VIREB Q2 Market Update: Central Vancouver Island Real Estate Highlights & Insights

Curious about what’s really happening in the Central Vancouver Island real estate market? Whether you’re a homeowner, buyer, or investor, understanding the latest market stats can help you make smarter decisions. This update spotlights key areas including Parksville, Qualicum Beach, and Nanaimo—so you get hyper-local insights that matter most.

Prices Holding Steady (Despite Higher Rates)

Despite higher interest rates, benchmark prices have remained stable across most regions. Year-over-year, single-family homes rose to $765,800 (up 1%), condos reached $395,100 (up 1%), and townhomes climbed to $557,400 (up 3%).

Sales Activity Down

Sales volume has softened, with total unit sales across VIREB down 21% year-over-year. Detached homes saw a 22% drop, condos fell 11%, and townhomes slipped 12%. Many buyers are pausing their search, cautious amid economic uncertainty and rising rates.

Inventory Rising Slowly

Active listings are up compared to 2023, though still below long-term averages. Single-family homes show 1,535 active listings (up from 1,105 last year). Condo and townhome inventory also increased, but low supply remains a challenge—especially with ongoing immigration trends.

Demand Pressured by Interest Rates

Affordability continues to be tested as interest rates climb. The BC Real Estate Association (BCREA) anticipates some rate relief ahead, but buyers and sellers alike are watching the market closely.

Want to see the full report in an interactive format? Check out the latest Central Vancouver Island real estate stats in our Flip Book below!