If you're talking like Vancouver or Victoria, it can be pretty pricey. The northern end of Vancouver Island, though, isn't. House prices in Courtenay (up the coast from Nanaimo) are in the $300-500k range for 1-4 bedroom houses (median, so there's cheaper and more expensive). A little further to Campbell River and it's more like $200k-450k.
I'm wanting to move to the area for the climate and scenery, and I like smaller towns anyway.