The benchmark cost to buy a single-family home on Vancouver Island is up to $811,400, according to the latest report from the Vancouver Island Real Estate Board. This is four per cent more in May this year compared to last.
Nanaimo’s year-over-year benchmark price rose by three per cent to $841,900 and the Parksville-Qualicum Beach area is up to $920,500, an increase of three per cent over last year.
The Comox Valley saw an increase of seven per cent and sits at $887,600. Cowichan Valley increased four per cent, and the benchmark is $806,800.
Benchmark price for a single-family home in Campbell River was $722,700 last month, up one per cent.
The north island saw an increase of 12 per cent and sits at $477,200.
“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 VIREB CEO Jason 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.”
The VIREB recorded 781 unit sales across all property types on the island in May, down three per cent over the same time last year.
Active listings rose by five per cent year-over-year, climbing to 4,439 last month – compared to 4,242 in May last year.
Excluding acreage and waterfront property, there were 409 single-family homes sold in May on the island, up one per cent from May last year and a two per cent increase over April this year.
Condo sales were down 19 per cent over last year, with 74 sold in May.
