It appears home sales are on the rise on Vancouver Island as its real estate board reports a 67 per cent jump in February compared with January 2023.
That is from the board’s most recent report. They add single-family home sales were also up 15 per cent compared to a year ago. However, active listings were slightly down at 915 compared with 937.
Across the area, the benchmark price of a single-family home was $753,500 last month. That is up six per cent from a year ago and one per cent from January.
Single-family home benchmark prices were also up in almost every area of Vancouver Island, apart from the North Island.
The report says Campbell River saw a nine per cent increase from last year for a benchmark price of $661,600. The Comox Valley meanwhile saw a six per cent increase from February 2023 for a near $830,000 benchmark.
In the Cowichan Valley, the benchmark price for a single-family home hit nearly $750,000, a five per cent increase year-over-year. Nanaimo’s benchmark price hit $787,000 for a six per cent increase, while Parksville-Qualicum area saw the smallest increase at three per cent.
However, that makes for a benchmark home price of $845,700.
While prices increased almost everywhere, the North Island saw a four per cent decrease in price. A single-family home will cost at least $392,100.
“Board-wide, sales rose significantly from last February, while month-over-month, increases were in the high double digits,” said VIREB CEO Jason Yochim.
“Realtors are reporting that although many buyers are waiting for spring, pent-up demand is high.”
Yochim also says that some financial institutions are offering “excellent” interest rates over longer terms.
“In fact, five-year fixed rates are between five and seven per cent, and for current clients, some backs are offering rates of less than five per cent for longer terms,” added Yochim.
“We encourage people to speak to a mortgage professional to determine their best option.”
