Local Market Overview

Campbell River's real estate market experienced typical seasonal patterns in November 2025. The benchmark price for single-family homes sat at $670,400, representing a modest 3% decline from November 2024, but maintaining stability within the broader Vancouver Island market context. With 34 single-family home sales in November—up 3% from the previous year—the market demonstrates steady activity despite the traditional holiday slowdown.

Market Analysis

VIREB CEO Jason Yochim emphasizes the region's stability: "VIREB's housing market remains relatively stable, with sales sitting just below the ten-year average and conditions at the high end of balanced territory. Although sales of single-family homes, condo apartments and townhouses dipped in November, that's typical for this time of year as buyers and sellers slow down for the holidays." The board maintains approximately six months of inventory, a balanced position that benefits both buyers and sellers.

Regional Resilience: "While federal measures announced in 2025 aim to boost housing supply, they're unlikely to influence our local market in 2026," adds Yochim. "Despite broader uncertainties, VIREB's market proved more resilient than Vancouver and the Lower Mainland this year, and we expect that stability to continue into 2026." This stability is reflected in the modest price appreciation for single-family homes and strong apartment gains, even as sales volumes follow typical seasonal patterns.

Market Analysis

Greater Vancouver REALTORS® Chief Economist Andrew Lis describes a market where buyers remain patient and sellers adjust to conditions not seen in years. "Inventory remains healthy, providing buyers ample choice, which, by contrast, is pushing sellers to accept that pricing must reflect this new reality," Lis notes. With the sales-to-active listings ratio at 12.6 percent, the market continues to favor buyers, with downward price pressure persisting when this ratio stays below 12 percent for extended periods.

Year-End Outlook: As sales volumes remain subdued and inventory plentiful, properties are taking longer to sell, with pricing continuing to soften across most segments. With borrowing costs likely remaining steady into 2026, any uptick in demand will need to arise from a significant change in buyer sentiment. December is typically among the quietest months for market activity, suggesting a quiet close to a year marked by considerable uncertainty.

Market Analysis

Calgary's market continues its seasonal adjustment pattern. CREB® Chief Economist Ann-Marie Lurie explains: "Supply levels have been sitting higher than typical levels for the past three months, mostly due to the gains occurring in the higher-density sectors of row and apartment style units." This additional supply relates partly to new homes sector inventory, some of which enters the resale market near year-end. While buyer's market conditions prevail for apartments and row homes, detached and semi-detached markets remain relatively balanced.

Market Conditions: The additional supply across resale, new, and rental markets is impacting apartment and row home prices most significantly, with year-over-year declines of seven and six percent respectively. Detached home prices, while down two percent from last November, remain one percent higher year-to-date. Most downward price adjustments have occurred in the North East, North, and East districts.

Market Analysis

TRREB President Elechia Barry-Sproule emphasizes that employment confidence remains key: "There are many GTA households who want to take advantage of lower borrowing costs and more favourable selling prices. What they need most is confidence in their long-term employment outlook." Fortunately, November saw encouraging news on jobs and the broader economy. If this positive momentum continues, consumer confidence will strengthen, positioning more people to consider home purchases in 2026.

Economic Context

TRREB Chief Information Officer Jason Mercer notes: "November reports on employment and economic growth were much stronger than expected. The Canadian economy may be weathering trade-related headwinds better than expected. More certainty on the trade front coupled with positive economic impacts of recently announced infrastructure projects could improve homebuyer confidence moving forward."

Construction Focus: TRREB CEO John DiMichele emphasizes the importance of new construction: "Homebuyers are currently benefitting from a well-supplied resale market. However, as this inventory is absorbed, new construction is required to fill the housing pipeline. It will be key to see projects that bridge the gap between condominium apartments and traditional single-family homes."

Key Trends Across Canada

November 2025 reveals consistent themes across Canada's major real estate markets:

• Campbell River offers relative affordability with balanced market conditions and modest year-over-year sales growth
• Vancouver Island (VIREB) demonstrates remarkable resilience with balanced market conditions and modest price growth, proving more stable than the Lower Mainland
• Greater Vancouver continues showing buyer-favorable conditions with healthy inventory levels and price softening across all segments
• Calgary experiences market adjustment with significant excess supply in higher-density housing, while detached homes remain relatively balanced
• Toronto sees continued price declines but improving economic fundamentals that may support future buyer confidence
• Most markets show elevated inventory levels compared to historical averages
• Sales activity remains below both previous year levels and long-term averages in major metropolitan areas

Expert Perspective: Across all markets, the consistent message is clear: buyers and sellers are striking deals when their expectations align with current market realities. Campbell River and broader Vancouver Island stand out for maintaining stability and balanced conditions even as major metropolitan markets soften. Campbell River's relative affordability within the Island context positions it as an attractive option for buyers seeking value without compromising on lifestyle. For buyers, this means abundant choice and negotiating power in urban centers, while Vancouver Island markets like Campbell River offer more balanced environments with steady activity. For sellers across all markets, this means pricing properties to reflect today's conditions, not the market of years past. As economic fundamentals slowly improve, the stage is being set for a potential shift in market dynamics in 2026.