As of January's end, the single-family dwelling inventory in the Cowichan Valley increased slightly 174 homes, up from 172 in January 2025. This shift in inventory has had a noticeable impact on market conditions.

Pricing Trends

The average sale price for single-family homes in the area saw a modest uptick:

February - $829,229

January: $797,000

December: $785,000

This increase reflects the market's continued response to the lower inventory levels.

Market Dynamics

Inverted Sell-to-List Ratio: The market's sell-to-list ratio is currently 69% (50 houses sold/72 houses listed), which is slightly weaker than in recent months.

Sale Price to List Price Ratio: Homes are selling at an average of 98.1% of their list price, a trend that has held steady in recent months.

Days on Market: Properties selling slightly faster, with the average time on market decreasing from 72 days in January to 65 days in February.

Strategic Considerations

This market environment requires careful navigation:

For sellers, the low inventory and active buyer market could potentially lead to competitive offers, however, pricing is important.

For buyers, while options may be limited, improved affordability could present good opportunities.

The current market conditions underscore the importance of timing and informed decision-making.

Whether you're looking to buy or sell, having a knowledgeable real estate professional by your side can provide valuable insights and guidance to help you achieve your real estate goals.

Please contact our team with any real estate-related questions; we’re here to provide you with the guidance and advice needed for this type of market.

Download the VIREB Graph Stat

MEDIA RELEASE

MARCH 3, 2025

UNCERTAINTY SURROUNDING TARIFFS HOLDING BACK BUYERS

NANAIMO, BC – 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 per cent from one year ago and up 17 per cent from the previous month. Sales of condo apartments last month came in at 60, an increase of 12 per cent year over year and up 30 per cent from January. In the row/townhouse category, 61 units changed hands in February, up five per cent from one year ago and increasing by 42 per cent 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 per cent 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.

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 per cent from one year ago. In the apartment category, the benchmark price was $404,600 last month, up two per cent from the previous February. The benchmark price of a townhouse in February was $541,800, up one per cent from the prior year.

In Campbell River, the benchmark price of a single-family home was $682,400 last month, up three per cent from the previous year. The Comox Valley’s year-over-year benchmark price rose by one per cent to $824,300. In the Cowichan Valley, the benchmark price was $770,800, up two per cent from February 2024. Nanaimo’s year-over-year benchmark price rose by one per cent to $810,600, while the ParksvilleQualicum area saw its benchmark price increase by two per cent to $879,400. The cost of a benchmark single-family home in Port Alberni was $523,100, up three per cent from the previous year. For the North Island, the benchmark price of a single-family home rose by 13 per cent to $440,000.

Please note: The Vancouver Island Real Estate Board (VIREB) transitioned to a new MLS® System in July 2020 and now uses a significantly different data model, which has affected our categories and terminology. For the boardsupplied graphs, single-family is now referred to as single-family detached, apartment as condo apartment, and townhouse as row/townhouse, which now includes patio homes. However, when reporting HPI numbers, VIREB still refers to single-family, apartment, and townhouse in the media release.

ABOUT VIREB

VIREB represents over 1,100 REALTORS® in nearly 90 member offices on Vancouver Island, from the Malahat in the south to the northern tip.

VIREB cautions that average price information can be useful in establishing trends over time but does not indicate the actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas.

Trademarks are owned or controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA (REALTOR®) and/or the quality of services they provide (MLS®).

Visit our website for updated information at www.vireb.com.

HPI Note: Areas with insufficient data do not generate statistics and are not included in the HPI graphs.

At the end of February, our real estate inventory for single-family dwellings in the Cowichan Valley was up slightly at 183 active homes compared to 161 active homes in January.

Real Estate Inventory Duncan & Cowichan Valley

Our average sale price for a single-family dwelling in the Cowichan Valley in February was $805k, an increase from January, which was $773k.

Our inventory sell/list ratio rose to 53.68% (95 listed/51 sold) in February, an increase from the 32.86% (70 listed/23 sold) in January.

Homes are no longer selling over list price – the market saw sale prices averaging 97.4% of list price – consistent with results from the last few months.

Our average ‘days on the market’ was 55 in February, slightly up from 44 days in January.

We are witnessing more realistic pricing of homes as sellers try to match up with buyers’ expectations and reduced buying power.

With our increased mortgage rates, and despite our low inventory, we have transitioned fully from a seller’s market to a buyer’s market. Sellers are strongly advised to get ahead of the market and keep their pencils sharp on their house prices to be relevant.

Please contact our team with any real estate-related questions; we’re here to provide you with the guidance and advice needed for this type of market.

Download the VIREB Graph Stat

MEDIA RELEASE

MARCH 1, 2024

FEBRUARY SEES SIGNIFICANT SALES INCREASE

NANAIMO, BC – Last month, 254 single-family homes sold in the Vancouver Island Real Estate Board (VIREB) area, up 15 per cent from one year ago and 67 per cent from January 2023. Sales of condo apartments in February came in at 68, increasing by 11 per cent year over year and up 45 per cent from January. In the row/townhouse category, 59 units changed hands last month, an increase of 18 per cent from one year ago and up 48 per cent from the previous month.

Active listings of single-family homes were 915 in February, down from 937 the previous year. VIREB’s inventory of condo apartments was 298 last month, up from 253 one year ago. There were 328 row/townhouses for sale last month compared to 251 in February 2023.

“Board-wide, sales rose significantly from last February, while month over month, increases were in the high double digits,” says Jason Yochim, VIREB Chief Executive Officer. “REALTORS® are reporting that although many buyers are waiting for spring, pent-up demand is high.”

While much media attention has been on interest rates and a hoped-for reduction from the Bank of Canada, some financial institutions are offering excellent rates.

“In fact, five-year fixed rates are between five and seven per cent, and for current clients, some banks are offering rates of less than five per cent for longer terms,” adds Yochim. “We encourage people to speak to a mortgage professional to determine their best option.”

The board-wide benchmark price (MLS® Home Price Index) of a single-family home was $753,500 in February 2024, up six per cent from one year ago and a one per cent increase from January.

In the apartment category, the benchmark price was $387,400 last month, up one per cent from the previous February and two per cent from January. The benchmark price of a townhouse in February was $546,500, up two per cent from one year ago and a slight decrease from January.

In Campbell River, the benchmark price of a single-family home was $661,600 last month, up nine per cent from the previous year. The Comox Valley’s year-over-year benchmark price rose by six per cent to $829,500. In the Cowichan Valley, the benchmark price was $749,900, a five per cent increase from February 2023. Nanaimo’s year-over-year benchmark price rose by six per cent to reach $787,000, while the Parksville-Qualicum area saw its benchmark price increase by three per cent to $845,700. The cost of a benchmark single-family home in Port Alberni was $528,400, up nine per cent from the previous year. For the North Island, the benchmark price of a single-family home dropped by four per cent to $392,100.

Regardless of market conditions, connecting with a local REALTOR® can help smooth the way to a successful real estate transaction. They have access to tools and custom analytics for developing a winning strategy, whether you’re buying or selling a home.

Please note: The Vancouver Island Real Estate Board (VIREB) transitioned to a new MLS® System in July 2020 and now uses a significantly different data model, which has affected our categories and terminology. For the board-supplied graphs, single-family is now referred to as single-family detached, apartment as condo apartment, and townhouse as row/townhouse, which now includes patio homes. However, when reporting HPI numbers, VIREB still refers to single-family, apartment, and townhouse in the media release.

ABOUT VIREB

VIREB represents over 1,100 REALTORS® in nearly 90 member offices on Vancouver Island, from the Malahat in the south to the northern tip.

VIREB cautions that average price information can be useful in establishing trends over time but does not indicate the actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas.

Trademarks are owned or controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA (REALTOR®) and/or the quality of services they provide (MLS®).

Visit our website for updated information at www.vireb.com.

HPI Note: Areas with insufficient data do not generate statistics and are not included in the HPI graphs.