MULTI-FAMILY MOMENTUM BALANCES SLOWER SINGLE-FAMILY SALES

The Vancouver Island Real Estate Board (VIREB) recorded 388 unit sales (all property types) in January 2026, down 10 percent from one year ago. Year-over-year active listings (all property types) were 3,157, up six percent from the previous year.

In the single-family category (excluding acreage and waterfront), 162 homes sold in January 2026, down 19 percent from one year ago and 25 percent from December 2025. Sales of condo apartments last month came in at 53, increasing by 15 percent year over year and 43 percent from December. In the row/townhouse category, 55 units changed hands in January, up 28 percent from one year ago and 17 percent from December.

Active listings of single-family homes were 895 in January, up from 888 one year ago. VIREB’s inventory of condo apartments was 310 last month, an increase from the 293 properties listed in January 2025. There were 277 row/townhouses for sale last month compared to 219 the previous year.

“The market got off to a slow start in January on the single-family side, but that was offset by strong activity in condo apartments and row/townhouses,” says Jason Yochim, VIREB Chief Executive Officer. “Looking ahead, the overall forecast suggests a year that closely resembles 2025 in terms of sales, which points to a relatively stable market.”

Yochim adds that while affordability remains a challenge everywhere, Vancouver Island continues to compare favourably with the Lower Mainland and Fraser Valley. At the same time, lengthy development timelines remain a key factor limiting the supply of new single-family homes.

“Long and complex development approval timelines can have a real impact on housing supply, and delays in bringing new projects to market ultimately put upward pressure on prices and limit choices for buyers,” Yochim says.

Moving on to prices, the board-wide benchmark price (MLS® Home Price Index) of a single-family home was $768,900 in January 2026, up one percent from one year ago and down one percent from December. In the apartment category, the benchmark price was $402,700 last month, up three percent. year over year and down one percent from December. The benchmark price of a townhouse in January was $528,800, down two percent from January 2025 and two percent from December.

In Campbell River, the benchmark price of a single-family home was $657,000 last month, down two percent from January 2025. The Comox Valley’s year-over-year benchmark price rose by two percent to $837,300. In the Cowichan Valley, the benchmark price was $751,800, up two percent from January 2025.
Nanaimo’s year-over-year benchmark price dropped by one percent to $801,700, while the Parksville-Qualicum area saw its benchmark price increase by three percent to $909,600. The cost of a benchmark single-family home in Port Alberni was $504,400, down three percent from the previous year. For th North Island, the benchmark price of a single-family home decreased by five percent to $425,300.

(Article courtesy of the Vancouver Island Real Estate Board)