October saw a jump in home sales and active listings throughout Vancouver Island.
That comes from a report by Vancouver Island Real Estate Board, saying 722 homes were sold last month with 4,015 active listings, a 42 percent and 12 percent increase respectively.
For single families, 346 homes were sold, a 45 percent jump from last year and an eight percent jump from September. Other sales increases included condo apartments at 80, and 83 row/townhouse units, with each seeing increases of 36 percent and 43 percent.
They say for active listings, there were 1,352 for single-family homes, 366 for condo apartments, and 299 for row/townhouses.
Real estate board CEO Jason Yochim says last month had some healthy increases.
“With an absorption rate of 18 per cent and around five months of inventory, the VIREB market is currently in balanced territory,” said Yochim.
He says with these increases, they could end 2024 on a good note with 7,400 sales, 286 more than 7,114 sales from last year.
The report adds the changes come because of slowing inflation, rate cuts, and a stronger economy on the Island.
When it comes to the price of a single-family home, the board says the cost was $777,900 last month, one percent more than the number last year and $300 less than the price in September.
For Campbell River, the cost of a single-family home was $701,400, up six percent from last year.
For the Comox Valley, the price had gone up to $838,400, while the Cowichan Valley’s price was $769,300, a one percent decrease from last October.
Nanaimo’s price dropped slightly to $809,000, Parksville – Qualicum had a jump with $896,400, Port Alberni’s was $502,100, and the North Island had $430,300.
