February 2025 Market Stats - Single Family Homes

by Keith Bogard

Single-Family Homes:

Homes Sold: The number of single-family homes sold in Parksville/Qualicum decreased by 16%, and in Nanaimo, it dropped by 24%. The Cowichan Valley saw a remarkable 93% increase in homes sold compared to February 2024. This marks the fourth consecutive month where the Cowichan Valley has outperformed areas to the north in detached home sales.
Days on Market: For single-family homes, Parksville/Qualicum experienced a 17% decrease in days on market compared to February 2024, while Nanaimo saw a 12% increase, and the Cowichan Valley rose by 3%.
Average Price: The average price for single-family homes remained flat in Parksville/Qualicum, decreased by 4% in Nanaimo, and rose by 4% in the Cowichan Valley compared to February 2024.
New Listings: New listings for single-family homes decreased by 10% in Parksville/Qualicum, 29% in Nanaimo, and 31% in the Cowichan Valley. The cold snap in February hampered the number of new listings hitting the market.

Market Outlook: The real estate market remains very active even with the tariffs now on the scene. How will it impact real estate on Vancouver Island? We should still see a strong spring market with pent-up buyer demand, lower interest rates, and the continued appeal for families and retirees looking to move here for the lifestyle and quality of life. These factors shield the Vancouver Island real estate market, along with the pool of prospective buyers that don't require mortgages to make a purchase, making the impact of economic uncertainty due to tariffs less visible.