Vancouver Island Real Estate Board

The Vancouver Island Real Estate Board (VIREB) recorded 388 unit sales (all property types) in January 2026, down 10 per cent from one year ago. Year-over-year active listings (all property types) were 3,157, up six per cent from the previous year.

In the single-family category (excluding acreage and waterfront), 162 homes sold in January 2026, down 19 per cent from one year ago and 25 per cent from December 2025. Sales of condo apartments last month came in at 53, increasing by 15 per cent year over year and 43 per cent from December. In the row/townhouse category, 55 units changed hands in January, up 28 per cent from one year ago and 17 per cent from December.

Active listings of single-family homes were 895 in January, up from 888 one year ago. VIREB’s inventory of condo apartments was 310 last month, an increase from the 293 properties listed in January 2025. There were 277 row/townhouses for sale last month compared to 219 the previous year.

“The market got off to a slow start in January on the single-family side, but that was offset by strong activity in condo apartments and row/townhouses,” says Jason Yochim, VIREB Chief Executive Officer. “Looking ahead, the overall forecast suggests a year that closely resembles 2025 in terms of sales, which points to a relatively stable market.”

Yochim adds that while affordability remains a challenge everywhere, Vancouver Island continues to compare favourably with the Lower Mainland and Fraser Valley. At the same time, lengthy development timelines remain a key factor limiting the supply of new single-family homes.

“Long and complex development approval timelines can have a real impact on housing supply, and delays in bringing new projects to market ultimately put upward pressure on prices and limit choices for buyers,” Yochim says.

Moving on to prices, the board-wide benchmark price (MLS® Home Price Index) of a single-family home was $768,900 in January 2026, up one per cent from one year ago and down one per cent from December. In the apartment category, the benchmark price was $402,700 last month, up three per cent year over year and down one per cent from December. The benchmark price of a townhouse in January was $528,800, down two per cent from January 2025 and two per cent from December.

In Campbell River, the benchmark price of a single-family home was $657,000 last month, down two per cent from January 2025. The Comox Valley’s year-over-year benchmark price rose by two per cent to $837,300. In the Cowichan Valley, the benchmark price was $751,800, up two per cent from January 2025. Nanaimo’s year-over-year benchmark price dropped by one per cent to $801,700, while the ParksvilleQualicum area saw its benchmark price increase by three per cent to $909,600. The cost of a benchmark single-family home in Port Alberni was $504,400, down three per cent from the previous year. For the North Island, the benchmark price of a single-family home decreased by five per cent to $425,300.