The real estate market on Vancouver Island has shown significant dynamics in February 2024, as indicated by the Vancouver Island Real Estate Board’s comparative activity. This report delves into the nuances of the residential – single-family detached homes (excluding acreage and waterfront properties), providing a clear picture of the market trends over the past 12 months.

Comparative Activity by Property Type for February 2024

Current Month Analysis:

  • Units Listed: There was a 13.44% increase in listings compared to last year, with 498 units listed.
  • Units Reported Sold: Sales saw a 15.45% rise with 254 units sold.
  • Sell/List Ratio: The ratio improved slightly to 51.00% from 50.11% last year.
  • Reported Sales Dollars: There was a significant 21.49% increase in sales dollars, totaling $209,474,784.
  • Average Sell Price/Unit: The average selling price per unit rose by 5.23% to $824,704.
  • Median Sell Price: The median selling price slightly decreased to $766,500 from $769,000 last year.
  • Sell Price/List Price Ratio: Remained stable at around 97.55%.
  • Days to Sell: Homes sold faster, with days on market reducing from 58 to 53 days.

12 Months to Date and Year to Date Analysis:

  • Over the last 12 months, there was a decrease in units listed by 16.75% and a slight 2.55% decrease in units sold.
  • The year-to-date data shows a positive trend, with a 6.21% increase in units listed and a 6.28% increase in units sold compared to the previous year.

Market Implications

The Vancouver Island real estate market demonstrates resilience and growth, especially in the single-family detached sector. The increase in average selling price alongside a higher sell/list ratio indicates a competitive market environment. However, the slight decrease in median sell prices and the stable sell price/list price ratio suggest a balanced market dynamic between buyers and sellers.

Additional Considerations

While the overall sales dollars have increased, the slight decrease in median sell prices year-over-year requires attention from potential sellers and buyers. The market dynamics indicate a nuanced environment where pricing strategies and market timing could significantly impact outcomes.


The February 2024 market report for Vancouver Island reveals an active and evolving real estate landscape. With increases in both units listed and sold, alongside an uptick in average selling prices, the market is positioned for continued growth and competitiveness.

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For more details on the Vancouver Island Real Estate Board’s data, visit VIREB.

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