MONTHLY STATISTICS UPDATE FOR MAY 2025
Posted by Team Biberger on
MAY 2025 MARKET UPDATE
NANAIMO, BC – The Vancouver Island Real Estate Board (VIREB) recorded 781 unit sales (all property types) in May 2025, down three per cent from one year ago. Year-over-year active listings (all property types) rose by five per cent, climbing to 4,439 from 4,242 the previous May.
In the single-family category (excluding acreage and waterfront), 401 homes sold in April, up nine per cent from one year ago and an increase of 33 per cent from March. Sales of condo apartments last month came in at 97, an increase of 33 per cent year over year and up 12 per cent from March. In the row/townhouse category, 90 units changed hands in April, up eight per cent from one year ago and 21 per cent from March.
In the single-family category (excluding acreage and waterfront), 409 homes sold in May, up one per cent from one year ago and an increase of two per cent from April. Sales of condo apartments last month came in at 74, a decrease of 19 per cent year over year and down 24 per cent from April. In the row/townhouse category, 86 units changed hands in May, down 20 per cent from one year ago and a decrease of four per cent from April.
Active listings of single-family homes were 1,565 last month compared to 1,433 in May 2024. VIREB’s inventory of condo apartments was 399 in May, one more than the 398 posted one year ago. There were 346 row/townhouses for sale last month compared to 375 in May 2024.
VIREB CEO Jason Yochim reports that VIREB’s housing market remains balanced, with just under six months of inventory.
“In spite of the cloud of economic uncertainty, optimism among buyers is positive. The Island continues to buck the trend of declining home sales currently experienced on the mainland,” says Yochim. “Most of our markets remain in balanced territory, with year-to-date sales on par with 2024. Available inventory of homes is above the ten-year average, providing reasonable choice for buyers.”
Moving on to prices, the board-wide benchmark price (MLS® Home Price Index) of a single-family home was $811,400 in May 2025, up four per cent from one year ago. In the apartment category, the benchmark price was $406,500 last month, down two per cent from the previous May. The benchmark price of a townhouse in May was $561,700, up three per cent from the prior year.
Regardless of market conditions, connecting with a local REALTOR® can help smooth the way to a successful real estate transaction.
For more information and full update, check out the following resources on REALTOR Link®.
Our MAY 2025 Market Update is provided above and available on YouTube; it summarizes our housing market in about two minutes.
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.