BUYERS ARE CAUTIOUS, BUT WELL-PRICED HOMES ARE STILL MOVING

The Vancouver Island Real Estate Board (VIREB) recorded 768 unit sales (all property types) in May 2026, down one percent from one year ago. Year-over-year active listings (all property types) were 4,585, up three percent from the previous year.

In the single-family category (excluding acreage and waterfront), 384 homes sold in May 2026, down four percent from one year ago and an increase of three percent from April 2026. Sales of condo apartments last month came in at 79, increasing by 10 percent year over year and 23 percent from April. In the row/townhouse category, 113 units changed hands in May, up 33 percent from one year ago and 28 percent from April.

Active listings of single-family homes were 1,529 in May, down from 1,565 one year ago. VIREB’s inventory of condo apartments was 386 last month, down from the 399 properties listed in May 2025. There were 370 row/townhouses for sale last month compared to 346 the previous year.

“Consumer confidence has been affected by ongoing uncertainty, and many buyers appear to be taking a more cautious, wait-and-see approach before making a decision to purchase,” said Jason Yochim, VIREB Chief Executive Officer.

Yochim noted that market activity across the VIREB area remains relatively stable, with well-priced properties continuing to attract interest. Row/townhouse sales were a bright spot in May, rising 33 percent from the same month last year.

“We’re still seeing activity on well-priced properties, including some multiple-offer situations,” says Yochim. “At the same time, homes priced above current market expectations are taking longer to sell. Buyers are being more measured, and sellers need to be realistic in today’s market.”

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 $791,600 in May 2026, down one percent from one year ago and up slightly from April. In the apartment category, the benchmark price was $407,700 last month, up one percent year over year and three percent from April. The benchmark price of a townhouse in May was $553,200, down two percent. from one year ago and one percent higher than in April.

In Campbell River, the benchmark price of a single-family home was $681,600 last month, down three percent from May 2025. The Comox Valley’s year-over-year benchmark price dropped by two percent to $870,700. In the Cowichan Valley, the benchmark price was $789,800, up slightly from May 2025. Nanaimo’s year-over-year benchmark price dropped by two percent to $815,000, while the ParksvilleQualicum area saw its benchmark price increase by one percent to $924,300. The cost of a benchmark single-family home in Port Alberni was $507,700, down two percent from the previous year. For the North Island, the benchmark price of a single-family home decreased by one percent to $467,700.

(Information courtesy of the Vancouver Island Real Estate Board)