Nanaimo, BC
MARKET SLOWER THAN IN JULY BUT STILL AHEAD OF LAST YEAR
“August was slower than July, but that’s typical with back to school on the horizon,” says Naud. “However, sales were up from the previous August, and our market is proving to be resilient. There is pent-up demand but still some hesitancy that we attribute to ongoing tariff concerns.”
However, Naud adds that tariff worries have turned out to be more of a psychological deterrent than an economic one. The British Columbia Real Estate Association (BCREA) reports that the 35 per cent tariff is only on non-compliant goods, which is a very small share of exports (less than 10 per cent).
“The effective tariff rate on all Canadian exports to the United States is about five per cent only, and on U.S. imports to Canada, it’s about two per cent,” says Naud. “So, despite our initial fears, there has actually been minimal impact on growth or inflation.”

FULL REPORT HERE

Calgary, AB
Supply growth weighs on home prices
"Price declines are not occurring across all property types in all locations of the city, and even where there have been declines, it has not erased all the gains made over the past several years," said Ann-Marie Lurie, Chief Economist at CREB®. "The steepest price declines have occurred for apartment and row style homes, mostly in the North East and North districts, which coincides with significant gains in new supply."  

FULL REPORT HERE

Toronto, ON
August home sales reported by the Toronto Regional Real Estate Board (TRREB) were up on a year-over-year basis. Over the same period, home buyers benefitted from an even larger increase in the inventory of listings. Average selling prices continued to be negotiated downward due to the elevated choice across market segments.

“Compared to last year, we have seen a modest increase in home sales over the summer. With the economy slowing and inflation under control, additional interest rate cuts by the Bank of Canada could help offset the impact of tariffs. Greater affordability would not only support more home sales but also generate significant economic spin-off benefits,” said TRREB President Elechia Barry-Sproule.

FULL REPORT HERE

VANCOUVER, BC
Easing home prices help lift sales in August

“Prices have eased around two per cent since the start of the year and are down about one per cent month over month in August, signaling that sellers have been willing to lower price expectations,” Lis said. “As sellers’ and buyers’ expectations have become more aligned, transaction volume has picked up. Newly listed properties remain in line with their ten-year seasonal average however, which when paired with increasing sales activity, is likely to diminish the available inventory. This also means the window of plentiful opportunity for buyers may soon begin closing if these trends continue.”

The benchmark price for a detached home is $1,950,300. This represents a 4.8 per cent decrease from August 2024 and a 1.2 per cent decrease compared to July 2025.
The benchmark price of an apartment home is $734,400. This represents a 4.4 per cent decrease from August 2024 and a 1.3 per cent decrease compared to July 2025.
The benchmark price of a townhouse is $1,079,600. This represents a 3.5 per cent decrease from August 2024 and a 1.8 per cent decrease compared to July 2025.

FULL REPORT HERE

Congratulations to my seller client! and also congratulations to the buyer of this incredible property! Sophie Gardner Team did a great job at representing the buyer. 

1416 Manzanita Rd, Cortes Island is now under contract! 

The Wolf Bluff Castle on Cortes Island is selling for $440,000 and comes with a house and workshop

A five-storey castle on Cortes Island, complete with a dungeon, medieval-style dining hall and three turrets, is on the market and priced lower than a two-storey house in Campbell River.

Cortes Island resident Karl Triller began building the Wolf Bluff Castle on Cortes Bay in 1990. He wanted to create a place that evoked memories of his childhood, said realtor Roman Krzaczek, who is running the sale. Today, it still stands but needs a buyer who is looking for a fixer-upper.  

After Triller's recent passing, his son put the unfinished castle up for sale last year. Krzaczek said he was drawn to the listing because of the story and person behind it. 

"Karl grew up in Hungary in a poor family with seven siblings," said Krzaczek. He noted that Triller must have been an interesting person, as locals have told stories about him wearing a crown and calling himself king of the castle. He also welcomed the community over for celebrations over the decades. 

The castle needs work, which Krzaczek said is likely why it's not selling as quickly as one might expect. Despite this, the exterior walls and concrete are intact, revealing that it was solidly built. 

"It needs a builder to go in there and assess whether the interior can be salvaged or all the wood needs to be gutted," he said.  

The castle at 1416 Manzanita Rd. is priced at $440,000, but a B.C. assessment says the property is worth $758,000. Aside from the castle, the property comes with a one-storey house with an unfinished basement and workshop.

Krzaczek said he's hoping whoever buys the property will see it as a fixer-upper and keep it as part of the community. 

"It's beautiful," he said. "It's got character. I've met many people who live on Cortes and Quadra who, as teenagers, used to go there for birthday parties and stuff. It's part of the community."

https://www.campbellrivermirror.com/local-news/photos-castle-on-cortes-island-selling-for-less-than-a-campbell-river-house-8166017

August 11, 2025

A steal of a castle has gone up for sale on Cortes Island, British Columbia, but the owners will need to be more suited to wearing a hard hat than a crown. At just $440,000, Wolf Bluff Castle has five storeys with eight bedrooms, a dining hall and even a dungeon, but it's only half finished.

https://www.cp24.com/news/canada/2025/08/10/castle-on-bc-island-listed-for-sale-dungeon-included/

Sitting on two acres on a B.C. island, a five-storey castle with a dining hall, eight bedrooms, three turrets and a dungeon is on the market for $440,000.

But there’s a catch: it’s only half-finished.

Instead of a turnkey palace, the person who buys the Cortes Island property will be purchasing a project.

Realtor Roman Krzaczek says one of the reasons he got the listing is because he sees the property’s potential and he hopes would-be buyers will feel the same.

“I personally, I get excited about stuff like this. It’s so unique, it’s so different and quirky and it’s beautiful,” he told CTV News.

The architect of Wolf Bluff Castle was the late Karl Triller, who lived in a relatively modest home on the property while endeavouring to bring his vision to life.

“Unfortunately, he didn’t finish but hopefully somebody will appreciate it enough to finish it,” Krzaczek said, adding that Triller’s family is unable to complete the project, but hopes to find buyers who won’t tear the partially crumbling castle down.

Krzaczek never met Triller, but says he’s heard stories from locals about how the self-described “King of Cortes” would put on a crown and welcome people to the property for food and celebrations in the 1990s and 2000s.

“He was a big character with a big heart,” Krzaczek said.

The list price includes the castle, what was once Karl’s home, the land, and a workshop. It has water and power, but no septic system. The property is located about a 15-minute walk form the boat launch at Cortes Bay.

This is the second time Krzaczek has listed the property, and while it’s attracted more interest this time around, that interest hasn’t yet translated into a firm offer.

Cortes Island has a year-round population of roughly 1,000 people and is a popular destination for summer vacationers.

https://cheknews.ca/unfinished-castle-on-cortes-island-b-c-selling-for-100k-less-than-average-victoria-condo-1269494/

May has seen some market division across the whole country. It’s very visible, and it was showing in April already that big markets like Vancouver and Toronto were showing lots of inventory increases but slower sales. This trend has continued into May. Please see the facts below, numbers that were shared with each real estate board across the major markets. 

VANCOUVER, BC- June 03, 2025
Buyers remain hesitant as inventory builds

May saw inventory levels across Metro Vancouver* reach another ten-year high, while home sales registered on the MLS® remained muted. The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,228 in May 2025, an 18.5 per cent decrease from the 2,733 sales recorded in May 2024. This was 30.5 per cent below the 10-year seasonal average (3,206).

“While there are emerging signs that sales activity might be turning a corner, sales in May were below the ten-year seasonal average, which suggests that some buyers are still sitting on the sidelines or are being especially selective,” said Andrew Lis, GVR’s director of economics and data analytics. “On a year-to-date basis, sales in 2025 rank among the slowest to start the year in the past decade, closely mirroring the trends seen in 2019 and 2020. It’s worth noting that sales rebounded significantly in the latter half of 2020, but whether sales in 2025 might follow a similar pattern remains the million-dollar question.”

Sales of detached homes in May 2025 reached 654, a 22.7 per cent decrease from May 2024. The benchmark price for a detached home is $1,997,400. This represents a 3.2 per cent decrease from May 2024.

Sales of apartment homes reached 1,087 in May 2025, an 18.8 per cent decrease in May 2024. The benchmark price of an apartment home is $757,300. This represents a 2.4 per cent decrease from May 2024.

Attached home sales in May 2025 totalled 469, a 10.3 per cent decrease in May 2024. The benchmark price of a townhouse is $1,106,800. This represents a 3.4 per cent decrease from May 2024.

FULL REPORT HERE

NANAIMO, BC
BUYER OPTIMISM AND A BALANCED MARKET TREND IN MAY

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.

“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.”- Jason Yochim, VIREB CEO.

FULL REPORT HEre

INTERIOR (OKANAGAN)

FULL REPORT HERE

CALGARY, AB
Thanks to steep pullbacks in the apartment condominium sector, total residential sales in Calgary eased by 17 per cent compared to May of last year. While the drop does seem significant, the 2,568 sales this month remain 11 per cent higher than long-term trends for May and improved over last month. New listings continued to rise this month compared to sales, resulting in further gains in inventory levels. However, the monthly gain in both inventory and sales prevented any significant change in the months of supply compared to April. With 2.6 months of supply, conditions are still relatively balanced.

FULL REPORT HERE

TORONTO, ON
The Greater Toronto Area (GTA) housing market experienced an improvement in affordability in May 2025 relative to the same period a year earlier. With sales down and listings up, homebuyers took advantage of increased inventory and negotiating power. “Looking at the GTA as a whole, homebuyers have certainly benefited from greater choice and improved affordability this year. However, each neighbourhood and market segment have their own nuances. Buyers considering a home purchase should connect with a REALTOR® who is knowledgeable about their preferred area and property type. In today’s market, working with a REALTOR® who brings expertise, the right tools, and a strong network is essential,” said Toronto Regional Real Estate Board President Elechia Barry-Sproule. GTA REALTORS® reported 6,244 home sales through TRREB’s MLS® System in May 2025 – down by 13.3 per cent compare

FULL REPORT HERE

https://globalnews.ca/video/11198231/new-realtor-trends-emerging-as-housing-market-cools/

Real estate experts say there is another indication that the real estate market in Greater Vancouver is changing.

Vancouver realtor and investor, Steve Saretsky, says the market is becoming so saturated that realtors are turning down listings.

“The inventory is stacking up, it’s not selling,” he said.

“Which is to say, there are a lot of realtors out there working for free.”

Home sales in Greater Vancouver are at their lowest since 2020 and Saretsky said sellers’ expectations in a buyers’ market are not always aligned with reality.

This means that listings that may have sold fast and over the asking price now might take more resources and time to close the deal — if at all.

Realtor Roman Krzaczek told Global News that people need to adjust their expectations a little bit.

“It seems like there’s a lot of listings that are being relisted because they didn’t sell last year and people are expecting the same price and that’s not very realistic in today’s market,” he said.

Krzaczek said many people do not realize that realtors have to put time and money into selling a home, including spending money on marketing materials.

“It cost me about $2,000 to list the property and it’s a lot of work; (it) takes a couple days to get the whole package put together,” he added.

He said he has to look at other properties that are available, take photos of the property to list it and complete any reports as needed.

Krzaczek said he recently lost a listing because the seller wanted to post the property for higher than what Krzaczek thought it was worth.

“Somebody else listed the property now,” he said. “So I wish them luck. Great people. I really hope that they sell because that’s, you know, they really need to move.”

He added on Monday he saw a listing on Quadra Island drop from the $1.4 million list price to $1.3 million.

“My listing, we recently dropped the price from $1.2 (million) to $995,000,” he added.

“Big drops in price and beautiful properties, water or oceanfront properties. So there’s definitely some of that happening. And as long as we have clients, sellers that are realistic and they do listen to us, pricing is not a science, it’s more of an art form and I’m fully immersed in the market… If it’s priced well, it will sell. If it is not, it probably won’t sell. Not every listing sells.”

Krzaczek said he has not seen price drops like this in the market since he started in the business 10 years ago.

“Usually a price drop is $10, $20, $30,000,” he said. “But $130,000 $200,000 drops, that’s huge. So I don’t know what’s happening but it looks like there’s some kind of a price adjustment happening right now.”

https://globalnews.ca/video/11198231/new-realtor-trends-emerging-as-housing-market-cools/