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HomeNewsIsland & CoastHome sales up 67 per cent from January on Vancouver Island: VIREB

Home sales up 67 per cent from January on Vancouver Island: VIREB

It appears home sales are on the rise on Vancouver Island as its real estate board reports a 67 per cent jump in February compared with January 2023.

That is from the board’s most recent report. They add single-family home sales were also up 15 per cent compared to a year ago. However, active listings were slightly down at 915 compared with 937.

Across the area, the benchmark price of a single-family home was $753,500 last month. That is up six per cent from a year ago and one per cent from January.

Single-family home benchmark prices were also up in almost every area of Vancouver Island, apart from the North Island.

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The report says Campbell River saw a nine per cent increase from last year for a benchmark price of $661,600. The Comox Valley meanwhile saw a six per cent increase from February 2023 for a near $830,000 benchmark.

In the Cowichan Valley, the benchmark price for a single-family home hit nearly $750,000, a five per cent increase year-over-year. Nanaimo’s benchmark price hit $787,000 for a six per cent increase, while Parksville-Qualicum area saw the smallest increase at three per cent.

However, that makes for a benchmark home price of $845,700.

While prices increased almost everywhere, the North Island saw a four per cent decrease in price. A single-family home will cost at least $392,100.

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“Board-wide, sales rose significantly from last February, while month-over-month, increases were in the high double digits,” said VIREB CEO Jason Yochim.

“Realtors are reporting that although many buyers are waiting for spring, pent-up demand is high.”

Yochim also says that some financial institutions are offering “excellent” interest rates over longer terms.

“In fact, five-year fixed rates are between five and seven per cent, and for current clients, some backs are offering rates of less than five per cent for longer terms,” added Yochim.

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“We encourage people to speak to a mortgage professional to determine their best option.”

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