This year may bring stronger home sales on Vancouver Island, but the possibility of tariffs being imposed by US President Donald Trump could dampen the real estate market.
Vancouver Island Real Estate Board CEO, Jason Yochim, says realtors are busy taking phone calls from people expressing interest in listing their home this spring.
Yochim says the Island’s market is off to stronger a start than last year, with 434 sales in January, 26 per cent more than 2024.
He says single-family detached properties and row/townhouses posted healthy sales, while condo sales remained unchanged.
However, a 25 per cent tariff on all Canadian products going to the US would seriously affect the economy and the impact would be felt in the real estate estate sector.
The BC Real Estate Association predicts the province’s housing market would see a temporary decline, and then experience a recovery as mortgage rates decline substantially.
In January, the benchmark price of a single-family home on Vancouver Island was $774,600, up three per cent from one year ago.
The benchmark price for an apartment was $393,600, up one per cent from the January 2024.
The benchmark price of a townhouse last month was $540,000, up slightly from same time last year.
Around the Island:
Campbell River – $691,900 (+ 4% from Jan 2024)
Comox Valley – $827,000 (+ 2% from Jan 2024)
Cowichan Valley – $759,800 (+1% from Jan 2024)
Nanaimo – $813,800 (+3% from Jan 2024)
North Island – $448,800 (+ 8% from Jan 2024)
Parksville-Qualicum – $888,200 (+5% from Jan 2024)
Port Alberni – $523,300 (+3% from Jan 2024)
The full report for January 2025 is available on the VIREB website.
