MARKET UPDATE for JANUARY /2024

Courtesy NANCY SMITH and VIREB

• 
• By Nancy Smith
• Qualicum Beach REALTOR®
• Published: Feb 4th, 2024 at 10:57 am

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.