BUYERS PROCEED CAREFULLY AMID MARKET UNCERTAINTY

The Vancouver Island Real Estate Board (VIREB) recorded 582 unit sales (all property types) in October 2026, down 9 percent from one year ago. Year-over-year active listings (all property types) were 4,173, up 9 percent from the previous year.

In the single-family category (excluding acreage and waterfront), 298 homes sold in October 2026, down 4 percent from one year ago and up 7 percent from last month. Sales of condo apartments in October came in at 56, down 19 percent from last year and up two percent from September. In the row/townhouse category, 49 units changed hands in October, down 38 percent from one year ago and 2 percent from September.

Active listings of single-family homes were 1,319 in October, up from 1,224 one year ago. VIREB’s inventory of condo apartments was 353 last month, dropping from the 362 properties listed in October 2025. There were 317 row/townhouses for sale last month compared to 319 the previous year.
“There’s still interest in the market, but there’s also a noticeable sense of caution among consumers right now,” said Jason Yochim, VIREB Chief Executive Officer.

Yochim noted that buyers have plenty of options in many Vancouver Island communities and are taking their time before making a decision. However, he added that October brought a modest increase in sales activity, a sign that buyers remain engaged despite ongoing economic uncertainty.

“People don’t appear to be rushing into major financial decisions,” said Yochim. “Buyers are doing their homework, comparing what’s available, and waiting until they feel comfortable making a move. At the same time, well-priced properties continue to attract interest, which shows there are buyers in the market when the value is there.”

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 $780,400 in October 2026, down one percent from one year ago and up one percent from September. In the apartment category, the benchmark price was $400,000 last month, a drop of three percent year over year and down one percent from September. The benchmark price of a townhouse in October was $579,800, up six per cent from one year ago and four per cent from September.

In Campbell River, the benchmark price of a single-family home was $687,300 last month, a slight uptick from October 2025. The Comox Valley’s year-over-year benchmark price decreased by 1 percent to $848,600. In the Cowichan Valley, the benchmark price was $790,800, up 2 percent from October 2025. Nanaimo’s year-over-year benchmark price decreased by two per cent to $789,100, while the ParksvilleQualicum area saw its benchmark price drop by one per cent to $904,200. The cost of a benchmark single family home in Port Alberni dipped by three per cent to $512,000 from the previous year. For the North Island, the benchmark price of a single-family home increased by three per cent to $474,700.

(Article courtesy of the Vancouver Island Real Estate Board, excluding the Victoria Board area)