More Inventory Benefits Both Buyers and Sellers

The Vancouver Island Real Estate Board (VIREB) recorded 741 unit sales boardwide (all property types) in April 2024. In the single-family category (excluding acreage and waterfront), 376 homes sold in April, down two percent from one year ago and up 29 percent from the previous month. Sales of condo apartments last month came in at 75, dropping by one percent year over year and down 11 percent from March. In the row/townhouse category, 83 units changed hands in April, down two percent from one year ago and up one percent from March.

Active listings of single-family homes were 1,271 in April, an increase from the 956 posted one year ago. VIREB’s inventory of condo apartments was 381 last month, up from 304 in April 2023. There were 368 row/townhouses for sale last month compared to 246 the previous year.

VIREB Chief Executive Officer Jason Yochim says that the spring market, which typically starts showing signs of life in February, is finally here.

“Sales are up from March, and REALTORS® are showing a lot of homes,” says Yochim. “Listings have also had a healthy boost, which is positive news, and sellers are responding to changing market conditions with price adjustments.” Yochim adds that Vancouver Island has experienced chronically low inventory for several years, so additional listings benefit buyers and sellers.

“More inventory means more choices for buyers, but sellers also need somewhere to go when their home is purchased,” says Yochim. “Additional listings are a win-win for everyone.”

The board-wide benchmark price (MLS® Home Price Index) of a single-family home was $774,700 in April 2024, up five percent from one year ago and a one percent increase from March. In the apartment category, the benchmark price was $395,300 last month, up two percent from the previous April and a slight uptick from March. The benchmark price of a townhouse in April was $545,100, up two percent from one year ago and $100 lower than in March.

In Campbell River, the benchmark price of a single-family home was $678,800 last month, up seven percent from the previous year. The Comox Valley’s year-over-year benchmark price rose by nine percent to $857,300. In the Cowichan Valley, the benchmark price was $772,300, a four percent
increase from April 2023. Nanaimo’s year-over-year benchmark price rose by five percent to reach $799,300, while the Parksville-Qualicum area saw its benchmark price increase by three percent to $885,000. The cost of a benchmark single-family home in Port Alberni was $531,400, up four
percent from the previous year. For the North Island, the benchmark price of a single-family home dropped by two percent to $413,300.

(Article courtesy of the Vancouver Island Real Estate Board)