REALISTIC PRICING KEY IN BUYER’S MARKET

The Vancouver Island Real Estate Board (VIREB) recorded 562 unit sales (all property types) in September 2026, down 13 percent from one year ago. Year-over-year active listings (all property types) were 4,457, up four percent from the previous year.

In the single-family category (excluding acreage and waterfront), 279 homes sold in September 2026, a decrease of eight percent from one year ago and down six percent from last month. Sales of condo apartments in September came in at 55, down seven percent from last year and 21 percent from August. In the row/townhouse category, 50 units changed hands in September, a drop of 36 percent from one year ago and down 37 percent from August.

Active listings of single-family homes were 1,458 in September, up from 1,424 one year ago. VIREB’s inventory of condo apartments was 359 last month, dropping from the 390 properties listed in September 2025. There were 332 row/townhouses for sale last month compared to 341 the previous year.

“Our housing market has weathered a lot of economic uncertainty over the past year, but we’re beginning to see those challenges have a greater influence on buyer confidence,” said Jason Yochim, VIREB Chief Executive Officer.

Yochim noted that the VIREB area has moved into buyer’s market territory, giving purchasers plenty of choice. He added that while benchmark prices have remained relatively flat across most markets, sellers who price competitively continue to have the greatest success.

“Buyers are taking their time and looking for the right property at the right price,” said Yochim. “Well priced homes, particularly those in high demand, continue to move. Sellers need to be realistic about where the market is today, not where it was a few years ago.”

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 $777,300 in September 2026, down one percent from one year ago and one percent from August. In the apartment category, the benchmark price was $401,700 last month, a drop of four percent. year over year and down $200 from August. The benchmark price of a townhouse in September was $557,000, up one percent from one year ago and one percent from August.

In Campbell River, the benchmark price of a single-family home was $680,900 last month, a slight decrease from September 2025. The Comox Valley’s year-over-year benchmark price increased by one percent to $848,900. In the Cowichan Valley, the benchmark price was $774,300, down one per cent from September 2025. Nanaimo’s year-over-year benchmark price decreased by two percent to $798,400, while the Parksville-Qualicum area saw its benchmark price drop by three percent to $896,200. The cost of a benchmark single-family home in Port Alberni rose slightly to $522,000 from the previous year. For the North Island, the benchmark price of a single-family home increased by six percent to $474,600.

(Media Release courtesy of the Vancouver Island Real Estate Board)