Vancouver Island Real Estate Board Statistics for July 2024

In the single-family category (excluding acreage and waterfront), 363 homes sold in July, down 11 per cent from one year ago and up one per cent from June. Sales of condo apartments last month came in at 87, decreasing by nine per cent year over year and up six per cent from June. In the row/townhouse category, 99 units changed hands in July, up 16 per cent from one year ago and nine per cent from June.

 

Active listings of single-family homes were 1,596 in July, up from the 1,092 posted one year ago. VIREB’s inventory of condo apartments was 455 last month, up from 312 in July 2023. There were 342 row/townhouses for sale last month compared to 262 the previous year.

 

With an absorption rate of 16 per cent and approximately six months of inventory, the VIREB housing market is in balanced territory and edging slightly towards a buyers’ market.

 

Benchmark prices for July are provided below.

 

• Single-family - $784,200 (up 2% y-o-y)

• Apartment - $414,300 (up 1% y-o-y)

• Townhouse - $540,800 (down 2% y-o-y)

 

Our July 2024 Statistics Package is available at https://bit.ly/4caJYvd.