Answer:
It is commonly stated that there are 7 islands in the Canary Islands.
But the Canary Islands include (from largest to smallest): Tenerife, Fuerteventura, Gran Canaria, Lanzarote, La Palma, La Gomera, El Hierro, La Graciosa, Alegranza, Isla de Lobos, MontaƱa Clara, Roque del Este and Roque del Oeste.
It is very possible with the volcanic activity off La Palma that another is soon to be created (Dec 2011)