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Duncan & Cowichan Valley Housing Market Update - February 2024

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.

Read

Duncan & Cowichan Valley Housing Market Update - January 2024

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.

Read

Duncan & Cowichan Valley Housing Market Update - December 2023

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.

Read
MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.