Real Estate on Vancouver Island is resilient and the board says it should remain that way even with the uncertainty of tariffs from the United States.
According to the Vancouver Island Real Estate Board (VIREB) sales from all units were down one per cent from a year ago, and active listing sales rose by six per cent, to 3,708 to 3,488 in March of 2024.
The board says single-family category homes on the island were up four per cent from one year ago, and 26 per cent from February, they add condo apartment sales also had an increase of nine per cent, but row/townhouses dropped by nine per cent since February.
VIREB CEO Jason Yochim says the market remains balanced so far despite the threats from south of the border.
“Although there is continuing economic uncertainty surrounding the tariffs imposed by the Trump administration, VIREB’s housing marking is proving to be fairly resilient,” he says. “Sales activity in the first quarter of 2025 is about the same as last year, and even up in some markets.”
Yochim adds when it comes to real estate the island isn’t affected by the same economic impacts as other markets would be.
“It’s too early to tell what the long-range impact of the tariffs will have on the economy in general and the housing market specifically,” he says. “Vancouver Island is somewhat insulated because it remains a popular retirement destination for Canadian, and many retirees don’t need to obtain mortgages.”
According to a report, a single-family home on the island was $791,2000 in March, up four per cent, apartment homes are up to $407,600 and a townhouse is now up to $548,600.
Pricing on the island is up with the highest being in the North Island which saw an increase of 13 per cent, the Cowichan Valley saw increases of six per cent, and the Nanaimo area saw an increase of three per cent and Campbell River having only a one per cent increase.
