JASON YOCHIM
NANAIMO – The Vancouver Island Real Estate Board (VIREB) recorded 637 unit sales (all property types) in March 2025, down one per cent from one year ago. Year-over-year active listings (all property types) rose by six per cent, climbing to 3,708 from 3,488 the previous March.
In the single-family category (excluding acreage and waterfront), 301 homes sold in March, up four per cent from one year ago and an increase of 26 per cent from February. Sales of condo apartments last month came in at 87, an increase of nine per cent year over year and up 45 per cent from February. In the row/townhouse category, 74 units changed hands in March, down nine per cent from one year ago and up by 21 per cent over February.
Active listings of single-family homes were 1,162 last month compared to 1,084 in March 2024. VIREB’s inventory of condo apartments was 408 in March, up from the 324 posted one year ago. There were 317 row/townhouses for sale last month compared to 333 the previous year.
VIREB CEO Jason Yochim reports that with just under six months of inventory, VIREB’s market remains balanced, which is good news for buyers and sellers.
“Although there is continuing economic uncertainty surrounding the tariffs imposed by the Trump administration, VIREB’s housing market is proving to be fairly resilient thus far,” says Yochim. “Sales activity in the first quarter of 2025 is about the same as last year and even up in some markets.”
“But it’s too early to say what the long-range impact of tariffs will have on the economy in general and the housing market specifically. That said, Vancouver Island is somewhat insulated because it remains a popular retirement destination for Canadians, and many retirees don’t need to obtain mortgages,” adds Yochim.
Moving on to prices, the board-wide benchmark price (MLS® Home Price Index) of a single-family home was $791,200 in March 2025, up four per cent from one year ago. In the apartment category, the benchmark price was $407,600 last month, up one per cent from the previous March. The benchmark price of a townhouse in March was $548,600, up three per cent from the prior year.
In Campbell River, the benchmark price of a single-family home was $706,000 last month, up three per cent from the previous year. The Comox Valley’s year-over-year benchmark price rose by one per cent to $848,500. In the Cowichan Valley, the benchmark price was $799,100, up six per cent from March 2024.
Nanaimo’s year-over-year benchmark price rose by three per cent to $823,000, while the Parksville-Qualicum area saw its benchmark price increase by three per cent to $893,400. The cost of a benchmark single-family home in Port Alberni was $519,700, up three per cent from the previous year. For the North Island, the benchmark price of a single-family home rose by 13 per cent to $446,600.
Jason Yochim is CEO of VIREB
