Real estate activity in the Vancouver Island Real Estate Board (VIREB) area picked up in June following a sluggish spring. In Q2 2025, there were 2,247 residential sales totalling $1.8 billion, up 4.8% in the number of transactions and 6.8% in value compared to the same period last year. However, this growth was largely driven by a strong June, with overall market activity still muted. Sales remain well below the 10-year average and consistent with 2024 levels. Year-to-date, 2025 is on track to be the third slowest year for residential sales since 2013, ahead of only 2024 and the pandemic affected 2020. Most households have adjusted to higher interest rates, and the market has seen limited impact from recent US trade rhetoric. Buyers remain cautious, holding off on offers unless they perceive strong value. While transaction activity has slowed, buyers have not exited the market; they are waiting on the sidelines as more inventory becomes available.
You’ll find more at Q2 2025 Market Overview. For local market information, please contact a REALTOR® in your area.
