Comparing Markets: Vancouver Island vs Mainland BC
While both Vancouver Island and Mainland BC share the same provincial market forces, the real estate trends & affordability between the two regions often tell different stories. On the Island, communities like Nanaimo, Ladysmith, and the Cowichan Valley continue to see steady demand from buyers seeking lifestyle-driven moves. The island is a sanctuary for retirees, remote workers, or families leaving the city for more space.
Mainland BC, especially Metro Vancouver, remains the province’s price leader. However, inventory shortages, higher carrying costs, and rising interest rates have caused some cooling in urban demand. By contrast, the Island market has shown resilience, supported by migration from the Lower Mainland and Alberta. As well as a steady base of local buyers who value welcoming community living and outstanding natural surroundings.
Trends & Affordability in 2025
As of fall 2025, benchmark home prices on Vancouver Island are generally 15–25% lower than comparable properties on the Mainland. Nanaimo’s single-family benchmark sits around the mid-$700,000s. While Greater Vancouver remains well above $1.2 million.
Inventory on the Island has increased slightly compared to last year, giving buyers a bit more breathing room. Although well-priced homes still move quickly. On the Mainland, inventory remains tight. Particularly in entry-level and townhouse markets, where buyers are still competing for limited listings.
Rising Interest Rates: Rural vs Urban Impact
The recent rise in interest rates has cooled activity across the board, but the impact differs by region. Urban areas with higher price points have felt it more sharply. Buyers are stretching their budgets to meet mortgage qualifications.
In Vancouver Island’s rural and semi-rural communities, housing remains comparatively attainable. Offering buyers a chance to enjoy more space and a slower pace without the sky-high city prices. That said, smaller communities like Chemainus and Saltair offer a unique appeal with charming neighborhoods. They have beautiful surroundings, and a strong sense of community. While the market moves at a steadier pace than larger urban centers, buyers often have more opportunity to explore options thoughtfully. Additionally, sellers can attract buyers who truly appreciate everything these towns have to offer.
The State of Affordability: What It Takes to Buy
Trends & affordability remain top of mind for most British Columbians. To purchase an average single-family home on Vancouver Island (roughly $750,000), a household now needs an annual income of around $150,000, assuming a 20% down payment and today’s interest rates.
On the Mainland, where average detached homes exceed $1.2 million, the required income climbs to $240,000+. Pricing many first-time buyers out of the market entirely. This widening affordability gap continues to drive migration to the Island, where quality of life and relative value make homeownership more attainable.
Looking Ahead: The Big Picture
While the market has adjusted to higher borrowing costs, the long-term fundamentals on Vancouver Island remain strong. Steady population growth, infrastructure investment, and lifestyle appeal continue to support housing demand, particularly in mid-sized communities like Nanaimo, Duncan, and Ladysmith.
Meanwhile, the Mainland market will likely remain supply-constrained, with affordability challenges persisting despite slower price growth. For many, the Island represents a balanced alternative: smaller communities, a slower pace, and more achievable home prices.
Find Out What’s Possible for You
Whether you’re comparing Vancouver Island to the Mainland or deciding if now’s the right time to make a move, expert guidance makes all the difference. If you’re curious about what’s possible for you, I’d love to provide a personalized market analysis or affordability breakdown to help guide your next move.
