The Vancouver Island real estate market saw stable activity in February 2025, with 493 unit sales recorded, the same as February 2024, according to the Vancouver Island Real Estate Board (VIREB). While sales remained steady, the inventory of active listings across all property types increased by three percent, reaching 3,235 units compared to 3,153 in the previous year.
In the single-family home category (excluding acreage and waterfront properties), 239 homes were sold in February. This represented a four percent decrease year-over-year, but an impressive 17 percent increase from January’s figures. Condo apartment sales also rose, with 60 units sold, marking a 12 percent increase from the previous year and a 30 percent jump from January. The row/townhouse market showed the most significant month-over-month growth, up by 42 percent with 61 units sold.
The inventory for single-family homes saw a slight increase, with 975 active listings in February, up from 915 in 2024. Condo apartment listings reached 376, up from 298 in the previous year, while townhouse inventory decreased to 245, compared to 328 in February 2024.
Despite strong activity at open houses and increasing interest from potential buyers, VIREB CEO Jason Yochim noted that some buyers are hesitant due to economic uncertainty surrounding the potential impact of American tariffs. “Although open houses are busy, and there’s strong engagement, some buyers are holding back, influenced by the tariff situation,” Yochim explained. He referred to the 25 percent tariff on Canadian imports to the U.S., which has recently become a reality, creating broader economic concerns.
However, the British Columbia Real Estate Association (BCREA) has projected that Vancouver Island will remain relatively insulated from the full effects of these tariffs. The island’s demographic, with its large retiree population, is less reliant on mortgage financing, making it more resistant to fluctuations in interest rates compared to other parts of Canada.
Despite these uncertainties, BCREA anticipates that any short-term slowdown in the housing market due to the tariffs will be followed by a recovery once mortgage rates decline, triggering a wave of pent-up demand.
On the price front, the benchmark price for a single-family home across the region rose by two percent from February 2024, reaching $773,200 in February 2025. Condos and townhouses also saw price increases, with the benchmark price for condos rising to $404,600 (up 2%) and townhouses reaching $541,800 (up 1%).
Regionally, the market showed varied price trends. In Campbell River, the benchmark price for single-family homes was $682,400, up three percent from the previous year. The Comox Valley saw a one percent increase to $824,300, while the Cowichan Valley experienced a two percent rise to $770,800. Nanaimo’s benchmark price increased by one percent to $810,600, and the Parksville-Qualicum area saw a two percent rise to $879,400. Port Alberni recorded the most significant increase at three percent, with the benchmark price reaching $523,100. The North Island experienced the highest growth, with single-family home prices rising by 13 percent to $440,000.
As the situation continues to evolve, Vancouver Island’s real estate market is expected to face both challenges and opportunities in the coming months, driven by economic shifts, regulatory changes, and the ongoing demand for housing.
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