANAIMO, BC – The Vancouver Island Real Estate Board (VIREB) recorded 7,297 unit sales in 2023 compared to 11,045 in 2021 and 7,810 in 2022. High interest rates are primarily to blame for the weaker sales, as there was significant demand, but many buyers opted to wait for an anticipated 2024 rate cut.

Last month, there were 151 sales of single-family homes in the VIREB area, down 23 per cent from last December and 36 per cent from November. Sales of condo apartments in December came in at 39, increasing by 11 per cent year over year but down 30 per cent from November. In the row/ townhouse category, 39 units changed hands last month, an increase of 50 per cent from one year ago and down 22 per cent from November 2023.

Active listings of single-family homes dropped to 796 in December from 895 one year ago and 1,040 in November. VIREB’s inventory of condo apartments was 257 last month, up from 248 in December 2022 but down from November’s 285 listings. There were 244 row/townhouses for sale last month compared to 229 one year ago and 282 in November.

“Based on conversations REALTORS® are having with clients, there is certainly demand out there, so we’re expecting a fairly busy spring,” says Kelly O’Dwyer, 2023 Chair. “However, there are policy changes coming in 2024 that could impact the real estate market, such as new rules surrounding short-term rentals that take effect on May 1.”

Another potentially significant policy change that could impact sales is the B.C. government’s decision to expand the speculation tax to Parksville, Qualicum Beach, Courtenay, Comox, and Cumberland. Residents in those communities must declare for the first time in January 2025 based on how they use their property in 2024.

The board-wide benchmark price (MLS® Home Price Index) of a single-family home was $753,000 in December 2023, up five per cent from one year ago and down one per cent from November. In the apartment category, the benchmark price was $384,500 last month, a year-over-year increase of three per cent and a one per cent decrease from November 2023. The benchmark price of a townhouse last month was $544,200, up two per cent from December 2022 and down two per cent from November.

In Campbell River, the benchmark price of a single-family home was $653,100 last month, up seven per cent from the previous year. The Comox Valley’s year-over-year benchmark price rose seven per cent to $820,600. In the Cowichan Valley, the benchmark price was $763,400, a four per cent increase from December 2022. Nanaimo’s year-over-year benchmark price rose by five per cent to $781,900, while the Parksville-Qualicum area saw its benchmark price increase by two per cent to $845,200. The cost of a benchmark single-family home in Port Alberni was $530,700, up three per cent from the previous year. For the North Island, the benchmark price of a single-family home dropped slightly to $426,300. However, prices of single-family homes, condo apartments, and row/ townhouses dipped from November to December in most zones.

Please note: The Vancouver Island Real Estate Board (VIREB) transitioned to a new MLS® System in July 2020 and now uses a significantly different data model, which has affected our categories and terminology. For the board-supplied graphs, single-family is now referred to as single-family detached, apartment as condo apartment, and townhouse as row/townhouse, which now includes patio homes. However, when reporting HPI numbers, VIREB still refers to single-family, apartment, and townhouse in the media release.

ABOUT VIREB

VIREB represents over 1,100 REALTORS® in nearly 90 member offices on Vancouver Island, from the Malahat in the south to the northern tip.

VIREB cautions that average price information can be useful in establishing trends over time but does not indicate the actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas.

Trademarks are owned or controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA (REALTOR®) and/or the quality of services they provide (MLS®).

Visit our website for updated information at www.vireb.com.

HPI Note: Areas with insufficient data do not generate statistics and are not included in the HPI graphs.