In February 2024, the Vancouver Island Real Estate Board (VIREB) area experienced remarkable growth across diverse property categories. This surge in the real estate market has captured the attention of buyers, sellers, and industry experts alike. From single-family homes to condominiums and townhouses, each property type saw notable increases, signaling a dynamic and flourishing market landscape. Let's delve deeper into the exciting developments and trends that shaped the VIREB real estate market in February 2024.

Single Family Detached

Single-family home sales in Nanaimo witnessed a remarkable uptick, with a 10% surge compared to the previous year and an impressive 65% rise from January 2024, culminating in the sale of 66 units. The average sales price stood at $839,958, reflecting a year-on-year growth of 5.82% and a 4.1% increase compared to January 2024. Additionally, 170 units were listed, indicating a healthy level of activity in the market.

Condo/Apartment

Condo apartment sales in Nanaimo saw a notable uptick, showing a 12.5% year-over-year increase and a 12.5% month-over-month rise, amounting to a total of 18 units sold. The average sales price reached $443,340, marking a year-on-year growth of 14.85% and a 10.2% increase compared to January 2024. Additionally, 59 units were listed, indicating continued activity in the condo market.

Row/Townhouse

Row/townhouse sales in Nanaimo experienced a significant surge, with a 75% increase compared to the previous year and a substantial 55.6% rise from January. A total of 14 units changed hands during this period. The average sales price reached $554,814, reflecting a year-on-year growth of 9.59% but showing a 10.5% decrease compared to January 2024. Currently, there are 41 units listed in the market, indicating continued activity in the row/townhouse segment.

Jason Yochim, Vancouver Island Real Estate Board (VIREB) CEO, highlights a substantial sales increase compared to last February, with significant month-over-month double-digit growth.

Despite buyers awaiting spring, realtors report robust pent-up demand. While media attention is on Bank of Canada interest rates, certain financial institutions provide competitive rates, such as five-year fixed rates ranging from five to seven percent.

Yochim recommends seeking advice from mortgage professionals for optimal mortgage choices. For more information, feel free to reach out to us.