By David Wiwchar

Home sales hoped to improve in 2024

Home sales hoped to improve in 2024

Jan 5, 2024 | 9:13 AM

High interest rates are being blamed for the drop in home sales throughout the region, but a possible rate drop could spark a resurgence in the Spring, according to the Vancouver Island Real Estate Board.

In Port Alberni, the benchmark price of homes rose almost 5% from November to December to $530,000, where other areas of the island saw their prices drop slightly.

Dan Savard, an independent agent with Royal LePage Pacific Rim says signs are pointing to a more positive Spring.

“Through Christmas, buyer views of my listings are up significantly, so that might be the beginning of something positive for the Spring market,” he said. “Interest rates may be coming down in the near future, and that would be a very positive thing.”

Apartment prices followed the housing pattern of rising at the end of the year but still below summer prices, while townhouse prices remained stable.

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280 homes sold in the Port Alberni / West Coast region last year, down almost 14% from the 325 sold in 2022.

Campbell River was the only area to see growth last year with an 11% increase in the number of homes sold.