Townhouses sold on Vancouver Island increased 39 per cent from Feb-March of this year, the highest increase out of any housing unit in a single month. (Dreamstime)

By NanaimoNewsNOW Staff

march increase

Townhouse sales driving home price increases across Vancouver Island

Apr 8, 2024 | 4:28 PM

NANAIMO — The buying and selling of homes on Vancouver Island was calmer than anticipated last month, according to real-estate experts.

The Vancouver Island Real Estate Board (VIREB) released their March report last week, with 655 homes of all types sold last month.

CEO Jason Yochim said they saw the number of units sold drop slightly compared to March of 2023, while the opposite was true from February to March of this year.

“Kind of expected it might be a little stronger than that, but not totally surprising. We’re still seeing some of the impacts from the interest rates and no adjustments to reduce those. The other factor too is the increase in listings coming into the inventory. Those two factors combined seem to slow things down a wee bit.”

Compared to last March, 22 per cent fewer homes were sold last month, while 27 per cent more condo apartments were sold compared to 2023.

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The sale of townhouses also saw an increase of nine per cent from last year, and up 39 per cent from February.

The benchmark price for a single-family home on Vancouver Island in March was $765,600, an increase of five per cent from a year ago, and up two per cent from February.

For apartments, the benchmark price was $395,000, up two per cent for both last year and from February, while townhouses came in at $545,200, up only one per cent from last year and a minor drop from February.

Nanaimo saw its year-over-year benchmark price rise by six per cent to $794,900, while those in the Parksville-Qualicum area saw an increase of two per cent to $867,300.

Yochim said they expect the market to get busier during their spring season, typically from now until June, as buyers and sellers typically want to finalize deals before summer.

“During summer they can make their changes through school and things like that, so we’re hoping some of that inventory would get absorbed. Also, we expect we’ll still see an increase each month in the number of active listings coming into the market, so hopefully, those two factors together will help us catch up.”

Yochim said it’s important for both buyers and sellers to do their homework before entering the housing market.

“Be sure when you put your home on the market to get good advice and good input…also on the buying side, getting good advice, looking at different markets in the Island area that we look after and making sure you understand the neighbourhoods and the markets you’re considering.”

— with files from Jon De Roo, 97.3 The Eagle

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