BUYER OPTIMISM AND A BALANCED MARKET TREND IN MAY

The Vancouver Island Real Estate Board (VIREB) recorded 781 unit sales (all property types) in May 2025, down three per cent from one year ago. Year-over-year active listings (all property types) rose by five per cent, climbing to 4,439 from 4,242 the previous May.

In the single-family category (excluding acreage and waterfront), 409 homes sold in May, up one per cent from one year ago and an increase of two per cent from April. Sales of condo apartments last month came in at 74, a decrease of 19 per cent year over year and down 24 per cent from April. In the row/townhouse category, 86 units changed

Active listings of single-family homes were 1,565 last month compared to 1,433 in May 2024. VIREB’s inventory of condo apartments was 399 in May, one more than the 398 posted one year ago. There were 346 row/townhouses for sale last month compared to 375 in May 2024.

VIREB CEO Jason Yochim reports that VIREB’s housing market remains balanced, with just under six months of inventory.

“In spite of the cloud of economic uncertainty, optimism among buyers is positive. The Island continues to buck the trend of declining home sales currently experienced on the mainland,” says Yochim. “Most of our markets remain in balanced territory, with year-to-date sales on par with 2024. Available inventory of homes is above the ten-year average, providing reasonable choice for buyers.”

Benchmark Price

Moving on to prices, the board-wide benchmark price (MLS® Home Price Index) of a single-family
home was $811,400 in May 2025, up four per cent from one year ago. In the apartment category,
the benchmark price was $406,500 last month, down two per cent from the previous May. The
benchmark price of a townhouse in May was $561,700, up three per cent from the prior year

• In Campbell River, the benchmark price of a single-family home was $722,700 last month, up one per cent from the previous year.
• The Comox Valley’s year-over-year benchmark price rose by seven per cent to $887,600.
• In the Cowichan Valley, the benchmark price was $806,800, up four per cent from May 2024.
• Nanaimo’s year-over-year benchmark price rose by three per cent to $841,900.
• The Parksville-Qualicum area saw its benchmark price increase by three per cent to $920,500.
• The cost of a benchmark single-family home in Port Alberni was $518,300, up one per cent from the previous year.
• For the North Island, the benchmark price of a single-family home rose by 12 per cent to $477,200.

May 2025 Real Estate Market Statistics

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Source: VIREB