The Vancouver Island real estate market continues to demonstrate resilience and adaptability as it enters 2025. According to the Vancouver Island Real Estate Board (VIREB), the region recorded 7,489 unit sales in 2024, surpassing the previous year’s total of 7,297 sales. December 2024 concluded with 443 unit sales and 2,883 active listings across all property types, indicating a balanced market environment.
Current market activity reflects strong fundamentals, with a healthy absorption rate of 15 percent, benefiting 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.
Mid-Island Market Spotlight: Nanaimo Region
The Nanaimo region continues to exhibit robust 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 significant sales activity with 61 single-family homes sold in December, marking a 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.
Single-family homes led December’s market with 227 sales, showing a 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.
Regional Benchmark Prices
The board-wide benchmark price for single-family homes reached $776,500 in December 2024. Regional variations include Campbell River at $693,400 (up 5% year-over-year), Comox Valley at $834,500 (up 3%), Cowichan Valley at $762,800 (down 1%), Nanaimo at $819,000 (up 4%), Parksville-Qualicum at $886,300 (up 4%), Port Alberni at $511,000 (up 1%), and North Island at $448,400 (up 6%).
Multi-family properties show stability with benchmark prices of apartments at $395,700 (down 1% year-over-year) and townhouses at $547,000 (up 2% year-over-year).
“The Vancouver Island real estate market’s performance in 2024 has set a strong foundation for 2025,” said Shanon Kelley, CEO of The Shanon Kelley Realty Group. “Our commitment to providing exceptional service and market expertise continues to benefit our clients across the region.”
The British Columbia Real Estate Association projects sales in the VIREB area to reach approximately 7,900 in 2025. However, market participants should be aware of potential economic factors, including uncertainties surrounding U.S. trade policies. While British Columbia maintains less dependence on U.S. exports compared to other provinces, significant tariff changes could impact the broader Canadian economy.
The Shanon Kelley Realty Group, operating under Royal LePage Nanaimo Realty, remains 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.
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