The Vancouver Island Real Estate Board (VIREB) recorded ten per cent more sales in July compared to the same month last year.
According to the most recent market report, there were 806 unit sales across all property types on the Island in July and year-over-year active listings were up one per cent, with 4,512 units listed.
VIREB chair Olivier Naud says the island’s market is at the top end of balanced, with about six months of inventory.
“At the risk of sounding like a broken record, our housing market continues to show resilience despite the broader economic uncertainties caused by on-and-off tariffs,” says Naud. “Vancouver Island’s appeal isn’t diminishing, and our housing market remains attractive to potential buyers.”
The benchmark price for a single-family home on the island continues to climb, with a two per cent increase from July last year. It currently sits at $800,000, down slightly from June this year.
The most expensive market on the island is the Parksville-Qualicum area with a benchmark price of $926,000, a three per cent increase from last year.
The north island is still the least expensive, with a $455,200 benchmark – a six per cent increase.
Nanaimo saw a one per cent increase and sits at $823,100. Campbell River’s benchmark is $699,200, down one per cent from last year.
Comox Valley’s benchmark price rose by three per cent and sits at $864,600. The Cowichan Valley also rose by three per cent and is $800,900.
The benchmark price in the apartment category was $404,600 last month, down two per cent from the previous July and a small dip from June. The benchmark price of a townhouse in July was $550,400, up two per cent from the previous year and down one per cent from June.
Sales in the single-family category, excluding acreage and waterfront, were up 16 per cent from a year ago in July and down 11 per cent from June. There were 420 sales.
Condo sales decreased 17 per cent year-over-year, with 71 sold in July.
Active listings of single-family homes were 1,483 last month compared to 1,596 in July 2024. VIREB’s inventory of condo apartments was 424 in July, down from the 455 listings posted one year ago. There were 354 row/townhouses for sale last month compared to 342 in July 2024.
Last month’s report: Vancouver Island real estate prices continue to climb in uncertain market
