Over the past five years, Vancouver’s real estate landscape has undergone significant changes due to shifting buyer priorities. Historically, Vancouver has been Canada’s most expensive housing market, but since 2020, substantial price increases have been observed beyond its urban core. Vancouver Island, renowned for its natural beauty and relaxed pace of life, has experienced a notable increase in demand. The pandemic has led to remote work, affordability concerns, and lifestyle changes, encouraging many to move out of city centres.
So, which market has performed better over the past five years: Vancouver or Vancouver Island? Zoocasa examined data from local real estate boards to assess how the single-detached housing market in these two regions has evolved since 2020 and where the most significant price increases have occurred.
Vancouver Island Growth Surpasses Mainland Gains Since 2020
Since 2020, Vancouver Island has surpassed the Vancouver CMA in terms of percentage growth in single-detached home prices and overall affordability. Vancouver Island experienced an average increase of 58% in single-family home benchmarks. Certain areas, such as the North Island, with an 82% rise, and Port Alberni, at 67.9%, showed significant gains.
In contrast, benchmark increases in Metro Vancouver were significant, ranging from 16.2% in Vancouver West to over 51% in suburbs like Port Coquitlam and Bowen Island. The average increase across the Lower Mainland reached 43.6%.
While Metro Vancouver home prices started from a much higher baseline, the pace of appreciation on Vancouver Island was notably steeper. For example, in 2020, the benchmark price of a home in the Comox Valley was $523,300. By 2025, the figure had climbed to $848,500, representing a substantial increase of over $325,000. This gain is comparable to the dollar-value growth in some of Metro Vancouver’s higher-priced suburban markets.
Between 2020 and 2025, the Lower Mainland saw a 43.6% increase in its benchmark home price, climbing from $1.26M to $ 1.82 M. In Greater Vancouver, the benchmark reached $2.03M, a 36.8% increase. However, the strongest performers were outside the city centre. Port Coquitlam saw the highest five-year gain with a 51.3% increase in benchmark price. Bowen Island followed at 51%, and Maple Ridge rose by 50.4%.
Vancouver Island Market Remains Resilient Amid Broader Shifts
As explained in a recent report from the Vancouver Island Real Estate Board (VIREB), CEO Jason Yochim states that Vancouver Island’s market remains steady, with just under six months of inventory, a balanced position for both buyers and sellers.
“Although there is continuing economic uncertainty surrounding the tariffs imposed by the Trump administration, VIREB’s housing market is proving to be fairly resilient thus far,” says Yochim. “Sales activity in the first quarter of 2025 is about the same as last year and even up in some markets.”
Year-over-year inventory increases reflect a growing supply in most segments. Active listings of single-family homes reached 1,162 in March, marking a 7.2% increase over the previous year. Condo apartment inventory jumped 25.9% to 408 listings, while row and townhouse listings dipped slightly by 4.8% to 317. More inventory means added choice for buyers, while balanced conditions continue to support seller confidence.
In comparison, the Greater Vancouver market is seeing a more significant surge in listings. Metro Vancouver recorded 6,455 newly listed detached, attached, and apartment properties in March 2025, a 29% increase from the 5,002 listed in March 2024. The total number of properties currently listed for sale in Metro Vancouver stands at 14,546, up 37.9% year-over-year and 44.9% above the 10-year seasonal average.
Why More Canadians Might Warm Up to Island Living
Adding to its appeal, Vancouver Island enjoys some of the mildest weather in Canada. With less snowfall and more temperate year-round conditions than many other parts of the country, the region is beautiful for seniors and retirees.
Demographics have also had a significant influence. According to a 2024 provincial report, the Vancouver Island/Coast region has the lowest proportion of children aged 14 and under in British Columbia and one of the highest proportions of seniors. In 2022, 25.6% of the region’s population was aged 65 or older, significantly higher than the provincial average of 19.9%.
Furthermore, economic uncertainty and a hesitancy to travel south might lead more Canadians, including “snowbirds,” to view Vancouver Island as a local alternative to warm-weather states in the United States.
According to a National Association of Realtors 2024 report, Canada accounted for 13% of all foreign buyer activity in the U.S., representing $5.9 billion in real estate purchases and the most of any other foreign buyer country. The top destinations for these buyers were warm-weather states, including Florida, Texas, California, Arizona, and Georgia. With an aging population and lingering travel hesitancy, growing interest in Vancouver Island could signal the start of a wider movement toward retirement-friendly communities across Canada.
