HOUSING MARKET WEATHERING ECONOMIC CROSSWINDS

The Vancouver Island Real Estate Board (VIREB) recorded 806 unit sales (all property types) in July 2025, up 10 per cent from one year ago. Year-over-year active listings (all property types) were 4,512, up one per cent from the previous year.

In the single-family category (excluding acreage and waterfront), 420 homes sold in July, up 16 per cent from one year ago and down 11 per cent from June. Sales of condo apartments last month came in at 71, a decrease of 17 per cent year over year and down eight per cent from June. In the row/townhouse category, 95 units changed hands in July, down three per cent from one year ago and an increase of two per cent from June.

Active listings of single-family homes were 1,483 last month compared to 1,596 in July 2024. VIREB’s inventory of condo apartments was 424 in July, down from the 455 listings posted one year ago. There were 354 row/townhouses for sale last month compared to 342 in July 2024.

VIREB Chair Olivier Naud notes that VIREB’s housing market is at the top end of balanced, with approximately six months of inventory.

“At the risk of sounding like a broken record, our housing market continues to show resilience despite the broader economic uncertainties caused by on-and-off tariffs,” says Naud. “Vancouver Island’s appeal isn’t diminishing, and our housing market remains attractive to potential buyers.”

Benchmark Price

Moving on to prices, they remain relatively flat. The board-wide benchmark price (MLS® Home Price Index) of a single-family home was $800,000 in July 2025, up two per cent from one year ago and down slightly from June. In the apartment category, the benchmark price was $404,600 last month, down two per cent from the previous July and a small dip from June. The benchmark price of a townhouse in July was $550,400, up two per cent from the prior year and down one per cent from June.

• In Campbell River, the benchmark price of a single-family home was $699,200 last month, down one per cent from July 2024.
• The Comox Valley’s year-over-year benchmark price rose by three per cent to $864,600.
• In the Cowichan Valley, the benchmark price was $800,900, up three per cent from July 2024.
• Nanaimo’s year-over-year benchmark price rose by one per cent to $823,100.
• The Parksville-Qualicum area saw its benchmark price increase by three per cent to $926,000.
• The cost of a benchmark single-family home in Port Alberni was $525,800, down one per cent from the previous year
• For the North Island, the benchmark price of a single-family home rose by six per cent to $455,200.

July 2025 Real Estate Market Statistics

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Source: VIREB