Vancouver Island Condo Values for March 2024

Avg Home Prices

Vancouver Island: $844,196 l North Island: $391,667 l Comox Valley: $947,555 l Cowichan Valley: $812,181 l Pacific Rim: $583,496 l Parksville & Qualicum: $1,064,865 l Nanaimo: $847,984 l Campbell River: $766,992 l Surrounding Islands: $580,000 l Chemainus: $620,000 l Cobble Hill: $872,500 l Cowichan Bay: $872,000 l Crofton: $653,000 l East Duncan: $823,850 l Honeymoon Bay: $809,750 l Ladysmith: $877,500 l Lake Cowichan: $624,667 l Mill Bay: $1,117,000 l Shawnigan Lake: $764,000 l West Duncan: $722,576 l Youbou: $450,000 l Kelsey Bay & Sayward: $375,000 l Port Hardy: $260,000 l Port McNeill: $540,000 l Central Campbell River: $641,571 l North Campbell River: $994,900 l South Campbell River: $715,000 l West Campbell River: $674,950 l Willow Point: $835,154 l Town of Comox: $914,294 l City of Courtenay: $780,250 l East Courtenay: $1,006,786 l North Courtenay: $1,407,450 l South Courtenay: $1,019,267 l West Courtenay: $662,500 l Crown Isle in Courtenay: $1,248,850 l Cumberland: $911,250 l Merville & Black Creek: $916,400 l Union Bay & Fanny Bay: $820,000 l Brechin Hill in Nanaimo: $515,000 l Cedar: $1,075,000 l Central Nanaimo: $643,067 l Chase River Area of Nanaimo: $756,300 l Departure Bay in Nanaimo: $871,286 l Diver Lake in Nanaimo: $828,967 l Extension area in Nanaimo: $520,000 l Hammond Bay in Nanaimo: $1,111,875 l Lower Lantzville: $935,000 l North Jingle Pot: $1,189,000 l North Nanaimo: $1,035,136 l Old City Nanaimo: $601,333 l Pleasant Valley in Nanaimo: $689,967 l South Jingle Pot in Nanaimo: $761,000 l South Nanaimo: $681,870 l University District in Nanaimo: $904,648 l Uplands in Nanaimo: $672,528 l Upper Lantzville: $1,366,500 l Bowser & Deep: $1,014,000 l Fairwinds: $1,321,650 l French Creek: $1,079,750 l Nanoose: $1,525,500 l Parksville: $929,070 l Qualicum Beach: $896,764 l North Qualicum: $880,000 l Alberni Valley: $720,000 l Port Alberni: $541,018 l Ucluelet: $783,000 l

Vancouver Island Real Estate Market Reports

As a dedicated analyst of real estate trends, I’ve observed significant developments in Vancouver Island condo values for March 2024. This report delves into the nuances of the market’s current status, providing a detailed analysis based on the most recent data from the Vancouver Island Real Estate Board.

Economic Conditions:

The current economic landscape, as influenced by the Bank of Canada’s latest reports, indicates a stable yet cautious economic environment. Interest rates remain a critical factor, influencing both buyer and seller behaviors on Vancouver Island.

Infographic for Vancouver Island condo market in March 2024, highlighting key statistics and featuring Jason Anson's contact info. — Navigating the condo market on Vancouver Island? Connect with Jason Anson for unparalleled expertise.

Supply and Demand:

March 2024 saw a slight decrease in condo listings on Vancouver Island, with 141 units listed compared to 142 units last year, marking a 0.70% decline. However, sales have shown a robust increase, with 84 units sold, up from 66 the previous year, reflecting a 27.27% growth. This trend underscores a strengthening demand against a slightly tightening supply.

Vancouver Island Real Estate Market Overview for March 2024:

This month’s real estate market on Vancouver Island shows a vibrant dynamic, with a noticeable increase in both sales volume and selling prices, suggesting a seller’s market. Economic indicators, such as stable employment rates and interest rates, play a significant role in sustaining market activity.

Detailed Analysis:

Units Listed: The slight reduction in listings suggests a tightening market.
Units Reported Sold: A significant year-over-year increase by 27.27% indicates growing buyer interest.
Sell/List Ratio: Improved from last year, suggesting sellers are achieving near-asking prices.
Reported Sales Dollars: Increased notably by 33.28% to $35,605,846.
Average Sell Price/Unit: Increased by 4.72%, indicating a rising market value.
Median Sell Price: Stood firm, showing stability in pricing under current market conditions.
Sell Price/List Price Ratio: Remains high, demonstrating strong market demand.
Days to Sell: Slight increase suggests a slight cooling yet still fast-moving market.
Active Listings: The increase in active listings indicates more options are becoming available for buyers.

Vancouver Island Real Estate Market Insight: Comparative Activity by Condo Apartment for March 2024:

This detailed segment highlights a 11.65% increase in units listed year to date, reflecting a market that is responding with more listings to meet increasing demand. The significant rise in reported sales dollars year to date by 29.86% to $84,621,024 illustrates a healthy investment momentum.

Current Month Analysis:

March’s condo market on Vancouver Island presented an impressive resilience with a considerable uptick in sales, reflecting robust demand. The sell/list ratio at 59.57% is particularly noteworthy, suggesting sellers are seeing favorable outcomes close to their asking prices.

12 Months to Date Analysis:

Reviewing the past year, there has been a consistent growth in sales volume, accompanied by a steady increase in selling prices, which reaffirms the market’s overall health.

Year to Date Analysis:

The year-to-date analysis highlights a robust market, with increases across most metrics. Notably, the average sell price per unit has risen by 10.84%, underscoring an appreciating market value.

Impact on Buyers:

Given the current market conditions, now appears to be a competitive time for buying condos on Vancouver Island, with prices showing upward trends. Buyers should be prepared for potentially fast-paced transactions due to the decreasing days to sell.

Impact on Sellers:

Sellers are currently experiencing a favorable market, with increased average sell prices and a high sell/list ratio. Those considering selling their condos may find it advantageous to enter the market now before any potential shifts.

Market Sentiment:

In summary, Vancouver Island’s condo market for March 2024 is characterized by growing demand and rising prices, presenting opportunities for both buyers and sellers. Those considering entering the market should act promptly, leveraging the insights provided in this report to make informed decisions.

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© 2024 - Jason Anson Personal Real Estate Corporation at eXp Realty. MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification. Member of The Canadian Real Estate Association and more.