Home sales were down nine per cent on Vancouver Island in October compared with the same time last year. The latest report from the Vancouver Island Real Estate Board (VIREB) says there were 649 housing units sold last month and 3,838 active listings — down four per cent from a year ago.
Three per cent more single-family homes sold in October compared with September, with 317 transactions. There were 1,224 active listings excluding waterfront and acreage properties. The report shows an eight per cent year-over-year decrease in single-family home sales.
VIREB CEO Jason Yochim said the market is balanced with about six months of inventory.
“Our local market continues to stand out for its stability and resilience, especially when compared to the Lower Mainland and Vancouver. It’s a healthy environment for both buyers and sellers, with some good opportunities on both sides,” Yochim said. “Prices are steady, and with the Bank of Canada’s recent rate cuts likely behind us for now, the environment feels more predictable and sustainable.”
There were 362 condos on the market on Vancouver Island in October and 69 sold — 13 per cent fewer than last year but up 17 compared with September sales.
The benchmark price of a single-family home on Vancouver Island rose two per cent from a year ago in October and stood at $795,900.
The benchmark price for a condo was $411,700 last month, up four per cent year-over-year and down one per cent from September.
The most expensive housing market remains Parksville/Qualicum Beach, with a benchmark price of $920,700, up three per cent over last year.
Nanaimo’s benchmark price increased one per cent to $813,900.
A single-family home in Campbell River has a benchmark price of $704,200, up one per cent over last year.
The Comox Valley’s year-over-year benchmark price rose by three per cent to $859,100 and the Cowichan Valley rose five per cent to $803,700.
The North Island has the least expensive benchmark price for a single-family home at $464,600, an increase of eight per cent over last year.
