Home sales across Vancouver Island experienced a slight decline of three percent in February compared to the same period last year, with 465 units sold. Despite the decrease in transactions, the benchmark price for a single-family home saw a one percent rise, reaching $772,300.
Key Takeaways
- Overall home sales down 3% year-over-year.
- Benchmark price for single-family homes increased by 1%.
- Active listings saw a 4% rise.
- Condominium and townhouse sales experienced notable drops.
- Market sentiment is improving, with optimism for spring and 2026.
February Sales Performance
The Vancouver Island Real Estate Board reported that 465 units were sold across all property types in February. This marks a decrease from the previous year. Active listings, however, increased by four percent, bringing the total number of homes on the market to 3,360.
Breaking down the sales figures, condominium sales fell significantly by 19 percent year-over-year, with only 47 units changing hands. Townhouse sales also saw a decline of eight percent, totaling 55 units sold. Single-family home sales experienced a more modest decrease of three percent, with 228 units sold.
Inventory and Pricing Trends
In terms of inventory, 988 single-family homes were listed for sale in February, a slight increase from the 975 listed a year prior. The benchmark price for a single-family home across the island stood at $772,300, reflecting a one percent increase from the previous year.
Market Outlook
Jason Yochim, CEO of the Vancouver Island Real Estate Board, noted that year-to-date sales remain below the 10-year average. However, he expressed optimism about the overall market sentiment, stating that realtors are feeling positive about the future. "Activity is picking up and with spring just around the corner, we expect to see more listings and more movement from both buyers and sellers," Yochim commented, anticipating increased activity as the weather improves and the spring market approaches.
