VIREB HOUSING MARKET GAINS GROUND IN JULY

The Vancouver Island Real Estate Board (VIREB) recorded 707 unit sales (all property types) in July 2026, down 11 percent from one year ago. Year-over-year active listings (all property types) were 4,598, up two percent from the previous year.

In the single-family category (excluding acreage and waterfront), 366 homes sold in July 2026, down 12 percent from one year ago and a drop of 11 percent from last month. Sales of condo apartments in July came in at 71, unchanged from last year and down 15 percent from June. In the row/townhouse category, 81 units changed hands in July, down 13 per cent from one year ago and 10 per cent from June.

Active listings of single-family homes were 1,474 in July, down from 1,483 one year ago. VIREB’s inventory of condo apartments was 360 last month, dropping from the 424 properties listed in July 2025. There were 341 row/townhouses for sale last month compared to 354 the previous year.

“While our spring and summer housing market was slow to get off the ground this year, July showed encouraging signs of improvement, with REALTORS® across the VIREB area reporting increased activity,” said Jason Yochim, VIREB Chief Executive Officer.

Yochim noted that while sales were lower than in July 2025, the VIREB market remains balanced and is picking up, with more active listings. However, Canada’s stronger-than-expected economy means significant mortgage-rate relief is unlikely in the near term.

“We’re seeing the most activity in the $500,000 to $750,000 price range, which underscores the importance of pricing a home appropriately,” said Yochim. “Buyers aren’t in a hurry and are willing to wait for the right property, so sellers need to be realistic about market value in today’s environment.”

Yochim added that no matter the market conditions, a local REALTOR® brings on-the-ground knowledge of their community, which can help clients make informed decisions when buying or selling a home. Moving on to prices, the board-wide benchmark price (MLS® Home Price Index) of a single-family home was $794,500 in July 2026, up one percent from one year ago and one percent from June. In the apartment category, the benchmark price was $407,300 last month, up one percent year over year and a slight decrease from June. The benchmark price of a townhouse in July was $548,900, down slightly from one year ago and a small dip from June.

In Campbell River, the benchmark price of a single-family home was $686,800 last month, up one percent from July 2025. The Comox Valley’s year-over-year benchmark price rose slightly to $859,600. In the Cowichan Valley, the benchmark price was $788,700, up one percent from July 2025. Nanaimo’s yearover-year benchmark price increased by one percent to $822,200, while the Parksville-Qualicum area saw its benchmark price increase by one percent to $927,700. The cost of a benchmark single-family home in Port Alberni was $531,300, up one percent from the previous year. For the North Island, the benchmark price of a single-family home increased by eight percent to $489,200.

(Article courtesy of the Vancouver Island Real Estate Board)