Data: VIREB September 2026 statistics, released October 1, 2026.
As a managing broker I see the listings our advisors take on from the day they go live to the day they sell or come down, and through September more of them crossed the 60-day mark without an accepted offer. The calls I took from advisors shifted too, fewer about how to launch a new listing and more about whether a seller should reduce. Buyers were still booking showings. They were simply in no hurry to choose.
That’s the September market in the Comox Valley: prices steady, and everything else slowing down.
The September numbers
The Vancouver Island Real Estate Board (VIREB) released its September figures on October 1. Here is what they show for our corner of the Island.
The benchmark single-family home in the Comox Valley was $848,900 in September, up one per cent from a year ago and about $3,500 above August’s $845,400. In the mid-Island context, Campbell River came in at $680,900 and the board-wide benchmark was $777,300, down one per cent. Since July, when it sat at $859,600, the Valley’s benchmark has moved within a band of about $15,000, less than two per cent on a home in the mid-$800,000s.
As always, the $848,900 figure is the MLS Home Price Index benchmark, not the average sale price. The average single-family sale in September was $859,468 and the median was $825,000. The benchmark is the cleaner like-for-like measure, so it’s the one I lead with.
Sales are where September looked different. Thirty-seven single-family homes sold in the Comox Valley, down from 59 a year earlier and 42 in August. That 37 per cent drop was the steepest of any zone in the board’s monthly summary, while Nanaimo and Parksville-Qualicum each sold more homes than they did last September. Since January, 436 single-family homes have sold in the Valley, about 15 per cent fewer than at this point in 2025.
Supply grew at the same time. There were 206 single-family homes actively listed at the end of September, up from 188 a year ago and 195 at the end of August. Divide 206 listings by September’s 37 sales and the Valley had about five and a half months of inventory. That is my own calculation from the board’s numbers, not a figure VIREB publishes, but I’ve used the same method every month and the direction is plain: about three and a half months in July, a little over four and a half in August, and five and a half now. By the usual rule of thumb, four to six months is balanced, so the Valley is still inside that range, at the end that favours buyers.
The homes that did sell took 58 days on average, up from 47 a year ago, 43 in August and 36 in July. Sellers still received 97.9 per cent of list price, so on an $850,000 listing the typical gap between asking and selling was about $18,000. The homes that sold went for close to asking. Fewer of them sold, and each one took longer to find its buyer.
Most of the activity is in the middle of the market. Of the 135 single-family sales in the third quarter, 31 sold between $800,000 and $900,000 and 26 between $700,000 and $800,000. Only eight sold for less than $600,000.
Townhouses are the one segment running ahead of last year. Twelve sold in September, down from 17, but 162 have sold since January compared with 144 by this time in 2025, and there are fewer townhouses for sale now than a year ago (48 against 61). Condo apartments are the opposite story, with sales down 23 per cent year to date and 13 sold in September.
Inside the Valley, neighbourhoods are moving at different speeds. On September 30, 47 single-family homes were for sale in the Town of Comox, compared with 22 on the same date last year. Ten homes sold there during September, down from 21 last September, and they took an average of 80 days to sell. Courtenay East, the busiest single-family market this year with 101 sales, is still quick: its nine September sales averaged 28 days. Cumberland had 26 listings at month’s end against nine a year earlier. Each of these neighbourhood figures rests on a handful of sales, so a single month can’t confirm a trend, but they suggest that Comox and Cumberland are softening faster than the rest of the Valley while Courtenay East holds up.
What it feels like on the ground
Jason Yochim, the board’s chief executive officer, was more direct this month than he has been all year. “We feel it’s shifting more into the buyers’ range,” he said when the September numbers came out, describing inventory as “creeping up a little bit” and buyers as “a little cautious.” He put part of it down to the season, part to the “two elections going on in the province right now,” and part to the economic uncertainty coming from the United States. Comox Valley voters choose their councils on October 17 and a provincial government on October 24, and I expect some households are waiting until both are settled before they make a move.
His advice to both sides was the same one he has given all summer, stated more firmly: “Buyers are taking their time and looking for the right property at the right price. Well-priced homes, particularly those in high demand, continue to move. Sellers need to be realistic about where the market is today, not where it was a few years ago.”
Last month I wrote that I would not assume the next rate move is a cut. Yochim went further this month, saying there is anticipation that inflation driven by fuel and shipping costs could push rates up in 2027, which would make things harder for the market. That is a forecast, and rate forecasts have a mixed record. For now the Bank of Canada’s policy rate is still 2.25 per cent after its September 2 hold, with the major-bank prime rate at 4.45 per cent, and the next decision comes October 28. Borrowing costs have been flat for most of a year, which tells me the hesitation in this market is mostly about confidence.
What this means if you are selling
Prices have held, but your home is competing with more listings for each buyer’s attention. In Comox, a single-family listing is now one of 47 rather than one of 22, and the buyers looking have seen every one of them online before they book a showing. The list price decides whether yours makes their shortlist.
The homes that sold in September still sold at about 98 per cent of list. To the extent that figure reflects the wider market, it suggests the sellers who priced against today’s competition were rewarded, while homes that started above it sat longer, reduced, or haven’t sold yet. Every week a listing sits adds to the days-on-market counter buyers can see.
If you’re a downsizer moving from a detached home into a townhouse, the purchase side is now the tighter one. Townhouse supply is lower than a year ago and sales are up, while single-family supply is higher. Work out the order of the two transactions before you list, including whether a subject-to-sale clause on your purchase makes sense for you.
What this means if you are buying
You have more choice than you’ve had all year and, in most neighbourhoods, more time. A home that has been listed for 60 or 80 days is a different negotiation from one that came on last week, and the September numbers show plenty of both.
The well-priced homes in high-demand pockets are the exception. Courtenay East is still selling in about four weeks, and sharp listings across the Valley still draw more than one buyer. With rates on hold and some talk of increases next year, a pre-approval with a rate hold lets you take your time while knowing exactly what you can spend.
Where that leaves us
Since July the Comox Valley benchmark has barely moved, while inventory has climbed from about three and a half months to five and a half and the time to sell has gone from 36 days to 58. The market is still balanced, and buyers have more room to negotiate than they’ve had at any point this year. Sellers who price for that will still sell.
If you’re curious what your home would do in this market, I’ll walk you through the comparables and the real numbers, and if the answer is to wait until spring, I’ll tell you that too. You can reach me at 250-509-0035.
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Market data from the Vancouver Island Real Estate Board (VIREB) September 2026 statistics, released October 1, 2026. Benchmark prices reflect the MLS® Home Price Index for single-family homes excluding acreage and waterfront. Comox Valley activity figures are for VIREB Zone 2, single-family detached excluding acreage and waterfront unless otherwise noted. The months-of-inventory figure is my own calculation from the board’s active-listing and sales data. Every home is different, and the numbers here describe the market, not your property.