In the previous month, the Vancouver Island Real Estate Board (VIREB) area witnessed a notable surge in housing sales. Single-family homes saw a total of 254 transactions, marking a 15% increase compared to the same period last year and a substantial 67% rise from January 2023.
Condo apartment sales also experienced a significant uptick, reaching 68 units sold in February. This represents an 11% year-over-year increase and a remarkable 45% jump from the previous month. Similarly, the row/townhouse market saw a surge in activity, with 59 units changing hands, marking an 18% increase from the previous year and a substantial 48% rise from January.
Despite the surge in sales, the inventory of single-family homes dipped slightly, with active listings totaling 915 in February, down from 937 the previous year. However, the inventory of condo apartments rose, reaching 298 units last month, compared to 253 units one year ago. The row/townhouse market also experienced an increase in inventory, with 328 units available for sale in February, compared to 251 units in February 2023.
Benchmark prices for February are provided below.
• Single-family – $753,500 (up 6% y-o-y)
• Apartment – $387,400 (up 1% y-o-y)
• Townhouse – $546,500 (up 2% y-o-y)
