The benchmark price for a single-family home in Parksville Qualicum Beach continues to hover close to the $900,000 mark.
According to the latest numbers released by the Vancouver Island Real Estate Board, the PQB area saw its benchmark price increase by four per cent (over the same time period in 2023) to $886,300. Last month, the benchmark price was $885,900.
Nanaimo’s year-over-year benchmark price rose by four per cent to $819,000. 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.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.
According to VIREB, 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.
“Midway through 2024, VIREB’s housing market was fairly lacklustre, but it picked up steam later in the year,” said VIREB CEO Jason Yochim. “Our market remains balanced, indicated by an absorption rate of 15 per cent, which benefits buyers and sellers.”
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.
