2024 ended on a good note for home sales, as over 7,480 homes were sold on Vancouver Island.
The Vancouver Island Real Estate Board have released their stats for last year, showing a total of 7,489 units sold, 192 more compared to the 7,297 sold in 2023.
The board says 227 single-family homes were sold in December, a 52 percent increase compared to the number in December 2023.
While 44 condo apartments were sold, a 16 percent jump from 2023, the row/townhouse category ended up with 58 units sold, a 49 percent jump.
VIREB CEO Jason Yochim says realtors are feeling optimistic about this year.
“Midway through 2024, VIREB’s housing market was fairly lackluster, but it picked up steam later in the year,” said Yochim.
“Our market remains balanced, indicated by an absorption rate of 15 per cent, which benefits buyers and sellers.”
Active listings also saw increases last year, with 829 listings for single-family homes, 271 for condo apartments, and 195 for row/townhouses.
They say for a single-family home, the price was $776,500 in December, a three percent increase from 2023’s price.
In the Comox Valley, the cost went up to $834,500. For Campbell River, the price was $693,400, $448,400 for the North Island, $762,800 for the Cowichan Valley, Nanaimo’s price went up to $819,000, and Parksville-Qualicum had the biggest price at $886,300.
While the BC Real Estate Association projects home sales to be around 7,900 this year, the board adds there is uncertainty due to the tariff threats made by the incoming Trump administration.
