Nanaimo Harbour

April 2024 Vancouver Island Real Estate Board Statistics

VIREB April 2024 Statistics Graph
04-Apr-24-VIREB-Stats-Package

More Inventory Benefits Both Buyers And Sellers – April 2024 Vancouver Island Real Estate Board Statistics

NANAIMO, BC – 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 per cent from one year ago and up 29 per cent from the previous month. Sales of condo apartments last month came in at 75, dropping by one per cent year over year and down 11 per cent from March. In the row/townhouse category, 83 units changed hands in April, down two per cent from one year ago and up one per cent 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 per cent from one year ago and a one per cent increase from March. In the
apartment category, the benchmark price was $395,300 last month, up two per cent from the
previous April and a slight uptick from March. The benchmark price of a townhouse in April was
$545,100, up two per cent 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
per cent from the previous year. The Comox Valley’s year-over-year benchmark price rose by nine
per cent to $857,300. In the Cowichan Valley, the benchmark price was $772,300, a four per cent
increase from April 2023. Nanaimo’s year-over-year benchmark price rose by five per cent to reach
$799,300, while the Parksville-Qualicum area saw its benchmark price increase by three per cent
to $885,000. The cost of a benchmark single-family home in Port Alberni was $531,400, up four
per cent from the previous year. For the North Island, the benchmark price of a single-family home
dropped by two per cent to $413,300

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.


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