RESILIENT HOUSING MARKET CARRIES VIREB INTO THE FALL

The Vancouver Island Real Estate Board (VIREB) recorded 653 unit sales (all property types) in September 2025, up three per cent from one year ago. Year-over-year active listings (all property types) were 4,293, down four per cent from the previous year.

In the single-family category (excluding acreage and waterfront), 307 homes sold in September, down four per cent from one year ago and nine per cent from August. Sales of condo apartments last month came in at 59, a decrease of 14 per cent year over year and a drop of 20 per cent from August. In the row/townhouse category, 79 units changed hands in September, down 13 per cent from one year ago and up 10 per cent from August.

Active listings of single-family homes were 1,424 last month compared to 1,586 in September 2024. VIREB’s inventory of condo apartments was 390 in September, down from the 410 listings posted one year ago. There were 341 row/townhouses for sale last month compared to 335 in September 2024.

VIREB Chair Olivier Naud notes that VIREB’s housing market, like last month, is in the mid-range of balanced, with approximately six months of inventory. Balanced markets offer the best of both worlds for buyers and sellers.

“Now that school is back in session, many families are shifting back into their routines, and that’s reflected in our housing market as well,” says VIREB Chair Olivier Naud. “Prices across our region remain relatively flat, underscoring the market’s resilience. While economic headwinds persist, people are still moving on with their lives and making housing decisions that fit their needs.”

Benchmark Price

Moving on to prices, the board-wide benchmark price (MLS® Home Price Index) of a single-family home was $796,200 in September 2025, down two per cent from one year ago and a slight drop from August. In the apartment category, the benchmark price was $416,600 last month, up three per cent year over year and a rise of three per cent from August. The benchmark price of a townhouse in August was $548,800, up one per cent from the prior year and one per cent from the previous month.

In Campbell River, the benchmark price of a single-family home was $706,200 last month, up two per cent from September 2024.
The Comox Valley’s year-over-year benchmark price rose by two per cent to $846,000.
In the Cowichan Valley, the benchmark price was $804,100, up four per cent from September 2024.
Nanaimo’s year-over-year benchmark price increased by one per cent to $816,200.
The Parksville-Qualicum area saw its benchmark price increase by three per cent to $933,400.
The cost of a benchmark single-family home in Port Alberni was $519,300, up four per cent from the previous year
For the North Island, the benchmark price of a single-family home dropped by one per cent to $449,400.