What the Benchmark Price Actually Buys You on Vancouver Island

Benchmark prices appear in real estate headlines every month. They are quoted by real estate boards, referenced by media, and often used as shorthand for “what homes are worth.”

But for buyers, sellers, lenders, and investors, the more useful question is rarely asked.

What does that benchmark price actually look like in real housing terms?

This article breaks that down using December MLS Home Price Index benchmark data, combined with a review of recent arm’s-length sales clustering around those benchmark levels. Individual properties always vary, but patterns repeat. Understanding those patterns is where market data becomes genuinely useful.

What is a benchmark price, really?

A benchmark home is not an actual house, and it is not the average or median of what sold in a given month.

The MLS Home Price Index benchmark represents a theoretical typical home for each market. It is calculated using a statistical model that isolates the value of individual housing attributes such as size, age, and type, based on how buyers have historically priced those features in that specific area.

This matters because different statistics tell very different stories.

• Average prices can swing sharply when more high-end or lower-priced homes sell.

• Median prices reduce some distortion but still depend on the mix of sales in a given period.

• Benchmark prices hold housing characteristics constant and track how the value of a typical home changes over time.

That is why benchmark pricing is widely used for trend analysis and why it allows more meaningful comparisons between markets.

Translating benchmark prices into real homes

Below is how the benchmark price typically translates on the ground across several Vancouver Island and Victoria markets. These are not listings or guarantees. They are consistent patterns observed near the benchmark price level.

Campbell River

Single-family benchmark price. $670,900

At or near this price point, buyers typically see:

• Detached homes in established neighbourhoods

• Three bedrooms common

• One and a half to two bathrooms

• Approximately 1,600 to 2,000 square feet

• Construction dating primarily from the 1970s through 1990s

• Functional layouts, often with dated or partially updated interiors

• Larger lots than southern Island markets are common

• Garages or carports frequently present, but not universal

In Campbell River, value often shows up first in lot size, layout, and usability, rather than finish quality or recent renovations.

Comox Valley

Single-family benchmark price. $847,200

This benchmark most often reflects:

• Detached homes in mature subdivisions

• Three bedrooms and two bathrooms typical

• Approximately 1,700 to 2,100 square feet

• Construction largely from the 1980s to early 2000s

• Standard residential lots rather than acreage

• Livable condition, with kitchens and bathrooms often original

• Garages common

This price level represents a classic middle-market family home, where buyers often accept cosmetic updates in exchange for neighbourhood quality, schools, and long-term stability.

Nanaimo

Single-family benchmark price. $794,700

Around this level, buyers commonly encounter:

• Detached homes that are newer than those in many northern Island markets

• Three to four bedrooms

• Two to three bathrooms

• Approximately 1,800 to 2,300 square feet

• Construction commonly from the late 1990s through mid-2010s

• Smaller lots in planned subdivisions

• Garages usually present

In Nanaimo, buyers frequently trade lot size for newer construction, layouts, and building systems.

Parksville and Qualicum Beach

Single-family benchmark price. $903,200

At this price point, the market typically delivers:

• Detached homes in quiet, mature neighbourhoods

• Two to three bedrooms

• One and a half to two bathrooms

• Approximately 1,500 to 2,000 square feet

• Construction largely from the 1980s to early 2000s

• Well maintained homes with many original interiors

In these markets, location, walkability, and lifestyle amenities often drive value more than interior finish levels.

Greater Victoria

Single-family benchmark price. $1,169,600

This is where expectations shift most noticeably.

At this level, buyers typically see:

• Detached homes, often older housing stock

• Two to three bedrooms common

• One and a half to two bathrooms

• Approximately 1,400 to 1,900 square feet

• Smaller urban lots

• Wide variation in renovation levels

• Basement suites or flexible layouts more common

In Greater Victoria, benchmark pricing reflects land scarcity and location value far more than building size or finish.

Why this matters

Benchmark prices are excellent tools for tracking market trends. They are far less useful when treated as shopping lists.

Two homes at the same benchmark price can feel completely different depending on neighbourhood, lot characteristics, age, condition, and local demand drivers. That is why translating statistics into real-world expectations matters for buyers, sellers, lenders, and anyone making property decisions.

One of the most common mistakes we see is comparing benchmark prices across markets as if they are interchangeable. They are not.

The benchmark tells you where the middle of that specific market sits. It does not tell you how far your dollar should go everywhere else.

Understanding that distinction is where better decisions begin.

Frequently Asked Questions

What is a benchmark home price?

A benchmark home price is a statistical estimate of the value of a typical home in a specific market. It is calculated using the MLS Home Price Index, which isolates the value of individual housing characteristics rather than relying on the mix of homes sold in a given month.

How is the benchmark price different from the average price?

Average prices can change significantly from month to month depending on whether more high-end or lower-priced homes sell. Benchmark prices hold housing characteristics constant, which makes them more reliable for tracking trends over time.

How is the benchmark price different from the median price?

Median prices reduce some distortion compared to averages, but they are still influenced by the types of homes that sell in a particular period. Benchmark prices are designed to reflect the value of a consistent, typical home, even when sales activity shifts.

Does the benchmark price describe a real house I can buy?

No. The benchmark home is a theoretical model, not a specific property. It represents typical characteristics for that market, not a guarantee of what is available for sale at that price.

Why does the same benchmark price feel different in different markets?

Each market has its own typical home characteristics, land constraints, and demand drivers. A benchmark price reflects the middle of that specific market, not a standardized house across regions.

Should buyers use the benchmark price as a budget guide?

Benchmark prices are best used to understand market trends and relative positioning. Buyers still need to evaluate individual properties based on location, condition, lot characteristics, and current supply.