Uncertainty surrounding tariffs holding back buyers
The Vancouver Island Real Estate Board (VIREB) recorded 493 unit sales (all property
types) in February 2025, the same as one year ago. Year-over-year active listings (all property types) rose by three per cent, climbing to 3,235 from 3,153 in February 2024.
In the single-family category (excluding acreage and waterfront), 239 homes sold in February, down four percent from one year ago and up 17 percent from the previous month. Sales of condo apartments last month came in at 60, an increase of 12 percent year over year and up 30 percent from January. In the row/townhouse category, 61 units changed hands in February, up five percent from one year ago and increasing by 42 percent over January.
Active listings of single-family homes were 975 last month, up from the 915 posted one year ago. VIREB’s inventory of condo apartments was 376 last month compared to 298 in February 2024. There were 245 row/townhouses for sale last month compared to 328 the previous year.
VIREB CEO Jason Yochim reports that sales of all property types in February were unchanged from one year ago.
“Open houses are busy, phones are ringing, and REALTORS® are showing homes, but some buyers are holding back, which we attribute to the economic uncertainty unleashed by threatened American tariffs that have now become a reality,” says Yochim. “However, forecasts indicate that British Columbia won’t be affected as much as other parts of Canada. Vancouver Island is also somewhat insulated from
any unpredictability around mortgage rates due to its large population of retirees, many of whom don’t require mortgages.”
The British Columbia Real Estate Association (BCREA) stated in its latest Market Intelligence Report (click here to read) that a 25 percent tariff on all Canadian imports to the United States would seriously affect the Canadian and B.C. economies. That said, BCREA anticipates that in the most likely scenario, the B.C.
housing market would see a temporary decline in activity before posting a robust recovery as mortgage rates decline substantially, thereby unleashing pent-up demand.
Benchmark Prices
Moving on to prices, the board-wide benchmark price (MLS® Home Price Index) of a single-family home was $773,200 in February 2025, up two percent from one year ago. In the apartment category, the benchmark price was $404,600 last month, up two percent from the previous February. The benchmark price of a townhouse in February was $541,800, up one percent from the prior year.
- Nanaimo’s year-over-year benchmark price rose by one per cent to $810,600.
- In Campbell River, the benchmark price of a single-family home was $682,400 last month, up three percent from the previous year.
- The Comox Valley’s year-over-year benchmark price rose by one percent
to $824,300. - In the Cowichan Valley, the benchmark price was $770,800, up two percent from February
- The Parksville Qualicum area saw its benchmark price increase by two percent to $879,400.
- The cost of a benchmark single-family home in Port Alberni was $523,100, up three percent from the previous year.
- For the North Island, the benchmark price of a single-family home rose by 13 percent to $440,000.
February 2025 Real Estate Market Statistics
Find your dream home with the Scott Parker team!
Our bilingual experts are here to guide you every step of the way.
¡Encuentra tu hogar ideal con el equipo de Scott Parker!
Nuestros expertos bilingües están aquí para guiarte en cada paso del camino.
Phone: 778-744-0372
Pide hablar con el Equipo de Scott Parker
CONTACT US | SEARCH FEATURED PROPERTIES | MORE ABOUT OUR TEAM
Source: VIREB