BALANCED CONDITIONS DEFINE LOCAL HOUSING MARKET THIS FALL

The Vancouver Island Real Estate Board (VIREB) recorded 649 unit sales (all property types) in October 2025, down nine percent from one year ago. Year-over-year active listings (all property types) were 3,838, down four percent from the previous year.

In the single-family category (excluding acreage and waterfront), 317 homes sold in October, down eight percent from one year ago and up three percent from September. Sales of condo apartments last month came in at 69, a decrease of 13 percent year over year and up by 17 percent from September. In the row/townhouse category, 78 units changed hands in October, down six percent from one year ago and one percent from September.

Active listings of single-family homes were 1,224 last month compared to 1,352 in October 2024. VIREB’s inventory of condoapartments was 362 in October, down from the 366 listings posted one year ago. There were 319 row/townhouses for sale last month compared to 299 in October 2024.

VIREB CEO Jason Yochim states that VIREB’s housing market remains balanced, with around six months of inventory. Balanced markets present excellent opportunities for buyers and sellers.

“Our local market continues to stand out for its stability and resilience, especially when compared to the Lower Mainland and Vancouver. It’s a healthy environment for both buyers and sellers, with some good opportunities on both sides,” says Yochim. “Prices are steady, and with the Bank of Canada’s recent rate cuts likely behind us for now, the environment feels more predictable and sustainable. As the federal budget is unveiled this week, we’ll be paying attention to any housing measures that could shape demand in the months ahead.”

Moving on to prices, the board-wide benchmark price (MLS® Home Price Index) of a single-family home was $795,900 in October 2025, up two percent from one year ago and a slight drop from September. In the apartment category, the benchmark price was $411,700 last month, up four percent year over year and down by one percent from September. The benchmark price of a townhouse in October was $542,900, down one percent from the prior year and one percent from September.

In Campbell River, the benchmark price of a single-family home was $704,200 last month, up one percent from October 2024. The Comox Valley’s year-over-year benchmark price rose by three percent. to $859,100. In the Cowichan Valley, the benchmark price was $803,700, up five percent from October 2024. Nanaimo’s year-over-year benchmark price increased by one percent to $813,900, while the Parksville-Qualicum area saw its benchmark price increase by three percent to $920,700. The cost of a benchmark single-family home in Port Alberni was $521,000, up four percent from the previous year. For the North Island, the benchmark price of a single-family home increased by eight percent to $464,600.

Regardless of market conditions, connecting with a local REALTOR® can help smooth the way to a successful real estate transaction. They have specialized knowledge of their communities and will help you develop a winning strategy for buying or selling a home.

(Article courtesy of the Vancouver Island Real Estate Board VIREB)