Vancouver Island Real Estate Market Update (January 2026)
Updated January 2026
Vancouver Island’s housing market continues to look steady and balanced overall, with more selection than last year and prices that are mostly holding (with differences depending on community and property type).
Where we finished 2025 (VIREB area)
Total 2025 sales
7,620 (vs 7,473 in 2024)
December 2025 sales
412 (about 6% lower than the prior December)
Active listings (Dec)
3,075 (about 7% higher YoY)
Takeaway: sales are broadly steady year-over-year, while higher inventory continues to give buyers more choice.
Pricing snapshot (MLS® HPI benchmark, board-wide)
| Property type | Benchmark price | Year-over-year change |
|---|
| Single-family |
$773,000 |
~+1% YoY |
| Apartment / Condo |
$405,400 |
~+3% YoY |
| Townhouse |
$537,200 |
~-2% YoY |
Prices are mostly holding board-wide, but the results vary by community and property type. Higher inventory is the big backdrop: it changes the level of competition and negotiation from one segment to the next.
What it means (simple take)
- Buyers: more inventory = more choice and negotiating room (especially where competition is highest).
- Sellers: the market still rewards clean pricing + strong presentation—the “best” listings separate quickly, while overpricing tends to sit.
- Overall: this is a stable, balanced-feeling market rather than a runaway up-or-down year.
2026 outlook in three lines (bear / balanced / bullish)
Bear
Inventory keeps rising faster than demand → slower sales, flat-to-soft pricing.
Balanced (base case)
Similar to 2025 → steady sales, small price moves.
Bullish
Demand improves faster than new supply → more competition, modest price gains.
Regional benchmark prices (selected communities)
| Region | Benchmark price | YoY change |
|---|
| Campbell River |
$670,900 |
~0% |
| Comox Valley |
$847,200 |
+2% |
| Cowichan Valley |
$752,700 |
+1% |
| Nanaimo |
$794,700 |
-2% |
| Parksville Qualicum |
$903,200 |
+3% |
| Port Alberni |
$542,600 |
+6% |
| North Island |
$432,100 |
-3% |
Tip: use these benchmarks as a “macro” reference—then compare your neighbourhood, home style, and condition against current inventory to dial in a realistic strategy.
Vancouver Island Real Estate Market Update (December 2025)
The Vancouver Island market continues to look stable heading into the holidays. Activity is a bit softer than last year, but conditions remain balanced overall. VIREB recorded 513 sales in November 2025, down 8% year-over-year. Active listings were 3,646, up 5% from November 2024.
Like we see most years, November cooled off from October as buyers and sellers start to slow down for the holiday season.
Market breakdown (November)
-
Single-family: 259 sales (down 1% YoY; down 18% from October)
-
Condo apartments: 50 sales (down 19% YoY; down 28% from October)
-
Row/townhouses: 53 sales (down 29% YoY; down 32% from October)
Inventory snapshot
-
Single-family active listings: 1,121 (vs 1,105 in Nov 2024)
-
Condo apartment active listings: 346 (vs 314 in Nov 2024)
-
Row/townhouse active listings: 310 (vs 257 in Nov 2024)
Prices (MLS® HPI benchmark)
-
Single-family: $779,200 (+2% YoY; -1% from October)
-
Apartment: $421,300 (+7% YoY; +2% from October)
-
Townhouse: $538,800 (-1% YoY; -2% from October)
Regional benchmark highlights (single-family)
-
Campbell River: $670,400 (-3% YoY)
-
Comox Valley: $851,000 (+1% YoY)
-
Cowichan Valley: $766,800 (+2% YoY)
-
Nanaimo: $801,900 (slightly down YoY)
-
Parksville–Qualicum: $920,800 (+5% YoY)
-
Port Alberni: $517,600 (+4% YoY)
-
North Island: $441,900 (+3% YoY)
Forecast and market influences
VIREB’s view is that big shifts aren’t expected in the near term. With rate cuts not anticipated unless the economy weakens significantly, the board expects the Island to remain steady into 2026, especially compared to the more volatile year seen in Vancouver and the Lower Mainland.
For broader interest-rate, inflation, and confidence factors, we’re referencing the macro notes in our Victoria market update, posted alongside this one. Click HERE to read out Victoria Market Update.
Vancouver Island Real Estate Market Update by The Neal Estate Group [November 2025]
There were 649 sales in the Vancouver Island Board area (VIREB), and 617 sales in the Victoria Board Area in October. Looking at VIREB specifically, the sales volume was 5.7% lower than October the previous year. Detached homes continued to anchor activity, and well-priced homes are still attracting clean terms and good prices. Condo inventory is building, which creates selection and negotiation room for value seekers. Townhomes are steady with variation by neighbourhood and price band. With supply near six months, buyers have time to evaluate and secure favorable terms. Sellers who calibrate list price to the most recent solds and current competition still achieve timely results.
Single-family homes saw 317 sales, condos 96 and townhomes 78. Here is how that sales volume compares to last year and the proceeding month.
| Property Type |
MoM Change |
YoY Change |
| Single Family |
+3% |
-8% |
| Condos |
+17% |
-13% |
| Townhomes |
-1% |
-6% |
In the inventory department, there were 3,838 listings on the market (VIREB) at the end of the month, which is 4% down from last year.
Regional Single Family Benchmarks
| Region | Benchmark price | YoY change |
|---|
| Campbell River |
$704,200 |
+1% |
| Comox Valley |
$859,100 |
+3% |
| Cowichan Valley |
$803,700 |
+5% |
| Nanaimo |
$813,900 |
+1% |
| ParksviIle Qualicum |
$920,700 |
+3% |
| Port Alberni |
$521,000 |
+4% |
| North Island |
$464,600 |
+8% |
For pricing strategy use hyper local comparables and the most recent competing listings.
How VIREB Compares With Greater Victoria
Greater Victoria is also balanced. Detached demand is firm there and in several VIREB zones. Condo markets on both boards show more supply and longer days on market. If you track both areas, consider how price bands overlap. Many move up buyers compare Nanaimo and Cowichan Valley with West Shore communities in Victoria. Cross board strategy can uncover opportunities on either side.
For a deeper dive into trends south of the Malahat visit our Victoria Market Update.
Quick Answers
Is Vancouver Island in a buyer market or seller market?
Overall conditions are balanced with a slight buyer edge. Months of inventory is near 6 which typically signals neither stressed nor overheated conditions.
Which segments look most competitive right now?
Correctly priced single family homes show steady absorption. Condos offer the most selection which can favor buyers who want options and time.
How should I price my home?
Anchor to the last 30 to 60 days of comparable sales and direct competition. Aim to be the best priced option among similar active listings to capture early showing momentum.
Plan Your Next Step With Low-Pressure Guidance
We are here when you need us. Call 250 386 8181 for a quick chat. Want early access to listings before they hit the public market Visit VancouverIslandComingSoon.com. If you are selling ask about our complimentary staging consultation to help your home stand out.
Vancouver Island Real Estate Market Update by The Neal Estate Group [September 2025]
VIREB recorded 692 total sales in August, up 6% year over year. Active listings across all property types ended the month at 4,405, down 3% from August 2024.
Sales by Property Type
-
Single-family (excl. acreage and waterfront): 339 sales, +3% YoY, -19% from July.
-
Condo apartments: 74 sales, +9% YoY, +4% from July.
-
Row and townhouses: 72 sales, +4% YoY, -24% from July.
Inventory
-
Single-family active listings: 1,424, compared to 1,564 last year.
-
Condo apartments: 396, versus 437 last year.
-
Row and townhouses: 355, versus 364 last year.
VIREB characterizes the market as mid-range balanced with roughly six months of inventory.
Prices
Board-wide MLS® HPI benchmark:
-
Single-family: $796,900, +2% YoY, slightly lower than July.
-
Condo apartment: $406,400, +1% YoY, small uptick from July.
-
Townhouse: $546,800, +1% YoY, -1% from July.
Regional Single-Family Benchmarks
| Region |
Benchmark Price |
YoY Change |
| Campbell River |
$702,700 |
+2% |
| Comox Valley |
$854,400 |
+3% |
| Cowichan Valley |
$796,900 |
+2% |
| Nanaimo |
$820,700 |
~0% |
| Parksville-Qualicum |
$925,800 |
+1% |
| Port Alberni |
$524,500 |
+1% |
| North Island |
$469,800 |
+6%
|
Quick take
Activity eased from July which is normal for late summer, but sales remain ahead of last year and pricing is steady. With roughly six months of supply, it is a balanced market where sharp pricing and good presentation matter. Well priced listings are getting attention, while over-ambitious list prices are seeing longer days on market.
Thinking of buying or selling?
We are here to help you win. Call 250-386-8181 for a friendly, no-pressure chat. Want early access to listings before they hit the public market? Visit VancouverIslandComingSoon.com. If you are selling, ask about our complimentary staging consultation.
Vancouver Island Real Estate Market Update by The Neal Estate Group [August 2025]
July kept things moving in the Vancouver Island real estate market, with 806 properties changing hands across all types. That is a 10% jump compared to last July. Active listings inched up to 4,512, giving buyers a little more choice while keeping the market in balanced territory.
Single-family homes (excluding acreage and waterfront) saw 420 sales, which is 16% higher than last year but a step down from June’s pace, dipping 11%. Condo apartments had 71 sales, down 17% year over year and 8% from last month. Townhouses came in at 95 sales, 3% below last year but 2% above June.
Inventory is shifting in small ways. Single-family listings are at 1,483, down from 1,596 a year ago. Condos have 424 listings, compared to 455 last July, and townhouses are at 354, slightly up from 342.
Here is how July’s sales compared:
| Property Type |
MoM Change |
YoY Change |
| Single-Family |
-11% |
+16% |
| Condo Apartments |
-8% |
-17% |
| Townhouses |
+2% |
-3% |
Prices across the Island stayed steady in July, with some communities seeing modest increases and others holding firm. The board-wide single-family benchmark price was $800,000, up 2% from last year and just slightly under June. Condo apartments averaged $404,600, which is 2% lower than last July, and townhouses came in at $550,400, up 2% from last year but down 1% month to month.
Benchmark prices for July 2025:
| Region |
Benchmark Price |
YoY Change |
| Board-Wide |
$800,000 |
+2% |
| Campbell River |
$699,200 |
-1% |
| Comox Valley |
$864,600 |
+3% |
| Cowichan Valley |
$800,900 |
+3% |
| Nanaimo |
$823,100 |
+1% |
| Parksville-Qualicum |
$926,000 |
+3% |
| Port Alberni |
$525,800 |
-1% |
| North Island |
$455,200 |
+6% |
For buyers and sellers, steady prices and a balanced market mean there is room to make thoughtful decisions without rushing. More listings in certain segments could mean better opportunities to find a home that checks all your boxes. For sellers, demand is still strong in many areas, and pricing your home well can attract serious interest. The right preparation, including a free staging consultation, can make all the difference in achieving a successful sale.
If a move is in your plans this year, we can guide you through every step, from strategy to closing day. Call 250-386-8181 for a no-pressure chat. Want early access to listings before they hit the public market? Visit VancouverIslandComingSoon.com. If you are selling, ask about our complimentary staging consultation to help your home shine. For a broader look at trends south of the Malahat, check out our Victoria Market Update here!
Vancouver Island Real Estate Market Update by The Neal Estate Group [July 2025]
June brought a lift in activity across the Vancouver Island real estate market, with 858 properties sold. That’s an 18% increase compared to the same time last year. Active listings across all property types reached 4,542, up just 1% year over year. This steady growth in both supply and demand continues to support a balanced market.
In the single-family segment, excluding acreage and waterfront, 474 homes sold. That’s a 34% increase from June 2024 and up 16% from May. Townhouses saw 93 sales, up 2% from last year and 8% over the previous month. Condo apartment sales came in at 77 units, down 6% annually but up 4% month over month.
Sales by Property Type – Month-over-Month and Year-over-Year
| Property Type |
MoM Changes |
YoY Changes |
| Single-Family |
+16% |
+34% |
| Condo Apartments |
+4% |
-6% |
| Row/Townhouses |
+8% |
+2% |
Inventory levels held relatively steady. There were 1,527 active single-family listings in June, down slightly from 1,566 a year ago. Condo inventory declined to 394 units from 440, while townhouse listings were nearly unchanged at 365.
Benchmark prices across the board showed stable to modest growth. The regional benchmark price for a single-family home is now $803,400, up 2% year over year. Townhouses increased to $554,800, also up 2%. Condo apartments held fairly steady at $406,600, down just 1% from last year.
Regional Benchmark Prices
| Region |
Benchmark Price |
YoY Change |
| Campbell River |
$703,000 |
-2% |
| Comox Valley |
$874,700 |
+4% |
| Cowichan Valley |
$801,800 |
+1% |
| Nanaimo |
$837,900 |
+2% |
| Parksville-Qualicum |
$906,200 |
+1% |
| Port Alberni |
$530,900 |
+3% |
| North Island |
$477,900 |
+9% |
The market remains active and balanced, with a healthy mix of buyers making moves across the region. From lifestyle seekers to first-time homeowners, interest continues across a variety of price points and communities.
Thinking of buying or selling?
We’re here to help. Call us at 250-386-8181 for a no-obligation chat. Want early access to listings before they hit the public market? Visit VancouverIslandComingSoon.com. If you’re thinking of selling, ask about our complimentary staging consultation. It’s one of the easiest ways to boost your home’s appeal. For a more in-depth discussion of the broader market, check out our Victoria Market Update.
Vancouver Island Real Estate Market Update by The Neal Estate Group [June 2025]
May brought a steady pace to the Vancouver Island real estate market, with 781 properties changing hands across all types. That’s just a slight 3% dip from May 2024. Active listings rose to 4,439, up 5% year over year, giving buyers a bit more breathing room as inventory slowly builds.
In the single-family segment (excluding acreage and waterfront), 409 homes sold, marking a 1% increase over last year and a 2% rise from April. Townhouses saw 86 sales, down 20% annually and 4% from the previous month. Condo apartments dropped more sharply, with 74 units sold, which is down 19% year over year and 24% from April.
This mixed picture points to a market that remains in balance, with just under six months of inventory. While economic uncertainty still hangs in the air, many buyers are stepping forward, helped by a broader selection and competitive pricing.
Sales by Property Type – Month-over-Month (MoM) & Year-over-Year (YoY)
| Property Type | MoM Change | YoY Change |
|---|
| Single-Family |
+2% |
+1% |
| Condo Apartments |
-24% |
-19% |
| Row/Townhouses |
-4% |
-20% |
On the inventory side, listings are slightly up overall. There were 1,565 single-family homes for sale in May (up from 1,433), and 346 townhouses (down slightly from 375). Condo apartment listings stayed about the same at 399.
Prices held relatively steady, showing modest annual growth. The benchmark price for a single-family home across the region now sits at $811,400, up 4% from last year. Townhouses rose to $561,700 (+3%), while condo prices saw a slight dip to $406,500 (-2%).
Regional Benchmark Prices
| Region | Benchmark Price | YoY Change |
|---|
| Campbell River |
$722,700 |
+1% |
| Comox Valley |
$887,600 |
+7% |
| Cowichan Valley |
$806,800 |
+4% |
| Nanaimo |
$841,900 |
+3% |
| Parksville-Qualicum |
$920,500 |
+3% |
| Port Alberni |
$518,300 |
+1% |
| North Island |
$477,200 |
+12% |
From first-time buyers to retirees, more people are making moves across the Island. Affordable regions like Port Alberni and the North Island continue to draw attention for their value, while areas like the Comox Valley and Nanaimo remain popular for their amenities and strong demand.
For a broader look at the market and Victoria Real Estate, check out our Victoria Market Update
HERE.
Ready to Make a Move?
Whether you’re just browsing or ready to make something happen, we’re here to guide you. Call us at 250-386-8181 for a free, no-pressure consultation. Want to see what’s coming to market before anyone else? Head over to VancouverIslandComingSoon.com for early access. And if you’re selling, ask about our complimentary staging service, it’s one of the easiest ways to stand out.
Vancouver Island Real Estate Market Update by The Neal Estate Group [May 2025]
Vancouver Island’s spring market is off to a solid start. In April, 786 properties sold across all types—up 8% from the same time last year. Active listings also saw a slight increase, with 4,080 properties on the market, compared to 3,913 in April 2024. Overall, we’re seeing steady demand and more inventory—an encouraging sign for both buyers and sellers.
In the single-family home segment (excluding waterfront and acreage), 401 homes sold—up 9% year over year and a notable 33% jump from March. Condo apartments also had a strong showing, with 97 sales marking a 33% increase compared to last year and up 12% month-over-month. Townhouses followed suit with 90 units sold, climbing 8% from April 2024 and 21% from March.
This kind of activity points to growing consumer confidence. While some buyers are still taking a cautious approach due to economic uncertainty, others are stepping off the sidelines and back into the market, especially with more options now available.
Sales by Property Type – Month-over-Month (MoM) & Year-over-Year (YoY)
| Property Type | MoM Change | YoY Change |
|---|
| Single-Family |
+33% |
+9% |
| Condo Apartments |
+12% |
+33% |
| Row/Townhouses |
+21% |
+8% |
On the inventory side, supply is showing signs of improvement. There were 1,362 single-family homes for sale in April, compared to 1,271 a year ago. Condo inventory rose to 410 units, up from 381, while townhouse listings saw a slight dip to 331 from 368. With about five months of supply, the market remains in balanced territory, meaning there’s more breathing room for buyers without drastically shifting the advantage away from sellers.
Prices continue to show a gradual upward movement. The benchmark price for a single-family home across the region is now $800,100—up 3% from last year. Condo apartments climbed to $412,400 (+2%), and townhouses reached $552,900 (+2%).
These price trends suggest a stable market, not surging-but still offering strong long-term value, especially in communities with ongoing demand from both local buyers and newcomers from the Lower Mainland and beyond.
Regional Benchmark Prices
| Region | Benchmark Price | YoY Change |
|---|
| Campbell River |
$720,700 |
+4% |
| Comox Valley |
$868,400 |
+4% |
| Cowichan Valley |
$796,600 |
+3% |
| Nanaimo |
$834,600 |
+2% |
| Parksville-Qualicum |
$899,100 |
+1% |
| Port Alberni |
$520,400 |
+1% |
| North Island |
$451,800 |
+6% |
From young families to retirees, more buyers are finding their fit on the Island. Areas like the Comox Valley and Campbell River continue to show healthy price growth, while Port Alberni and the North Island remain among the most affordable options with strong value potential.
For a broader look at the market and Victoria Real Estate, check out our Victoria Market Update HERE.
Thinking About Your Next Move?
Whether you're just curious or ready to take action, we’re here to help you navigate the market with confidence. Call us at 250-386-8181 for a free consultation—no strings attached. Want to see what’s coming before it hits the MLS®? Explore VancouverIslandComingSoon.com for exclusive early access. And if you’re thinking of selling, ask about our free home staging consultation—a simple way to make your property stand out from the rest.
Vancouver Island Real Estate Market Update by The Neal Estate Group [April 2025]
The Vancouver Island Real Estate Board (VIREB) recorded 637 total unit sales in March 2025, down just 1% from March 2024. The month closed with 3,708 active listings, a 6% increase from one year ago. Looking closer at unit sales, there were 301 single-family home sales, 87 condo sales, and 74 townhome sales. Here’s how those numbers stack up compared to last year and the previous month:
| Property Type | MoM Change | YoY Change |
|---|
| Single-Family |
+26% |
+4% |
| Condo Apartments |
+45% |
+9% |
| Row/Townhouses |
+21% |
-9% |
As for inventory, March saw 1,162 active single-family homes, 408 condos, and 317 townhomes. Inventory rose in the single-family and condo segments, while townhomes saw a slight dip compared to last year.
When it comes to price, the MLS® Home Price Index shows a benchmark of $791,200 for single-family homes in March 2025—up 4% from last year. Condo prices rose to $407,600 (up 1%), and townhomes hit $548,600 (up 3%).
Here’s the breakdown by area (SFD Benchmark Prices):
| Region | Benchmark Price | YoY Change |
|---|
| Campbell River |
$706,000 |
+3% |
| Comox Valley |
$848,500 |
+1% |
| Cowichan Valley |
$799,100 |
+6% |
| Nanaimo |
$823,000 |
+3% |
| Parksville-Qualicum |
$893,400 |
+3% |
| Port Alberni |
$519,700 |
+3% |
| North Island |
$446,600 |
+13% |
For a broader look at the market and Victoria Real Estate, check out our Victoria Market Update HERE.
Curious about how we help clients succeed and consistently outperform the market? Contact us at 250-386-8181 for a FREE consultation. Discover exclusive listings before they hit MLS and learn how we can feature your property on VancouverIslandComingSoon.com. Don’t forget to ask about our FREE Staging Consultation to ensure your home shines for the best results!
Vancouver Island Real Estate Market Update by The Neal Estate Group [March 2025]
The Vancouver Island Real Estate Board (VIREB) recorded 493 total unit sales in February 2025, the same as February 2024. The month ended with 3,235 active listings, 3% up from last year. Looking closer at unit sales, there were 239 single-family home sales, 60 condo sales and 61 townhome sales. Here are those numbers compared to last year and the previous month:
| Property Type | MoM Change | YoY Change |
|---|
| Single-Family |
-4% |
+17% |
| Condo Apartments |
+12% |
+30% |
| Row/Townhouses |
+5% |
+42% |
As for inventory, the breakdown by type was 975 active single-family homes, 376 condos and 245 townhomes. Up from last year in the single-family segment but down for condos and townhomes from last year.
Looking at price, the Home Price index gave us a benchmark price (board-wide) of $$773,200 for single-family homes in February 2025. That's up 2% from last year. Condos came in at $404,600 and townhomes at $541,800, the former up 2% and the latter 1%.
Here is the breakdown by area (SFD Benchmark Prices):
| Region | Benchmark Price | YoY Change |
|---|
| Campbell River |
$682,400 |
+3% |
| Comox Valley |
$824,300 |
+1% |
| Cowichan Valley |
$770,800 |
+2% |
| Nanaimo |
$810,600 |
+1% |
| Parksville-Qualicum |
$879,400 |
+2% |
| Port Alberni |
$523,100 |
+3% |
| North Island |
$440,000 |
+13% |
For a broader look at the market and a discussion about things like interest rates, tariffs and immigration policies effect on Vancouver Island Real Estate, check out our Victoria Market Update HERE
Curious about how we help clients succeed and consistently outperform the market? Contact us at 250-386-8181 for a FREE consultation. Discover exclusive listings before they hit MLS and learn how we can feature your property on VancouverIslandComingSoon.com. Don’t forget to ask about our FREE Staging Consultation to ensure your home shines for the best results!
Vancouver Island Real Estate Market Update by The Neal Estate Group [January 2024]
The Vancouver Island Real Estate Board (VIREB) recorded steady market activity in December 2024, with 443 unit sales and 2,883 active listings (across all property types) on the MLS® System. This reflects a 6% increase in sales year-over-year but a 22% decline from November.
In the single-family category (excluding acreage and waterfront), December saw 227 units sold—up 52% year-over-year but down 15% from November. Condo apartments recorded 44 units sold, a 16% increase annually but a 29% decline month-over-month. Row/townhouses saw 58 units change hands, up 49% year-over-year but down 24% compared to the prior month. Here is a chart showing the comparison Month-over-Month and Year-over-Year.
| Property Type | MoM Change | YoY Change |
|---|
| Single-Family |
-15% |
+52% |
| Condo Apartments |
-29% |
+16% |
| Row/Townhouses |
-24% |
+49% |
Active listings also showed modest annual growth. Single-family homes reached 829 units, up from 796 last year. The condo inventory stood at 271 units, compared to 257 in December 2023. Row/townhouse listings decreased to 195 units from 244 the previous year.
The board-wide benchmark price (MLS® Home Price Index) for a single-family home in December was $776,500, up 3% year-over-year but slightly lower than November. The benchmark price for apartments was $395,700, down 1% annually, while townhouses reached $547,000, reflecting a 2% year-over-year increase.
| Region | Benchmark Price | YoY Change |
|---|
| Campbell River |
$693,400 |
+5% |
| Comox Valley |
$834,500 |
+3% |
| Cowichan Valley |
$762,800 |
-1% |
| Nanaimo |
$819,000 |
+4% |
| Parksville-Qualicum |
$886,300 |
+4% |
| Port Alberni |
$511,000 |
+1% |
| North Island |
$448,400 |
+6% |
VIREB anticipates a positive outlook for 2025, with a projected 7,900 unit sales according to the British Columbia Real Estate Association. While external factors like potential tariffs may introduce uncertainty, the balanced market—marked by an absorption rate of 15%—positions both buyers and sellers for favorable outcomes.
Curious about how we help clients succeed and consistently outperform the market? Contact us at 250-386-8181 for a FREE consultation. Discover exclusive listings before they hit MLS and learn how we can feature your property on VancouverIslandComingSoon.com. Don’t forget to ask about our FREE Staging Consultation to ensure your home shines for the best results!
Vancouver Island Real Estate Market Update by The Neal Estate Group [December 2024]
The Vancouver Island Real Estate Board (VIREB) recorded steady market activity in November 2024, with 566 unit sales and 3,478 active listings (across all property types) on the MLS® System. This reflects a 17% increase in sales and a 3% boost in listings year over year.
In the single-family category (excluding acreage and waterfront), sales reached 267 units—up 14% from November 2023 but down 23% from October. Condo apartments saw 62 units sold, marking a 13% year-over-year increase while also declining 23% month-over-month. In the row/townhouse category, 76 units changed hands, up 58% annually but down 8% from October levels.
Here’s a comparison of these figures month-over-month (MoM) and year-over-year (YoY):
| Property Type |
MoM Change |
YoY Change |
| Single-Family |
-23% |
+14% |
| Condo Apartments |
-23% |
+13% |
| Row/Townhouses |
-8% |
+58% |
Active listings also demonstrated modest annual growth, with single-family homes at 1,105—an increase from 1,040 last year. The condo inventory reached 314 units, up from 285 in November 2023. Row/townhouse listings, however, decreased slightly to 257 units compared to 282 one year ago.
The board-wide benchmark price (MLS® Home Price Index) for a single-family home in November was $778,400, up 2% year over year and showing a slight uptick from October. In the apartment category, the benchmark price reached $396,400 in November—a slight increase month-over-month but down 1% compared to the same time last year. In the townhouse category, the benchmark price reached $544,400, reflecting a 1% decline both year over year and compared to October, aligning with trends seen in the apartment market.
| Region |
Benchmark Price (November 2024) |
YoY Change |
| Campbell River |
$713,700 |
+7% |
| Comox Valley |
$842,600 |
+3% |
| Cowichan Valley |
$769,300 |
-1% |
| Nanaimo |
$812,900 |
+2% |
| Parksville-Qualicum |
$885,900 |
+3% |
| Port Alberni |
$494,400 |
+2% |
| North Island |
$430,700 |
+5% |
If you’re curious about how we consistently outperform the market, help our clients succeed, and keep Vancouver Island moving, reach out to us at 250-386-8181 for a FREE consultation. Discover new listings before they hit MLS and ask about featuring your property on VancouverIslandComingSoon.com, our platform designed to build interest while you prepare for the market. Also, inquire about our FREE Staging Consultation to ensure your home is showcased in its best light for the best results.
Vancouver Island Real Estate Market Update by The Neal Estate Group [November 2024]
The Vancouver Island Real Estate Board (VIREB) recorded a notable upswing in the market this October 2024, with 722 unit sales and 4,015 active listings (across all property types) on the MLS® System, marking a 42% increase in sales and a 12% boost in listings year over year.
In the single-family category (excluding acreage and waterfront), sales reached 346 units—up 45% from October 2023 and 8% from September. Condo apartments also saw substantial growth, with 80 units sold, a 36% increase from last year and a 16% rise from September. In the row/townhouse category, 83 units changed hands, up 43% annually, though down by 11% from September.
Here’s a comparison of these figures month-over-month (MoM) and year-over-year (YoY):
| Property Type |
MoM Change |
YoY Change |
| Single-Family |
+8% |
+45% |
| Condo Apartments |
+16% |
+36% |
| Row/Townhouses |
-11% |
+43% |
Active listings across categories showed positive annual growth, despite a slight drop from September levels. Single-family home listings numbered 1,352, an increase from 1,157 one year ago. The condo inventory also grew, reaching 366 units, up from 307 in October 2023. Row/townhouses listed were at 299, compared to 265 last year. While inventory dropped month-over-month, current levels remain among the highest since 2019, supported by slowing inflation, rate cuts, and a booming Vancouver Island economy outperforming other regions in the province.
According to VIREB CEO, “October saw strong sales increases across property types, from a 36% rise for condos to a 45% jump in single-family homes. With an 18% absorption rate and about five months of inventory, the market is comfortably balanced.”
Balanced markets offer optimal conditions for both buyers and sellers—homes aren’t lingering, but there’s also no frenzy to scoop them up immediately. “We’re on track to close 2024 with around 7,400 sales, outpacing last year’s 7,114,” VIREB CEO added.
Here’s a regional breakdown of single-family home prices and their annual changes:
| Region |
Benchmark Price (October 2024) |
YoY Change |
| Campbell River |
$701,400 |
+6% |
| Comox Valley |
$838,400 |
+1% |
| Cowichan Valley |
$769,300 |
-1% |
| Nanaimo |
$809,000 |
-1% |
| Parksville-Qualicum |
$896,400 |
+1% |
| Port Alberni |
$502,100 |
+2% |
| North Island |
$430,300 |
+6% |
If you’re curious about how we consistently outperform the market, help our clients succeed, and keep Vancouver Island moving, reach out to us at 250-386-8181 for a FREE consultation. Discover new listings before they hit MLS and ask about featuring your property on VancouverIslandComingSoon.com, our platform designed to build interest while you prepare for the market. Also, inquire about our FREE Staging Consultation to ensure your home is showcased in its best light for the best results.
Vancouver Island Real Estate Market Update by The Neal Estate Group [October 2024]
The Vancouver Island Real Estate Board (VIREB) recorded 637 unit sales and 4,465 active listings (all property types) board-wide on the MLS® System in September 2024, up 16% and 24%, respectively. In the single-family category (excluding acreage and waterfront), 320 homes sold in September, up 22% from one year ago and down 4% from August. Sales of condo apartments last month came in at 69, decreasing by 19% year over year and 1% from August. In the row/townhouse category, 93 units changed hands in September, up 31% from one year ago and 35% from August.
Active listings of single-family homes were 1,586 in September, up from the 1,173 posted one year ago. VIREB’s inventory of condo apartments was 410 last month, up from 305 in September 2023. There were 335 row/townhouses for sale last month compared to 239 the previous year. With active listings at their highest level in five years, slowing inflation, and recent rate cuts, it’s an excellent time to buy. This advice holds particularly true for condo apartments and row/townhouses; the single-family market has been somewhat stagnant lately.
Here's a comparison of those numbers to last month and the previous year:
| |
MoM |
YoY |
| SFD |
-4% |
+22% |
| Condo |
-1% |
-19% |
| Townhome |
+35% |
+31% |
Moving on to prices, the board-wide benchmark price (MLS® Home Price Index) of a single-family home was $777,600 in September 2024, slightly higher than one year ago and down one per cent from August. In the apartment category, the benchmark price was $403,600 last month, down two per cent from the previous September and a small uptick from August. The benchmark price of a townhouse in September was $545,400, down one per cent from one year ago and slightly higher than in August.
Here is a table detailing single-family homes by region and their year-over-year changes:
| |
Benchmark Price September 2024 |
YoY |
| Campbell River |
$694,700 |
+3% |
| Comox Valley |
$828,600 |
+0% |
| Cowichan Valley |
$773,900 |
-2% |
| Nanaimo |
$810,800 |
+0% |
| Parksville-Qualicum |
$902,500 |
+1% |
| Port Alberni |
$501,100 |
-3% |
| North Island |
$451,100 |
+4% |
| Victoria |
$1,316,100 |
-2% |
If you would like to know how we are beating the market, helping our clients win, and keeping people moving, please call or test 250-386-8181 or simply click Here for a FREE consultation. Find new listings before they get to MLS and ask us about featuring your home on VancouverIslandComingSoon.com, where we generate interest while you're getting ready to come to market. Ask us also about our FREE Staging Consultation for advice on preparing your home in its best light for the market, ensuring you the best results.
Vancouver Island Real Estate Market Update by The Neal Estate Group [September 2024]
The Vancouver Island Real Estate Board (VIREB) recorded 662 unit sales board-wide and 4,520 active listings (all property types) on the MLS® System in August 2024. In the single-family category (excluding acreage and waterfront), 333 homes sold in August, up three per cent from one year ago and down eight per cent from July. Sales of condo apartments last month came in at 70, decreasing by 18 per cent year over year and 20 per cent from July. In the row/townhouse category, 69 units changed hands in August, down eight per cent from one year ago and 30 per cent from July.
Active listings of single-family homes were 1,564 in August, up from the 1,072 posted one year ago. VIREB’s inventory of condo apartments was 437 last month, up from 308 in August 2023. There were 364 row/townhouses for sale last month compared to 254 the previous year. VIREB CEO Jason Yochim notes that VIREB’s housing market was flat during spring and summer, but REALTORS® are optimistic about the fall market.
Here’s a breakdown comparing these numbers to both last month and the same time last year:
| |
MoM |
YoY |
| SFD |
-8% |
+3% |
| Condo |
-20% |
-18% |
| Townhome |
-30% |
-8% |
Moving on to prices, the board-wide benchmark price (MLS® Home Price Index) of a single-family home was $785,400 in August 2024, up two per cent from one year ago and a slight uptick from July. In the apartment category, the benchmark price was $403,400 last month, down one per cent from the previous August and three per cent from July. The benchmark price of a townhouse in August was $544,100, down one per cent from one year ago and up one per cent from July.
Here is a table detailing single-family homes by region and their year-over-year changes:
| |
Benchmark Price August 2024 |
YoY |
| Campbell River |
$691,700 |
+1% |
| Comox Valley |
$832,800 |
+3% |
| Cowichan Valley |
$782,800 |
-1% |
| Nanaimo |
$819,900 |
+2% |
| Parksville-Qualicum |
$916,000 |
+2% |
| Port Alberni |
$519,900 |
+2% |
| North Island |
$441,700 |
+3% |
| Victoria |
$1,287,400 |
-3% |
If you would like to know how we are beating the market, helping our clients win, and keeping people moving, please call or test 250-386-8181 or simply click Here for a FREE consultation. Find new listings before they get to MLS and ask us about featuring your home on VancouverIslandComingSoon.com, where we generate interest while you're getting ready to come to market. Ask us also about our FREE Staging Consultation for advice on preparing your home in its best light for the market, ensuring you the best results.
Vancouver Island Real Estate Market Update by The Neal Estate Group [August 2024]
The Vancouver Island Real Estate Board (VIREB) recorded 737 unit sales board-wide and 4,559 active listings (all property types) on the MLS® System in July 2024. In the single-family category (excluding acreage and waterfront), 363 homes sold in July, down 11 per cent from one year ago and up one per cent from June. Sales of condo apartments last month came in at 87, decreasing by nine per cent year over year and up six per cent from June. In the row/townhouse category, 99 units changed hands in July, up 16 per cent from one year ago and nine per cent from June.
Active listings of single-family homes were 1,596 in July, up from the 1,092 posted one year ago. VIREB’s inventory of condo apartments was 455 last month, up from 312 in July 2023. There were 342 row/townhouses for sale last month compared to 262 the previous year. With an absorption rate of 16 per cent and approximately six months of inventory, the VIREB housing market is in balanced territory and edging slightly towards a buyers’ market.
Here's a comparison of those numbers to last month and the previous year:
| |
MoM |
YoY |
| SFD |
+1% |
-11% |
| Condo |
+6% |
-9% |
| Townhome |
+9% |
+16% |
Moving on to prices, the board-wide benchmark price (MLS® Home Price Index) of a single-family home was $784,200 in July 2024, up two per cent from one year ago and down slightly from June. In the apartment category, the benchmark price was $414,300 last month, up one per cent from the previous July and one per cent from June. The benchmark price of a townhouse in July was $540,800, down two per cent from one year ago and a slight decrease from June.
In Campbell River, the benchmark price of a single-family home was $705,700 last month, up four per cent from the previous year. The Comox Valley’s year-over-year benchmark price rose by five per cent to $842,100. In the Cowichan Valley, the benchmark price was $775,800, a one percent decrease from July 2023. Nanaimo’s year-over-year benchmark price rose by one per cent to reach $815,800, while the Parksville-Qualicum area saw its benchmark price increase by one per cent to $899,900. The cost of a benchmark single-family home in Port Alberni was $531,800, up one per cent from the previous year. For the North Island, the benchmark price of a single-family home dropped by two per cent to $431,300. Here is a table detailing single-family homes by region and their year-over-year changes:
| |
Benchmark Price July 2024 |
YoY |
| Campbell River |
$705,700 |
+4% |
| Comox Valley |
$842,100 |
+5% |
| Cowichan Valley |
$775,800 |
-1% |
| Nanaimo |
$815,800 |
+1% |
| Parksville-Qualicum |
$899,900 |
+1% |
| Port Alberni |
$531,800 |
+1% |
| North Island |
$431,300 |
-2% |
| Victoria |
$1,296,100 |
-2% |
If you would like to know how we are beating the market, helping our clients win, and keeping people moving, please call or test 250-386-8181 or simply click Here for a FREE consultation. Find new listings before they get to MLS and ask us about featuring your home on VancouverIslandComingSoon.com, where we generate interest while you're getting ready to come to market. Ask us also about our FREE Staging Consultation for advice on preparing your home in its best light for the market, ensuring you the best results.
Vancouver Island Real Estate Market Update by The Neal Estate Group [July 2024]
The Vancouver Island Real Estate Board (VIREB) recorded 737 unit sales board-wide (all property types) in June 2024 which is a stagerring 53% decrease from May 2024. For a more general market discussion check out the Victoria Market Update post HERE. Of those 737 sales, 359 of those were single family homes (excluding acreage and waterfront), 82 were condo sales and 91 townhouse units changed hands. Here's a comparison of those numbers to last month and the previous year:
| |
YoY |
MoM |
| SFD |
-15% |
-12% |
| Condo |
-24% |
-11% |
| Townhome |
-8% |
-16% |
Active listings of single-family homes were 1,566 in June, an increase from 1,105 one year ago. VIREB’s inventory of condo apartments was 440 last month, up from 319 in June 2023. There were 364 row/townhouses for sale last month compared to 274 the previous year.
The board-wide benchmark price (MLS® Home Price Index) of a single-family home was $787,300 in June 2024, up 3% from one year ago and 1% from May. In the condo category, the benchmark price was $411,200 last month, up 1% from the previous June and down slightly from May. The benchmark price of a townhouse in June was $542,400, down 2% from one year ago and a slight decrease from May.
In Campbell River, the benchmark price of a single-family home was $704,600 last month, up 6% from the previous year. The Comox Valley’s year-over-year benchmark price rose by 6% to $842,800. In the Cowichan Valley, the benchmark price was $791,100, a 2% increase from June 2023. Nanaimo’s year-over-year benchmark price rose by 3% to reach $823,000, while the Parksville-Qualicum area saw its benchmark price increase by 1% to $896,800. The cost of a benchmark single-family home in Port Alberni was $514,300, a small uptick from the previous year. For the North Island, the benchmark price of a single-family home rose by 3% to $437,800.
Here is a table detailing single-family homes by region and their year-over-year changes:
| |
Benchmark Price May 2024 |
YoY Change |
| Campbell River |
$704,600 |
+6% |
| Comox Valley |
$842,800 |
+6% |
| Cowichan Valley |
$791,100 |
+2% |
| Nanaimo |
$823,000 |
+3% |
| Parksville-Qualicum |
$896,800 |
+1% |
| Port Alberni |
$514,300 |
-3% |
| North Island |
$437,800 |
+3% |
| Victoria |
$1,295,500 |
-1% |
If you would like to know how we are beating the market, helping our clients win, and keeping people moving, please call or test 250-386-8181 or simply click
Here for a FREE consultation. Find new listings before they get to MLS and ask us about featuring your home on
VancouverIslandComingSoon.com, where we generate interest while you're getting ready to come to market. Ask us also about our FREE Staging Consultation for advice on preparing your home in its best light for the market, ensuring you the best results.
Vancouver Island Real Estate Market Update by The Neal Estate Group [June 2024]
Island wide there were 1,587 property sales in May, 11.8% up from the previous month. For a more general market discussion check out the Victoria Market Update post HERE. Looking at the Vancouver Island Real Estate Board (VIREB), there were 824 total sales, 409 of those single-family homes (excluding acreage and waterfront), 92 condos, and 108 townhomes. Here is how those numbers stack up to last month and last year:
| |
YoY
|
MoM
|
|---|
|
SFD
|
-14%
|
+9%
|
|---|
|
Condo
|
+11%
|
-23%
|
|---|
|
Townhome
|
+17%
|
+30%
|
As for inventory, there were 1,433 active single-family homes on the market at the end of the month (979 last year), 398 condos (318 in 2023), and 375 townhomes (252 last May).
The board-wide benchmark price (MLS® Home Price Index) of a single-family home was $781,100 in May 2024, up 4% from last May and up slightly from April. In the condo category, the benchmark price was $413,000 last month, up 3% from the previous year and 2% up from April. The benchmark price of a townhouse in May was $544,200, up 1% from one year ago and the same percentage higher than in April.
In Campbell River, the benchmark price of a single-family home was $712,800 last month, up nine per cent from the previous year. The Comox Valley’s year-over-year benchmark price rose by six per cent to $833,600. In the Cowichan Valley, the benchmark price was $779,300, a two per cent increase from May 2023. Nanaimo’s year-over-year benchmark price rose by four per cent to reach $815,900, while the Parksville-Qualicum area saw its benchmark price increase by two per cent to $896,400. The cost of a benchmark single-family home in Port Alberni was $517,000, up three per cent from the previous year. For the North Island, the benchmark price of a single-family home dropped by one per cent to $424,600.
Here is a table breaking single-family homes down by region and their changes year over year:
| |
Benchmark Price April 2024
|
YoY Change
|
|
Campbell River
|
$712,800 |
+9% |
|
Comox Valley
|
$833,600 |
+6% |
|
Cowichan Valley
|
$779,300 |
+3% |
|
Nanaimo
|
$815,900 |
+4% |
|
Parksville-Qualicum
|
$896,400 |
+2% |
|
Port Alberni
|
$517,000 |
+3% |
|
North Island
|
$424,600 |
-1% |
|
Victoria
|
$1,309,700 |
+0.7% |
If you would like to know how we are beating the market, helping our clients win, and keeping people moving, please call or test 250-386-8181 or simply click Here for a FREE consultation. Find new listings before they get to MLS and ask us about featuring your home on VancouverIslandComingSoon.com, where we generate interest while you're getting ready to come to market. Ask us also about our FREE Staging Consultation for advice on preparing your home in its best light for the market, ensuring you the best results.
Vancouver Island Real Estate Market Update by The Neal Estate Group [June 2024]
Vancouver Island-wide, which includes the Victoria Real Estate Board and the Vancouver Island Real Estate Board, reported a combined total of 1,419 sales which is about 14% more than the previous month. To get into the Victoria Board numbers see our Victoria Market Update HERE. Looking at the Vancouver Island Board numbers, there were 741 sales recorded. Splitting that out by property type, there were 376 single-family homes (excluding acreages and waterfront), 75 condo sales and 83 townhome sales. Here is the table showing those sales compared to the proceeding month and last year:
| |
YoY
|
MoM
|
|
SFD
|
-2%
|
+29%
|
|
Condo
|
-1%
|
-11%
|
|
Townhome
|
-2%
|
+1%
|
Inventory hit a combined total of 2,038 on the Vancouver Island Board. Of those, 1,271 were single-family homes, up from 956 in April last year. 381 were condos, up from 304 last year, and 368 were townhomes, up from 246 last year.
Board-wide benchmark prices according to the home price index had single family homes at $774,700 at the end of April, up 5% from last year and about 1% from the previous month. Condos for the same area came in at $395,300, up 2% from last year and up under 1% from the previous month. Lastly, townhomes came in at $545,100, up 2% from last year and $100 up from March.
Here is a table breaking single-family homes down by region and their changes year over year:
| |
Benchmark Price April 2024
|
YoY Change
|
|
Campbell River
|
$678,800
|
+7%
|
|
Comox Valley
|
$857,300
|
+9%
|
|
Cowichan Valley
|
$772,300
|
+4%
|
|
Nanaimo
|
$799,300
|
+5%
|
|
Parksville-Qualicum
|
$885,000
|
+3%
|
|
Port Alberni
|
$531,400
|
+4%
|
|
North Island
|
$413,300
|
-2%
|
|
Victoria
|
$1,284,000
|
-0.9%
|
If you would like to know how we are beating the market, helping our clients win, and keeping people moving, please call or test 250-386-8181 or simply click Here for a FREE consultation. Find new listings before they get to MLS and ask us about featuring your home on VancouverIslandComingSoon.com, where we generate interest while you're getting ready to come to market. Ask us also about our FREE Staging Consultation for advice on preparing your home in its best light for the market, ensuring you the best results.
Vancouver Island Real Estate Market Update [April 2024]
On all of Vancouver Island, including the Victoria Real Estate Board (VREB) and the Vancouver Island Real Estate Board (VIREB), there was a total of 1,243 sales in the month of March 2024. Of those sales, 655 were on VIREB and 588 were on VREB. To deep dive into the Victoria numbers and for a broader market discussion click HERE.
Breaking down the VIREB numbers (and focusing on VIREB for the rest of this blog), there were 291 single-family homes (excluding waterfront and acreages), 84 condo sales, and 82 townhouse sales. Here is a table showing the year-over-year and month-over-month comparison for those property types:
| |
YoY
|
MoM
|
|
SFD
|
-22%
|
+15%
|
|
Condo
|
+27%
|
+24%
|
|
Townhome
|
+9%
|
+39%
|
Looking at inventory, there were 1,741 active listings at the end of March, up from 1,506 a year ago. 1,084 of those listings were single-family homes, 324 were condos and 333 were townhomes. All up from last year in their category.
Benchmark price according to the Home Price Index for a board wide single family home hit $765,600, up 5% from last year and 2% from February. Board-wide condos hit $395,000 up 2% from last year and last month. Lastly, townhomes came in at $545,200 up 1% from last year and similar to February.
As VIREB is a wide area it helps to look at the breakdown by each region. Here is a look at single-family home benchmark prices in the different areas:
| |
Benchmark Price March 2024
|
YoY Change
|
|
Campbell River
|
$677,500
|
+8%
|
|
Comox Valley
|
$856,300
|
+10%
|
|
Cowichan Valley
|
$753,200
|
+3%
|
|
Nanaimo
|
$794,900
|
+6%
|
|
Parksville-Qualicum
|
$867,300
|
+2%
|
|
Port Alberni
|
$528,800
|
+4%
|
|
North Island
|
$407,100
|
+4%
|
|
Victoria
|
$1,279,300
|
+1.7%
|
If you would like to know how we are beating the market, helping our clients win, and keeping people moving, please call or test 250-386-8181 or simply click Here for a FREE consultation. Find new listings before they get to MLS and ask us about featuring your home on VancouverIslandComingSoon.com, where we generate interest while you're getting ready to come to market. Ask us also about our FREE Staging Consultation for advice on preparing your home in its best light for the market, ensuring you the best results.
Vancouver Island Real Estate Market Update [March 2024]
Looking at the Victoria Real Estate Board (VREB) and the Vancouver Island Real Estate Board (VIREB) combined there were 851 sales on the whole island, about 22.6% more than in February last year. A lot of that sales growth came out of VIREB with VREB only up 2.2% in the month. Of those sales, the Victoria region accounted for 470 sales and more can be read about that area (and a broader market discussion) HERE.
Looking at the VIREB numbers, there were 254 single-family home sales, 68 condo sales, and 59 townhome sales. Here is a table showing the year-over-year and month-over-month comparison for those property types:
| |
YoY
|
MoM
|
|
SFD
|
+15%
|
+67%
|
|
Condo
|
+11%
|
+45%
|
|
Townhome
|
+18%
|
+48%
|
In the inventory department, active listings hit 951 units at the end of February, down from 937 units a year ago. Condos came in at 293 units up from 253. Lastly, townhomes listings had 328 units compared to 251 last year.
As for price, the board wide benchmark price (according to the Home Price Index) for a single-family home came in at $753,500 up 6% from last year and 1% up from January. Condos hit $387,4010 up 3% YoY and 2% from the previous month. Townhomes came in at $546,500 up 2% from last year and down slightly from the previous month.
Here is the continuation of the price graph we shared last month but only going back to the peak (this is for single-family homes across VIREB):
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And here is a regional breakdown of the benchmark prices for a single-family home and their year-over-year changes:
| |
Benchmark Price February, 2024
|
YoY Change
|
|
Campbell River
|
$661,600
|
+9%
|
|
Comox Valley
|
$829,500
|
+6%
|
|
Cowichan Valley
|
$749,900
|
+5%
|
|
Nanaimo
|
$787,000
|
+6%
|
|
Parksville-Qualicum
|
$845,700
|
+3%
|
|
Port Alberni
|
$528,400
|
+9%
|
|
North Island
|
$392,100
|
+4%
|
|
Victoria
|
$1,247,400
|
-0.3%
|
If you would like to know how we are beating the market, helping our clients win, and keeping people moving, please call or test 250-386-8181 or simply click Here for a FREE consultation. Find new listings before they get to MLS and ask us about featuring your home on VancouverIslandComingSoon.com, where we generate interest while you're getting ready to come to market. Ask us also about our FREE Staging Consultation for advice on preparing your home in its best light for the market, ensuring you the best results.
Vancouver Island Real Estate Market Update [February 2024]
Vancouver Island, with both real estate boards combined, reported 580 sales in January which is about 10% more than the combined total in February last year. Between the two areas, Victoria is showing stronger year-over-year numbers while Vancouver Island is lagging a bit. Of the combined total, 341 were in the Victoria Board area and the rest were in the Vancouver Island Real Estate Board (VIREB) area. For a deep dive into the VREB numbers and a broader market discussion click HERE. Breaking down the VIREB numbers by property type, there were 152 single-family homes, 47 condos, and 40 townhouse units sold in January. Below is a table with the year-over-year and month-over-month changes for each type:
| |
YoY
|
MoM
|
|
SFD
|
-6%
|
+>1%
|
|
Condo
|
+12%
|
+21%
|
|
Townhome
|
+14%
|
+3%
|
As for VIREB inventory, single-family homes on the market increased at the end of January 2024 to 861 units from a staggeringly low-low of 257 last year (down 4% from December). Condos had 239 active listings up from 108 last year and also 4% down from the proceeding month. Townhomes jumped from 66 to 229 in the same period.
Looking at pricing, the Home Price index had single-family homes up 6% over last year and 1% down from the previous month. Condos came in at $380,600, down less than 1% from last year and about the same from the previous month. Townhomes were priced at $546,600, 2% up from last year and down less than one percent from December.
Here is a good visual of some recent key price points:
Here is a regional breakdown of the benchmark prices for a single family home and their year over year changes. It’s worth noting that almost all are down slightly from Decemeber.
| |
Benchmark Price January, 2024
|
YoY Change
|
|
Campbell River
|
$650,500
|
+7%
|
|
Comox Valley
|
$816,300
|
+7%
|
|
Cowichan Valley
|
$746,600
|
+3%
|
|
Nanaimo
|
$783,100
|
+6%
|
|
Parksville-Qualicum
|
$856,700
|
+6%
|
|
Port Alberni
|
$517,600
|
+5%
|
|
North Island
|
$403,000
|
->1%
|
|
Victoria
|
$1,244,000
|
+1.6%
|
If you would like to know how we are beating the market, helping our clients win, and keeping people moving, please call or test 250-386-8181 or simply click Here for a FREE consultation. Find new listings before they get to MLS and ask us about featuring your home on VancouverIslandComingSoon.com, where we generate interest while you're getting ready to come to market. Ask us also about our FREE Staging Consultation for advice on preparing your home in its best light for the market, ensuring you the best results.
Vancouver Island Real Estate Market Update [January 2024]
There were 7,297 total sales reported on the Vancouver Island Real Estate Board VIREB) in 2023. Adding in the numbers from the Victoria Real Estate Board (the two boards comprising the whole island), we had a total of 13,504 sales on our island. For context, the two boards totaled 14,614 sales in 2022 and a whopping 21,097 in 2021. For a deeper dive into the Victoria numbers and more general market predictions CLICK HERE.
Getting into the VIREB numbers, in the month of December there were 151 single-family home sales, 39 condo sales, and 39 townhouse sales. Below is the year-over-year and month-over-month change for December:
| |
YoY
|
MoM
|
|
SFD
|
-23%
|
-36%
|
|
Condo
|
+11%
|
-30%
|
|
Townhome
|
+50%
|
-22%
|
As for inventory, there were 1,297 listings for sale at the end of the year. By property type, there were 769 single-family homes (down 11% from last year), 257 condos, and 244 townhomes.
Looking at price according to the Home Price Index, the board-wide price for a single-family home was $753,000, 5% up from the end of December 2022 and 1% down from November. Condos came in at $384,500 up 3% from last year. Lastly, townhomes came in at $544,200, up 2% YoY. Breaking it down by region, here is a look at single-family home benchmark prices and their year-over-year change:
| |
Benchmark Price December
|
YoY Change
|
|
Campbell River
|
$653,100
|
+7%
|
|
Comox Valley
|
$820,600
|
+7%
|
|
Cowichan Valley
|
$763,400
|
+4%
|
|
Nanaimo
|
$781,900
|
+4%
|
|
Parksville-Qualicum
|
$845,200
|
+2%
|
|
Port Alberni
|
$530,700
|
+3%
|
|
North Island
|
$426,300
|
-1%
|
|
Victoria
|
$1,236,500
|
+2.5%
|
If you would like to know how we are beating the market, helping our clients win, and keeping people moving, please call or test 250-386-8181 or simply click Here for a FREE consultation. Find new listings before they get to MLS and ask us about featuring your home on VancouverIslandComingSoon.com, where we generate interest while you're getting ready to come to market. Ask us also about our FREE Staging Consultation for advice on preparing your home in its best light for the market, ensuring you the best results.
Vancouver Island Real Estate Market Update [December 2023]
In November, Vancouver Island recorded a total of 736 sales, a 4.3% decline compared to the total sales in the prior month. Within this total, 394 transactions occurred in the Victoria Board area, with the remaining sales taking place in the Vancouver Island Real Estate Board (VIREB) area. Breaking down the VIREB statistics by property type, there were 236 single-family homes, 56 condos, and 50 townhouse units sold in November. The table below has the year-over-year and month-over-month changes for each property type in the VIREB area. For a deeper dive into the VREB numbers AND a more general market discussion CLICK HERE.
| |
YoY
|
MoM
|
|
SFD
|
-2%
|
-3%
|
|
Condo
|
+4%
|
-7%
|
|
Townhome
|
+9%
|
-1%
|
Inventory of single-family homes dropped 12.97% year over year with 1,040 listings on the market at the end of November 2023, a drop of 155 listings. There were 285 condos on the market at the end of the month only one single listing more than last year. Lastly, there were 282 townhomes on the market, 5.7% more than the previous year.
Looking at pricing trends, benchmark prices, according to the Home Price Index, came in at $760,100 for single-family homes, $388,300 for condos, and $555,000 for townhomes. All of these categories were up in the 1-4% range year over year but down 1-2% from the proceeding month. Here is a regional breakdown of benchmark prices and year-over-year changes for single-family homes:
| |
Benchmark Price November
|
YoY Change
|
|
Campbell River
|
$656,900
|
+4%
|
|
Comox Valley
|
$832,800
|
+7%
|
|
Cowichan Valley
|
$769,800
|
+5%
|
|
Nanaimo
|
$793,100
|
+4%
|
|
Parksville-Qualicum
|
$861,300
|
+2%
|
|
Port Alberni
|
$507,300
|
-3%
|
|
North Island
|
$413,400
|
-6%
|
|
Victoria
|
$1,286,400
|
+3%
|
If you would like to know how we are beating the market, helping our clients win, and keeping people moving, please call or test 250-386-8181 or simply click Here for a FREE consultation. Find new listings before they get to MLS and ask us about featuring your home on VancouverIslandComingSoon.com, where we generate interest while you're getting ready to come to market. Ask us also about our FREE Staging Consultation for advice on preparing your home in its best light for the market, ensuring you the best results.
Stay safe,
The Neal Estate Group
Your Victoria & Vancouver Island Real Estate Experts
“Let our experience be your guide
www.RonNeal.com
www.HomesOnVancouverIsland.ca
Vancouver Island Real Estate Market Update [November 2023]
In October, Vancouver Island had a total of 769 sales, reflecting a 15.9% decrease compared to the combined sales from the previous month. Of these transactions, 407 took place within the Victoria Board area, while the rest occurred in the Vancouver Island Real Estate Board (VIREB) area. Examining the VIREB statistics by property type, there were 244 single-family homes, 60 condos, and 58 townhouse units sold in September. The table below has the year-over-year and month-over-month changes for each property type. For a deeper dive into the VREB numbers AND a more general market discussion CLICK HERE.
| |
YoY
|
MoM
|
|
SFD
|
0%
|
-8%
|
|
Condo
|
+43%
|
-29%
|
|
Townhome
|
+14%
|
-18%
|
The number of listings for single-family homes experienced a decrease, falling from 1,360 in the previous year to 1,153 by the close of October 2023. Within the VIREB region, the inventory of condo apartments dropped to 307 last month, down from 314 listings in October 2022. Regarding townhomes, there were 265 properties on the market last month, down from the 296 listings one year ago.
Examining pricing trends, benchmark prices, as indicated by the Home Price Index, came in at $767,600 for single-family homes, $394,300 for condos, and $557,400 for townhomes. These prices are still all up year over year but down from the preceding month (except in the townhouse category which is more volatile because of the low number of that property type). Here is a regional breakdown of benchmark prices and year-over-year changes for single-family homes:
In Campbell River, the benchmark price of a single-family home was $658,500 last month, up five per cent from the previous year. The Comox Valley’s year-over-year benchmark price rose seven per cent to $839,700. In the Cowichan Valley, the benchmark price was $772,600, a one per cent increase from October 2022. Nanaimo’s year-over-year benchmark price rose by two per cent to reach $802,500, while the Parksville-Qualicum area saw its benchmark price increase by two per cent to $881,700. The cost of a benchmark single-family home in Port Alberni was $509,200, down two per cent from the previous year. For the North Island, the benchmark price of a single-family home decreased by six per cent to $412,000. (Victoria we take from the Victoria update)
| |
Benchmark Price August
|
YoY Change
|
|
Campbell River
|
$658,500
|
+5%
|
|
Comox Valley
|
$839,700
|
+7%
|
|
Cowichan Valley
|
$772,600
|
+1%
|
|
Nanaimo
|
$802,500
|
+2%
|
|
Parksville-Qualicum
|
$881,700
|
+2%
|
|
Port Alberni
|
$509,200
|
-2%
|
|
North Island
|
$412,000
|
-6%
|
|
Victoria
|
$1,305,900
|
-0.5%
|
If you would like to know how we are beating the market, helping our clients win, and keeping people moving, please call or test 250-386-8181 or simply click Here for a FREE consultation. Find new listings before they get to MLS and ask us about featuring your home on VancouverIslandComingSoon.com, where we generate interest while you're getting ready to come to market. Ask us also about our FREE Staging Consultation for advice on preparing your home in its best light for the market, ensuring you the best results.
Stay safe,
The Neal Estate Group
Your Victoria & Vancouver Island Real Estate Experts
“Let our experience be your guide
www.RonNeal.com
www.HomesOnVancouverIsland.ca
Vancouver Island Real Estate Market Update [October 2023]
In September, on Vancouver Island, the amalgamated data from both real estate boards revealed a total of 915 sales, marking an 11.1% decrease compared to the combined sales from the prior month. Out of this overall number, 493 transactions were within the Victoria Board area, while the remainder occurred in the Vancouver Island Real Estate Board (VIREB) area. Delving into the VIREB statistics categorized by property type, we find that 266 single-family homes, 85 condos, and 71 townhouse units were sold in September. Below is a table with the year-over-year and month-over-month changes for each type. Below is a table with the year-over-year and month-over-month changes for each type. For a deeper dive into the VREB numbers AND a more general market discussion CLICK HERE.
| |
YoY
|
MoM
|
|
SFD
|
+11%
|
-18%
|
|
Condo
|
+63%
|
0%
|
|
Townhome
|
+48%
|
-8%
|
The count of single-family home listings saw a decrease, dropping from 1,417 in the previous year to 1,173 by the end of September 2023. Within the VIREB region, the inventory of condo apartments decreased to 305 last month, down from 332 listings in September 2022. As for townhomes, there were 239 properties on the market last month, representing a slight decline compared to the 295 listings from one year ago.
Taking a closer look at pricing trends across the board, benchmark prices, as determined by the Home Price Index, reached $776,200 for single-family homes, $399,100 for condos, and $556,400 for townhomes. These prices exhibited an upward trend in all categories year-over-year and month-over-month, with the exception of the townhome segment, which experienced a modest decrease compared to the previous month. Here is a regional breakdown of benchmark prices and year-over-year changes for single-family homes:
| |
Benchmark Price August
|
YoY Change
|
|
Campbell River
|
$668,600
|
+1%
|
|
Comox Valley
|
$842,000
|
+6%
|
|
Cowichan Valley
|
$788,600
|
+1%
|
|
Nanaimo
|
$802,000
|
+1%
|
|
Parksville-Qualicum
|
$891,800
|
+2%
|
|
Port Alberni
|
$538,000
|
+2%
|
|
North Island
|
$438,300
|
-9%
|
|
Victoria
|
$1,312,200
|
-0.9%
|
If you would like to know how we are beating the market, helping our clients win, and keeping people moving, please call or test 250-386-8181 or simply click Here for a FREE consultation. Find new listings before they get to MLS and ask us about featuring your home on VancouverIslandComingSoon.com, where we generate interest while you're getting ready to come to market. Ask us also about our FREE Staging Consultation for advice on preparing your home in its best light for the market, ensuring you the best results.
Stay safe,
The Neal Estate Group
Your Victoria & Vancouver Island Real Estate Experts
“Let our experience be your guide
www.RonNeal.com
www.HomesOnVancouverIsland.ca
Vancouver Island Real Estate Market Update [September 2023]
In August, Vancouver Island, when the data from both real estate boards is combined, recorded a total of 1030 sales, marking a 9.4% increase compared to the combined sales in August of the previous year. Out of this overall figure, 544 transactions took place within the Victoria Board area, while the remaining occurred within the Vancouver Island Real Estate Board (VIREB) area. Diving into the VIREB figures based on property type, we see 324 single-family homes, 85 condos, and 77 townhouse units were sold in August. Below is a table with the year-over-year and month-over-month changes for each type. For a deeper dive into the VREB numbers AND a more general market discussion CLICK HERE.
| |
YoY
|
MoM
|
|
SFD
|
+7%
|
-21%
|
|
Condo
|
+29
|
-13%
|
|
Townhome
|
+51
|
-10%
|
The count of available listings for single-family homes decreased from 1,368 the previous year to 1,072 at the end of August. In the VIREB region, the inventory of condo apartments decreased to 308 last month, down from 332 listings in August 2022. For townhomes, there were 254 properties on the market last month, representing a slight decline compared to 280 listings from one year ago.
Examining the pricing trends, across the entire board, benchmark prices according to the Home Price Index for single-family homes reached $770,500, condos came in at $397,900, and townhomes were priced at $560,400. Comparing year-over-year, single-family homes and condos experienced slight decreases, whereas townhomes remained nearly unchanged. In month-over-month comparisons, townhomes and condos showed slight declines, while single-family homes saw an increase of $500. Here is a regional breakdown of benchmark prices and year-over-year changes for single-family homes:
| |
Benchmark Price August
|
YoY Change
|
|
Campbell River
|
$673,700
|
+1%
|
|
Comox Valley
|
$819,400
|
-3%
|
|
Cowichan Valley
|
$781,300
|
-2%
|
|
Nanaimo
|
$799,200
|
-2%
|
|
Parksville-Qualicum
|
$896,200
|
+1%
|
|
Port Alberni
|
$528,500
|
-4%
|
|
North Island
|
$437,000
|
-6%
|
|
Victoria
|
$1,329,900
|
-0.3%
|
Vancouver Island Real Estate Market Update by The Neal Estate Group [August 2023]
Vancouver Island, with both real estate boards combined, reported 1193 sales in July which is 21.8% more than the combined total in July last year. Of that total, 510 were in the Victoria Board area and the rest were in the Vancouver Island Real Estate Board (VIREB) area. Breaking down the VIREB numbers by property type, there were 414 single-family homes, 98 condos and 86 townhouse units sold in July. Below is a table with the year-over-year and month-over-month changes for each type. For a deeper dive into the VREB numbers AND a more general market discussion CLICK HERE.
| |
YoY
|
MoM
|
|
SFD
|
+42%
|
-2%
|
|
Condos
|
+31%
|
-12%
|
|
Townhomes
|
+69%
|
-15%
|
The number of active listings for single-family homes decreased to 1,092 from 1,387 the previous year. The inventory of condo apartments in the VIREB area dropped to 312 last month, down from 336 listings in July 2022. For townhouses, there were 262 properties available for sale last month, a slight decrease from 267 listings one year ago.
Looking at price, board-wide single-family homes hit a benchmark price of $770,000 while condos hit $399,600 and townhomes came in at $561,500. All were down from last year and the previous month except condos which went up 1% from June. Here is a regional breakdown of benchmark prices and year-over-year changes for single-family homes:
|
Campbell River
|
$669,000
|
-5%
|
|
Comox Valley
|
$815,700
|
-6%
|
|
Cowichan Valley
|
$781,100
|
-7%
|
|
Nanaimo
|
$799,200
|
-5%
|
|
Parksville/Qualicum
|
$890,300
|
-3%
|
|
Port Alberni
|
$546,700
|
-5%
|
|
North Island
|
$439,700
|
-9%
|
|
Victoria
|
$1,318,800
|
-3.5%
|
If you would like to know how we are beating the market, helping our clients win, and keeping people moving, please call or test 250-386-8181 or simply click Here for a FREE consultation. Find new listings before they get to MLS and ask us about featuring your home on VancouverIslandComingSoon.com, where we generate interest while you're getting ready to come to market. Ask us also about our FREE Staging Consultation for advice on preparing your home in its best light for the market, ensuring you the best results.
Stay safe,
The Neal Estate Group
Your Victoria & Vancouver Island Real Estate Experts
“Let our experience be your guide
www.RonNeal.com
www.HomesOnVancouverIsland.ca
Vancouver Island Real Estate Market Update by The Neal Estate Group [July 2023]
The Victoria Real Estate Board (VREB) reported 705 property sales in June 2023 while the Vancouver Island Real Estate Board (VIREB, everything north of the Malahat) reported 636 sales. Of the VIREB sales, 424 were single-family homes, 111 were condo sales, and 101 were townhomes. For a deeper dive into the VREB numbers AND a more general market discussion CLICK HERE.
| |
Y/Y
|
M/M
|
|
SFD
|
+5%
|
+13%
|
|
Condos
|
+39%
|
+29$
|
|
Townhomes
|
+49%
|
+7%
|
In June, the number of active listings for single-family homes decreased to 1,105, down from 1,204 during the same period last year. VIREB's inventory of condo apartments, on the other hand, increased to 319 listings last month, up from 295 listings in June 2022. Additionally, there were 274 row/townhouses available for sale last month, indicating a notable rise from 222 listings in June of the previous year.
The Benchmark Price (MLS® Home Price Index) for a single-family home stood at $759,900. This is an 8% decline from the previous year but a positive uptick of 1% from May. For condos, the benchmark price in June was $395,000, marking a 6% decrease compared to June 2022, yet a 1% increase from May as well. As for townhouses, the year-over-year benchmark price in June came to $558,600, a 5% decrease from the same period one year earlier, while a 2% increase from May.
Here is a regional breakdown of benchmark prices and year-over-year changes for single-family homes (all are down from their respective peaks):
|
Campbell River
|
$652,500
|
-9%
|
|
Comox Valley
|
$805,300
|
-9%
|
|
Cowichan Valley
|
$771,200
|
-10%
|
|
Nanaimo
|
$792,200
|
-8%
|
|
Parksville/Qualicum
|
$880,400
|
-6%
|
|
Port Alberni
|
$532,600
|
-9%
|
|
North Island
|
$431,100
|
-8%
|
|
Victoria
|
$1,310,100
|
-7%
|
If you would like to know how we are beating the market, helping our clients win, and keeping people moving, please call or test 250-386-8181 or simply click Here for a FREE consultation. Find new listings before they get to MLS and ask us about featuring your home on VancouverIslandComingSoon.com, where we generate interest while you're getting ready to come to market. Ask us also about our FREE Staging Consultation for advice on preparing your home in its best light for the market, ensuring you the best results.
Stay safe,
The Neal Estate Group
Your Victoria & Vancouver Island Real Estate Experts
“Let our experience be your guide
www.RonNeal.com
www.HomesOnVancouverIsland.ca
Benchmark Price December
YoY Change
Campbell River
$653,100
+7%
Comox Valley
$820,600
+7%
Cowichan Valley
$763,400
+4%
Nanaimo
$781,900
+4%
Parksville-Qualicum
$845,200
+2%
Port Alberni
$530,700
+3%
North Island
$426,300
-1%
Victoria
$1,236,500
+2.5%
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