Introduction

With over 18 years of experience in Vancouver Island real estate, The Shanon Kelley Realty Group understands the distinct character of our Island market. From Victoria’s heritage homes to Tofino’s oceanfront properties, we’ll guide you through the specific considerations and steps for closing a home sale on Vancouver Island.

Current Market Overview (2025)

Market Statistics

• Total unit sales: 7,489 (up from 7,297 in 2023)
• Price growth: 3% increase from 2023
• Market balance: 15% absorption rate indicates a balanced market
• Listing growth: 12.5% increase from 2023

Regional Benchmark Prices

• Nanaimo: $783,100
• Campbell River: $650,500
• Comox Valley: $816,300
• Cowichan Valley: $746,600
• Parksville-Qualicum: $856,700

Investment Landscape

• Vancouver Island boasts one of BC’s strongest owner-occupier markets
• Investment property ownership rates:
  • Parksville: 14.9%
  • Victoria: 19.5%
• Current price ranges:
  • First-time buyers: $700,000 – $850,000
  • Luxury market: $1,000,000+

Understanding Vancouver Island’s Real Estate Markets

Regional Market Characteristics

Greater Victoria

• Heritage homes and character properties
• Dense urban areas with strict preservation guidelines
• High demand for walkable neighborhoods
• Strong owner-occupier market at 80.5%

Mid-Island (Nanaimo/Parksville)

• Significant baby boomer demographic driving market activity
• High owner-occupier rate (85.1% in Parksville)
• Strong mainland relocator presence
• Growing retirement communities

North Island and West Coast

• Recreational and vacation properties
• Remote and off-grid options
• Timber frame and custom builds
• Tourism-driven market fluctuations

Current Market Dynamics

• Single-detached properties showing highest market activity
• Increased mainland buyer migration seeking lifestyle changes
• Lower mortgage rates driving market optimism
• Record-high inventory levels providing more buyer choice
• Strong demand from baby boomers in Central Vancouver Island

Property Types and Special Considerations

Oceanfront Properties

• Marine surveys and environmental assessments required
• Foreshore lease considerations
• Erosion and weather protection requirements
• Specialized insurance needs for coastal properties
• Current high demand from mainland buyers

Heritage Properties

• Victoria Heritage Foundation guidelines
• Restoration and maintenance requirements
• Special permit considerations
• Character home preservation requirements
• Growing interest in heritage restoration projects

Rural Properties

• Well and septic system inspections mandatory
• Access road considerations
• Agricultural Land Reserve implications
• Water rights and licenses
• Increasing demand for hobby farms and acreages

Strata Properties

• Depreciation report review essential
• Comprehensive strata document examination
• Special assessment considerations
• Upcoming maintenance requirements
• Strong market for downsizers and first-time buyers

The Vancouver Island Closing Process

Professional Services

• Both notaries and lawyers qualified for transactions
• Local home inspectors familiar with Island construction
• Insurance providers experienced with coastal properties
• Property surveyors who understand Island topography
• Financial advisors for tax and investment implications

Document Preparation

Essential documentation includes:

• Property transfer tax calculations and exemptions
• Title searches and insurance
• Property disclosure statements
• Strata documentation (if applicable)
• Well water testing results (rural properties)
• Septic inspection reports (when applicable)
• Heritage designation documentation (if relevant)

Regional Timing Considerations

• Ferry scheduling impact on document delivery
• Seasonal market variations
• Municipal office processing times
• Strata document request timelines
• Coordination with multiple professional services

Understanding Island-Specific Closing Costs

Standard Closing Costs

• Notary or legal fees ($900-$1,500)
• Property transfer tax
• Mortgage discharge fees
• Real estate commission
• Title insurance

Additional Regional Considerations

• Marine survey costs (waterfront properties)
• Well and septic inspections ($500-$1,000)
• Heritage home documentation
• Strata document fees
• Property tax variations by municipality

Pre-Closing Preparations

Property Preparation

• Weather-dependent exterior maintenance
• Seasonal considerations for showings
• Island-specific curb appeal requirements
• Documentation of recent improvements
• Professional photography timing

Utility Considerations

• BC Hydro transfer procedures
• Local water utility requirements
• Municipal service transitions
• Garbage and recycling service changes
• Rural property utility transfers

Post-Closing Responsibilities

Property Transfer

• Key transfer coordination
• Security code changes
• Access device documentation
• Property maintenance handover
• Mail forwarding arrangements

Administrative Tasks

• Municipal tax notification
• Insurance policy updates
• Strata council notification
• Utility company notifications
• Property tax assessment updates

Expert Tips for Island Properties

Timing Your Sale

• Consider seasonal market variations
• Account for ferry-dependent services
• Monitor mortgage rate trends
• Track local market inventory levels
• Align with tourism seasons if relevant

Professional Support

• Work with experienced Island-based professionals
• Maintain open communication channels
• Address weather-related concerns promptly
• Follow local market expertise
• Leverage professional networks

Resources and Contacts

Local Resources

• Vancouver Island Real Estate Board
• Victoria Real Estate Board
• Municipal property information services
• Heritage property resources
• Strata resource centers

Important Contacts

• Municipal offices
• Utility providers
• Property tax offices
• Insurance specialists
• Property maintenance services

Conclusion

Successfully closing your Vancouver Island property sale requires attention to unique regional factors and professional guidance. With over 15 years of local experience, The Shanon Kelley Realty Group brings expert knowledge and dedication to ensure your closing process addresses all Island-specific considerations. From heritage homes in Victoria to oceanfront properties in Tofino, we’re here to guide you through every step of your Island property sale.

Contact Information

Ready to start your Vancouver Island home selling journey? Contact The Shanon Kelley Realty Group today tel:2507587653

This guide is provided by The Shanon Kelley Realty Group, your trusted partner in Vancouver Island real estate transactions. Our experienced team brings in-depth local knowledge and expertise to your home selling journey.