Vancouver Island, BC – The Vancouver Island real estate market demonstrates continued strength and adaptability as it enters 2025, with VIREB recording 7,489 unit sales in 2024, surpassing the previous year’s 7,297 sales. December 2024 closed with 443 unit sales and 2,883 active listings across all property types, indicating a balanced market environment.
Downtown Nanaimo’s vibrant waterfront captures the energy of our growing real estate market. Latest data from Vancouver Island Real Estate Board shows strong performance with benchmark prices reaching $819,000.
Current Market Activity
The Vancouver Island real estate market enters 2025 showing strong market fundamentals, with a healthy absorption rate of 15 percent indicating balanced conditions that benefit both buyers and sellers. After a measured start to 2024, market activity strengthened considerably in the latter half of the year, setting a positive tone for the year ahead.
Hiking Path to Sandcut Beach in the Vibrant Rainforest and colorful green trees. Located near Victoria, Vancouver Island, British Columbia, Canada.
Mid-Island Market Spotlight:
The Nanaimo region continues to demonstrate strong market fundamentals, with the benchmark price for single-family homes reaching $819,000 in December 2024, reflecting a 4% increase year-over-year. The region saw robust sales activity with 61 single-family homes sold in December, marking a significant 35.56% increase from the previous year. The average sale price stood at $855,061, with a median price of $792,500, indicating healthy market values across different property segments.
Property-Specific Performance
Single-family homes led December’s market with 227 sales, showing a significant 52% increase from the previous year. The condominium sector recorded 44 sales, up 15% year-over-year, while townhouse sales surged by 49% with 58 units changing hands.
Current inventory levels as of December 2024:
● 829 single-family homes
● 271 condominium apartments
● 195 townhouses
Regional Benchmark Prices
The board-wide benchmark price for single-family homes reached $776,500 in December 2024.
Regional variations include:
● Campbell River: $693,400 (up 5% year-over-year)
● Comox Valley: $834,500 (up 3%)
● Cowichan Valley: $762,800 (down 1%)
● Nanaimo: $819,000 (up 4%)
● Parksville-Qualicum: $886,300 (up 4%)
● Port Alberni: $511,000 (up 1%)
● North Island: $448,400 (up 6%)
Multi-family properties show stability with benchmark prices of:
● Apartments: $395,700 (down 1% year-over-year)
● Townhouses: $547,000 (up 2% year-over-year)
Market Outlook
The British Columbia Real Estate Association projects sales in the VIREB area to reach approximately 7,900 in 2025. However, market participants should note potential economic factors, including the uncertainty surrounding potential U.S. trade policies. While British Columbia maintains less dependence on U.S. exports compared to other provinces (50% versus 75% nationally), significant tariff changes could impact the broader Canadian economy.
About The Shanon Kelley Realty Group
The Vancouver Island Realtors at The Shanon Kelley Realty Group at Royal LePage Nanaimo Realty is a leading real estate team on Vancouver Island, known for providing exceptional service and in-depth market expertise to buyers and sellers across the region. Led by Shanon Kelley, the team combines extensive market knowledge with personalized client care to deliver outstanding results in the Vancouver Island real estate market.
For more information, please contact: Shanon Kelley PREC, The Shanon Kelley Realty, Royal LePage Nanaimo Realty Phone: 250-758-7653 Email: [email protected]
Note: All benchmark prices referenced are based on the MLS® Home Price Index, which provides the most accurate indicator of price trends in the region.
