Real Estate Blog

What Your Property Tax Bill Really Says About Living in Greater Victoria

Mon, 06 Jul 2026 18:33:15 GMT

A neighbourhood-by-neighbourhood look at 2026 property taxes across Greater Victoria — from Oak Bay to Sooke — and what the numbers reveal about how each community is investing in its future.

Every July, property tax notices arrive across the capital region, usually followed by a little sticker shock and one familiar question:

Why does someone in the next municipality pay so differently than I do?

The answer is more complicated than simply comparing tax rates. Property tax bills reflect population growth, infrastructure needs, regional services and the priorities each community has set for the years ahead.

Numbers compiled from Greater Victoria’s 13 municipalities, the Capital Regional District, BC Assessment and BC Stats provide an interesting snapshot of the region in 2026. They show that property taxes are not just about dollars and cents — they tell a broader story about how communities are growing, where money is being spent and what local governments are preparing for next.

The Westshore Is Growing Fast — and the Tax Bills Show It

Langford, now home to an estimated 59,669 residents, saw one of the largest property tax increases in the region this year. The average increase was 10.22%, or approximately $270 per household.

Sooke was close behind, with an increase of 10.5%, equal to roughly $186.87 for the average property.

For anyone who spends time on the Westshore, those numbers may not come as a surprise. Rapid population growth brings increased demand for roads, schools, recreation facilities, emergency services and other infrastructure. Those improvements cost money, and eventually some of that cost appears on the property tax notice.

Colwood, however, had a very different result. Its increase was limited to 4.22% — the lowest in the region in 2026 — even though the average assessed home value sits just above $1 million.

That contrast is a good example of why assessed value alone does not determine how much a homeowner’s tax bill will change.

Where the Money Actually Goes

It is easy to assume that the full amount on a property tax notice goes directly to the local municipality. In reality, a substantial portion is collected for regional and provincial services.

These charges can include:

School taxes, collected on behalf of the Province of British Columbia
CRD services, including regional parks, water, shared infrastructure and other regional programs
Capital Regional Hospital District costs, which help fund healthcare infrastructure across the region
Municipal Finance Authority debt servicing, used to finance major municipal capital projects

Esquimalt homeowners, for example, contribute approximately $1,158.53 toward CRD-related costs. That is more than double the amount paid by the average homeowner in Colwood or Victoria for similar regional services, despite relatively comparable average home values.

It is an important reminder that the municipal portion of your tax bill is only one part of the overall picture. Where you live, which regional services apply and how those costs are distributed can make a significant difference in the final amount.

A Quick Snapshot Across the Region

| Municipality | Avg. Assessed Home | Total Tax Increase |
| Saanich | $1.185M | 5.35% |
| Victoria | $1.045M | 9.34% |
| Langford | $921,375 | 10.22% |
| Colwood | $1.005M | 4.22% |
| Esquimalt | $1.105M | 11.32% |
| Oak Bay | $1.88M | 8.5% |
| Central Saanich | $1.128M | 7.37% |
| Sooke | $792,876 | 10.5% |
| Sidney | $933,005 | 9.37% |
| North Saanich | $1.574M | 5.5% |
| View Royal | $1.095M | 7.05% |
| Metchosin | $1.246M | 9.91% |
| Highlands | $1.278M | 9.5% |

What This Means If You're Watching the Market Property taxes rarely make or break a decision to buy in a particular neighbourhood, but they're a real part of the monthly cost-of-ownership conversation — especially when you're comparing, say, a Sooke acreage to a Saanich bungalow with a similar assessed value but a very different tax bill. If you're curious how a specific municipality's tax trends fit into your own homeownership plans on the South Island, feel free to reach out! mike@mikedoughty.ca

Sources: Compiled from Times Colonist reporting (June 29, 2026), Capital Regional District, BC Assessment, BC Stats, and the 13 Greater Victoria municipalities.

What Is the E&N Railway Charge on Vancouver Island Property Titles?

Mon, 06 Jul 2026 18:02:28 GMT

Ever spotted "Exceptions and Reservations — Esquimalt and Nanaimo Railway Company" on your Vancouver Island title and wondered what it means? Here's the real story behind the Island's most common — and most misunderstood — historical land charge. If you own property almost anywhere between Victoria and Campbell River, there’s a decent chance you’ve seen a curious line buried in your title search:

Exceptions and Reservations — Esquimalt and Nanaimo Railway Company, Inter Alia

There’s no dollar figure, no payment deadline and no obvious explanation—just old legal wording connected to a railway company that no longer operates under its original name.

Naturally, this can make property owners wonder: Could someone show up and start digging a mine shaft in the backyard?

Not quite.

The real explanation is a fascinating piece of Vancouver Island history. It is worth understanding whether you already own a home here or are starting to explore the South Vancouver Island real estate market.

The Railway Deal That Shaped Vancouver Island

In the 1880s, the province reached an agreement with coal baron Robert Dunsmuir and the Esquimalt and Nanaimo Railway Company to build a railway between Esquimalt and Nanaimo.

In exchange for constructing the railway, the company received an enormous land grant covering approximately 1.9 million acres—close to one-quarter of Vancouver Island.

The grant extended through large portions of southeastern Vancouver Island, including areas around:

Greater Victoria and the Westshore
The Cowichan Valley
Nanaimo
Parksville and Qualicum
The Comox Valley

This was not simply a narrow strip of land running beside the railway tracks. The grant stretched for many kilometres on either side of the railway.

That is why properties in Langford, Sooke, Duncan and other communities far from the current rail corridor can still carry an E&N Railway notation on title.

What Rights Were Reserved?

When portions of the original railway lands were sold, the E&N Railway Company sometimes retained—or reserved—certain rights.

Depending on the wording of the original land grant, these could include:

The right to enter the land and remove timber for railway purposes
Rights associated with railway lines, stations and workshops
Rights to coal, minerals and other resources beneath the surface
Rights of entry connected to accessing those resources

Those historical rights are what the “Exceptions and Reservations” notation represents.

The exact wording can vary from one original grant to another, so not every property is necessarily affected in exactly the same way.

What Does “Inter Alia” Mean?

Inter alia is Latin for “among other things.”

In land-title practice, it generally refers to the original document affecting the property, along with other lands.

Your modern residential lot may have started as one small piece of a much larger parcel that was subdivided many times over the past century.

In other words, your property is one tiny piece of a much bigger historical puzzle.

Is the E&N Charge an Easement?

Not exactly—and the distinction matters.

An easement usually provides a clearly defined right to use part of another property, such as:

A shared driveway
A utility line
Access over a neighbouring parcel

The E&N reservation is broader and more unusual.

In some cases, it represents a separation of ownership rights. A homeowner may own the surface of the land while certain mineral or resource rights were historically retained by another party.

That sounds dramatic, but for most established residential properties it has very little practical effect.

What Is Registration Number M76300?

Many Vancouver Island titles show the reference number M76300 beside the E&N Railway notation.

M76300 is not the original registration number from the 1800s. It is a modern indexing number created when the Land Title Office computerized its records.

It allows these old E&N exceptions and reservations to appear consistently on electronic titles.

That is also why the title may include wording such as:

For actual date and time of registration, see original grant.

The legal rights date back to the original historical grant—not to the date the M76300 reference was added to the computerized system.

Does the E&N Railway Company Still Exist?

The original E&N Railway Company was acquired by Canadian Pacific Railway in 1905.

The railway corridor itself—the land containing the tracks—has been owned by the Island Corridor Foundation since 2003. The Island Corridor Foundation is a non-profit organization involving First Nations and regional governments.

There continues to be discussion about restoring passenger rail service on portions of Vancouver Island, including potential service between Victoria and the Westshore.

However, there is an important distinction:

The railway corridor and the historical land-grant rights are not necessarily the same assets.

When a company is sold, reorganized or dissolved, its property rights do not automatically disappear. Those rights may be:

Transferred to another company
Assigned to a successor
Surrendered or released
Passed to the Crown
Left on the title because no one has completed the legal process required to remove them

The title still refers to the Esquimalt and Nanaimo Railway Company because that was the original party named in the grant.

It does not necessarily mean the original railway company—or anyone else—can simply arrive and exercise those rights without first establishing current ownership and legal entitlement.

Should Vancouver Island Homeowners Be Concerned?

For the vast majority of established homes in Greater Victoria, the Westshore, Cowichan Valley and Nanaimo areas, the answer is no.

Real estate lawyers, notaries, lenders, and title insurers regularly see the E&N Railway notation.

It is generally treated as a standard historical title exception and:

It does not mean money is owed
It is not a mortgage or lien
It usually does not prevent financing
It normally remains on the title when the property is sold
It rarely has a practical effect on an established residential property

It is one of those title entries that look far more alarming than they usually are.

When Is Further Investigation Recommended?

The E&N notation deserves closer attention when purchasing or developing:

Large rural properties
Land directly beside the historical railway corridor
Vacant development land
Properties being considered for subdivision
Land where substantial excavation is planned
Properties involving mining, quarrying or resource extraction
Land in areas with known historical coal mining activity

In those situations, a real estate lawyer or notary may recommend reviewing the original grant, historical title documents, surveys and any subsequent releases or transfers.

The notation alone does not tell you exactly who owns every historical right today.

A Historical Fingerprint on Island Real Estate

For most Vancouver Island homeowners, the E&N Railway charge is simply an interesting historical fingerprint on the property title.

It is a reminder that many of our modern neighbourhoods were shaped by a massive 19th-century railway agreement—one that influenced land ownership patterns across southeastern Vancouver Island and continues to appear on property titles more than 130 years later.

So no, an old railway company is probably not coming to dig a coal mine under your barbecue.

But the story behind that mysterious title notation is a pretty remarkable piece of Vancouver Island history.

Have Questions About a Property Title?

Every property is different, and historical title charges can be confusing.

If you are buying or selling a home on Southern Vancouver Island and come across something unfamiliar on the title, I can help explain the general context and connect you with the appropriate lawyer or notary for legal advice.

Mike Doughty, REALTOR®
RE/MAX Camosun
Serving Greater Victoria, the Westshore and the Cowichan Valley
778-400-0475
mike@mikedoughty.ca

Are Million-Dollar Starter Homes Becoming Normal in Canada?

Mon, 29 Jun 2026 16:49:18 GMT

When Did a “Starter Home” Become a Million-Dollar Home in Canada?

For generations, the Canadian starter home followed a fairly predictable script: a modest detached house, perhaps a little dated, with a small yard and enough space for a young couple to begin building a life.

It probably needed some paint. The kitchen may have featured an impressive amount of oak cabinetry. And somewhere in the basement, there was almost certainly wood panelling.

It was not supposed to be perfect. It was supposed to be attainable.

Today, that definition is changing quickly. In some of Canada’s most expensive communities, even the lower end of the housing market can approach—or exceed—the million-dollar mark. For many first-time buyers, the traditional detached starter home has been replaced by a condominium, townhouse, duplex, suite-equipped property or a home much farther from the urban core.

So, has the million-dollar starter home officially arrived in Canada?

In certain markets, it certainly has.

What Do We Actually Mean by a “Starter Home”?

There is no official Canadian definition of a starter home.

It is generally understood to mean an entry-level property purchased by someone taking their first step into homeownership. It is usually smaller, less expensive than the typical home in the area and may require some compromise on size, condition, location or property type.

A recent Zillow study in the United States defined a starter home as a property in the lowest third of home values within its market. Using that measurement, Zillow found that 242 American cities had typical starter homes worth at least US$1 million in April 2026—nearly three times as many as before the pandemic.

Canada does not have a directly comparable nationwide database measuring the lowest third of home values in every municipality. However, benchmark prices across the country clearly show the same underlying trend: the bottom rung of the property ladder has moved considerably higher.

In Some Canadian Markets, $1 Million Is No Longer Luxury Pricing

A million-dollar property still sounds luxurious in much of Canada—and in many communities, it absolutely is.

But real estate is intensely local.

In the most expensive parts of Metro Vancouver, Greater Toronto and Southern Vancouver Island, one million dollars may buy an older detached home on a smaller lot, a townhouse in a desirable neighbourhood or a property that requires significant renovations.

Here in Greater Victoria, the benchmark value of a single-family home in the Victoria Core reached approximately $1.34 million in May 2026. By comparison, the benchmark condominium was about $551,000.

That gap tells an important story.

The conventional detached home may now be well outside the starting range for many buyers, but there are still entry points into the market. They simply may not look like the starter homes previous generations purchased.

On central and northern Vancouver Island, prices are generally lower. In May 2026, the Vancouver Island Real Estate Board reported benchmark prices of approximately:

$791,600 for a single-family home
$553,200 for a townhouse
$407,700 for an apartment

Those numbers are still significant, but they demonstrate how much location and property type affect affordability. Moving even an hour or two from a major urban centre—or considering a different style of home—can dramatically change the options available.

The Canadian Starter Home Has Changed

For today’s buyers, a starter home may be:

A condominium rather than a detached house
A townhouse with strata fees and shared amenities
One side of a duplex
A small home with a secondary suite
An older property that needs cosmetic updating
A manufactured home
A property in a nearby community rather than the buyer’s preferred neighbourhood
A home purchased jointly with a partner, sibling or family member

None of these choices represents a lesser form of homeownership.

The purpose of a first home is not necessarily to satisfy every long-term wish. It is to provide stable housing, suit the buyer’s current needs and create a manageable path toward the future.

The trouble begins when buyers compare their first purchase with someone else’s third.

Why Has Entry-Level Housing Become So Expensive?

There is no single villain twirling a moustache behind Canada’s housing market. Several factors have collided over many years.

Canada Has Not Built Enough Homes

Canada’s population has grown faster than its housing stock in many regions. CMHC has estimated that housing construction would need to roughly double from recent levels to restore affordability by 2035.

Although rental apartment construction has increased, new ownership housing has not always kept pace—especially the smaller, ground-oriented homes many families want.

Land Is Limited in High-Demand Areas

Markets such as Greater Vancouver and Greater Victoria face physical constraints including oceans, mountains, protected land and established neighbourhoods.

When large numbers of people want to live in places where developable land is limited, the land beneath a home can become more valuable than the building itself.

Construction Has Become More Expensive

Labour, materials, financing, permitting, development charges and building-code requirements all affect the cost of producing new housing.

Even when land is available, it can be difficult to build genuinely inexpensive homes. Developers cannot simply sprinkle some “affordable housing dust” on a project and make the costs disappear.

The Pandemic Reset Prices

Exceptionally low interest rates, changing housing needs and intense buyer demand pushed prices sharply higher during the pandemic.

Although some markets have since softened or stabilized, prices have not returned to their pre-pandemic levels. In many communities, the affordability ladder was permanently raised several rungs.

Incomes Have Not Kept Pace

The challenge is not just that homes became more expensive. It is that household incomes and down-payment savings did not rise at the same speed.

Statistics Canada has found that younger Canadians have lower homeownership rates than previous generations at comparable stages of life. Family assistance is also becoming increasingly important, with approximately one-third of homeowners under 35 having received some form of family support when entering the market.

That creates an uncomfortable divide between buyers who have access to family equity and those who do not.

Does Buying a Starter Home Still Make Sense?

It can—but buying simply because “real estate always goes up” is not a strategy.

A first purchase should make sense within the buyer’s actual life and finances. That means considering:

How long they are likely to remain in the property
The monthly mortgage payment
Property taxes, insurance and utilities
Strata fees and potential special levies
Maintenance and repair costs
Commuting expenses
Job stability
Future family or lifestyle plans

A less expensive home with a punishing commute may not truly be affordable. Similarly, a condominium with reasonable payments but a poorly funded strata can become expensive in a hurry.

The purchase price gets most of the attention, but the carrying cost determines whether the home feels comfortable after possession day.

Canadian First-Time Buyer Programs Can Help—but They Do Not Solve Everything

Eligible first-time buyers may be able to use several federal tools.

The First Home Savings Account allows qualifying buyers to contribute up to $8,000 annually, to a lifetime maximum of $40,000. Contributions are generally tax deductible, while qualifying withdrawals can be made tax-free.

The Home Buyers’ Plan also allows eligible buyers to withdraw up to $60,000 from an RRSP toward a qualifying home purchase, subject to repayment rules.

Insured mortgages are now available on qualifying properties priced below $1.5 million, and eligible first-time buyers may have access to a 30-year amortization. This can reduce monthly payments, although stretching the mortgage over a longer period generally increases the total interest paid.

These programs can improve a buyer’s position, but they cannot make an unsuitable property affordable. A tax benefit is useful. Being able to sleep at night is better.

What Buyers Can Do in Today’s Market

First-time buyers still have options, but planning matters more than ever.

Start With the Monthly Budget

Before browsing listings, buyers should understand what payment they can comfortably carry—not merely the maximum amount a lender might approve.

Owning a home should not require cancelling every vacation, hobby and restaurant meal until 2056.

Speak With a Mortgage Professional Early

A strong mortgage broker or lender can explain qualification, insured versus uninsured financing, available programs and how debts or credit affect borrowing power.

Early advice also gives buyers time to improve their financial position before entering the market.

Separate Needs From Preferences

Bedrooms, transportation, pets, accessibility and school requirements may be genuine needs.

Quartz counters, a double garage and an ocean view are excellent—but they may belong on the future-home list.

Compare Property Types

In many markets, the price difference between a condominium, townhouse and detached home can be hundreds of thousands of dollars.

A well-run strata may provide a more realistic and lower-maintenance entry into ownership.

Look Beyond the Headline Price

A home with a legal suite, lower commuting costs or recent major upgrades may offer better overall value than a cheaper property with looming repairs.

Be Willing to Play the Long Game

Some buyers may be better served by continuing to rent while building an FHSA, reducing debt and improving income stability.

Buying later with a stronger financial foundation is not failure. It is considerably better than buying too soon and becoming house-poor.

The Bottom Line

The million-dollar starter home is not the norm across Canada.

In many parts of the country, buyers can still find detached homes well below that figure. But in Canada’s most expensive urban and coastal communities, the idea is no longer far-fetched. In some neighbourhoods, one million dollars buys an ordinary home rather than an exceptional one.

That does not mean first-time buyers should give up.

It means the path into homeownership has changed.

Today’s successful first-time buyer may begin with a condo, buy in a neighbouring community, renovate gradually or choose a property with rental income. The first home may not be the dream home—but it can still be a smart, comfortable and valuable first chapter.

The key is understanding the local market, looking beyond the national headlines and building a strategy around your real budget and priorities.

Because in real estate, “average” Canadian prices are interesting—but none of us actually buys the average Canadian house.

Luxury Real Estate Is Leaving the Big Cities — And the South Island's Been Ready for It

Mon, 22 Jun 2026 18:20:43 GMT

Canada's luxury real estate market is moving past Toronto and Vancouver. Here's why the South Island has been ahead of this shift the whole time.

For a long time, "luxury real estate in Canada" basically meant two postal codes: Toronto and Vancouver. If you wanted a serious estate property or a showpiece waterfront home, that's where the money — and the headlines — went.

That's no longer the whole story.

The Big Cities Aren't the Whole Story Anymore

RE/MAX Canada's newly released 2026 Spotlight on Luxury Report shows something pretty striking happening underneath the surface of the national market. While Toronto and Vancouver's high-end segments are cooling — luxury sales activity down close to 17% and 20% year-over-year, respectively — smaller and mid-sized markets are surging. Edmonton led the country with luxury sales up nearly 50%. Saskatoon, Ottawa, and Calgary all posted strong double-digit gains too.

The report's take is pretty simple: high-net-worth buyers in the traditional hubs are being more cautious right now, while buyers in regions with strong local economies and room to grow are moving with confidence.

What "Luxury" Actually Means Now

Here's the part that really caught our eye. The definition of luxury itself is shifting. It's less about sheer square footage and more about how a property actually makes you live.

Today's high-end buyers are chasing:

Waterfront and estate settings — privacy and a real connection to nature
Walkability — high-end convenience inside a tight-knit community, not a sprawling subdivision
Intentional design — homes that genuinely support remote work, wellness, and day-to-day life, not just a great photo for the listing

Sound like anywhere you know?

That's Kind of the South Island's Whole Thing

We'll be honest — this "new" definition of luxury isn't new to us at all. It's just describing what the South Island has quietly offered for decades.

Oak Bay's character homes, walkable streets, and ocean views. North Saanich's deep-water moorage properties tucked into the trees. Acreages in the Cowichan Valley with room to breathe and a view of the vineyards instead of the neighbour's fence. Sooke's wild, unfiltered coastline. Even Shawnigan Lake, where my own family's spent more weekends on the water than I can count — that's six generations of calling this Island home, and the appeal hasn't changed: this place was built for the kind of living people are now paying a premium for everywhere else.

What's Actually Happening Here Right Now

The South Island isn't immune to broader market shifts, but the local picture has some genuinely good news for buyers exploring the upper end of the market this spring:

Oak Bay continues to see limited inventory, which is keeping pricing well-supported — well-presented heritage homes are still attracting multiple offers.
North Saanich has seen a meaningful uptick in new waterfront listings this spring, giving buyers looking for deep-water moorage more genuine choice than they've had in the last few years.
Across Greater Victoria more broadly, inventory is sitting at its highest level in over a decade, which means more time, more selection, and more room to negotiate — even at higher price points.

The Takeaway for South Island Buyers and Sellers

The national story is one of decentralization — luxury moving toward places with lifestyle, livability, and value. The South Island has been living that story all along. Whether you're dreaming about a waterfront property in North Saanich, an estate acreage in the Cowichan Valley, or simply curious what your Oak Bay character home might be worth in today's market, this is a genuinely interesting moment to take a closer look.

Curious what this shift looks like for your specific neighbourhood? Reach out anytime — happy to talk it through, no pressure.

BC's Housing Market Cools Again in May 2026 — Here's What It Means Closer to Home

Fri, 19 Jun 2026 17:28:54 GMT

BC's housing market cooled further in May 2026 as rising mortgage rates and a soft economy weighed on sales province-wide. Here's what the BCREA numbers mean for Southern Vancouver Island.

BC's Housing Market Cools Again in May 2026 — Here's What It Means Closer to Home

If you've been keeping half an eye on the housing market this spring, you've probably noticed the word "soft" coming up a lot. The British Columbia Real Estate Association (BCREA) released its May 2026 numbers this week, and they confirm what a lot of us have been feeling on the ground: buyers are still out there, but they're cautious, and rising mortgage rates are doing a lot of the talking.

Let's break down what happened province-wide, and then bring it back to what it actually means here on the South Island.

The Province-Wide Picture

Across British Columbia, 6,790 residential units sold through the Multiple Listing Service® (MLS®) in May 2026, down 2 per cent from the same month last year. The average residential price came in at $945,878, off 1.4 per cent from $959,216 in May 2025.

Total dollar volume across the province was $6.42 billion, down 3.4 per cent year-over-year, and — maybe the most telling stat of all — BC's MLS® unit sales were a full 26.39 per cent below the ten-year average for the month of May.

BCREA Chief Economist Brendon Ogmundson put it plainly, pointing to rising mortgage rates and a softening labour market as the main forces holding activity back, especially in the Lower Mainland. The recent uptick in rates, he noted, is an unexpected headwind that could push a broader recovery further down the road.

Zooming out to the year-to-date picture doesn't paint a rosier story: BC's residential sales dollar volume is down 8 per cent so far in 2026, sitting at $25.1 billion, with unit sales down 6.9 per cent at 26,681 transactions and the average price down 1.2 per cent to $941,883.

How Vancouver Island Compares

Here's where it gets a little more interesting for those of us on this side of the water. Vancouver Island as a region held up relatively well by provincial standards. The average residential price was $768,621 in May, essentially flat year-over-year (down just 0.4 per cent), and unit sales of 749 were down only 1.1 per cent — a much gentler dip than the provincial average.

Victoria told a slightly different story: 691 units sold, down 5.3 per cent from last May, but the average price actually climbed 3.5 per cent to $1,051,018. Active listings in Victoria were up 6.6 per cent year-over-year, giving buyers more room to shop and compare than they've had in a while.

Taken together, it's a market that's adjusting rather than retreating. Inventory is building, price growth has slowed (or reversed slightly, depending on where you look), and the frantic pace of a few years back has given way to something more measured.

Why Mortgage Rates Are the Story Right Now

It's tempting to chalk this slowdown up to "the economy" in a general sense, but the more specific driver is borrowing costs. As rates have ticked upward this year, the math on monthly payments has changed for a lot of households, and that's translated directly into fewer transactions — even in markets, like ours, where prices have stayed comparatively stable.

It's also worth remembering that mortgage rates and the broader economic backdrop don't move in a straight line. Global events, labour market data, and the Bank of Canada's rate decisions all play a role, and the picture can shift from one announcement to the next.

What This Means If You're Thinking About Buying or Selling

For buyers, a quieter market with more active listings generally means a little more breathing room — fewer bidding wars, more time to do your homework, and more negotiating leverage than we've seen in recent years.

For sellers, especially on the Island where prices have held up better than the provincial average, it's less about panic and more about pricing realistically and presenting well. Homes that are priced to reflect current conditions are still moving; it's the ones priced for 2022 that tend to sit.

Either way, the best move is usually the same: understand what's actually happening in your specific neighbourhood, not just the provincial headline.

If you'd like a read on how this all plays out in your corner of the South Island — Greater Victoria, the Westshore, Sooke, or the Cowichan Valley — I'm always happy to chat. No pressure, just a real conversation about what the numbers mean for you.

Mike Doughty REALTOR® | RE/MAX Camosun 778-400-0475 | mike@mikedoughty.ca | www.southislandliving.ca

Source: British Columbia Real Estate Association (BCREA), "Sales Struggle Against a Weak Economy and Rising Mortgage Rates," June 11, 2026.

Bank of Canada Holds at 2.25% — What It Means for South Island Home Buyers and Sellers

Thu, 11 Jun 2026 14:37:21 GMT

The Bank of Canada held its overnight rate at 2.25% on June 10, 2026 — the fifth consecutive hold. Here's what it means for the Victoria and South Island real estate market.

Another Hold — But the Conversation Is Getting More Complicated

If you've been watching the Bank of Canada closely, yesterday's decision probably felt familiar: the overnight rate stayed put at 2.25% for the fifth consecutive time on June 10, 2026. No cuts. No hikes. Another pause. Money.ca

But here's the thing — this hold feels different from the previous four. The backdrop has shifted, and if you're thinking about buying, selling, or renewing a mortgage on the South Island, it's worth understanding why.

What's Driving the Hold

The Bank is essentially stuck navigating two competing forces pulling in opposite directions.

On one side, the Canadian economy is soft. Economic activity in Canada has been weak and uncertainty about U.S. trade policy persists. Business investment is down, government spending has pulled back, and housing activity has been sluggish. Not exactly the conditions that call for higher borrowing costs. TD

On the other side, inflation is creeping up — and the reason why matters. The war in Iran has effectively closed most of the Strait of Hormuz, stripping roughly 10 per cent of global oil supply from the market, causing West Texas Intermediate crude to surge from about US$75 to nearly US$100 a barrel. That kind of supply shock pushes headline inflation higher while simultaneously dragging on economic growth — a stagflationary squeeze that leaves the Bank with very little room to manoeuvre. Mortgage Sandbox

CPI inflation rose to 2.8% in April, largely in line with the Bank's expectations. The good news: core inflation remains around 2%, meaning higher energy costs haven't broadly spilled over into everyday prices — yet. The Bank is watching closely, and for now is choosing to look through the war's short-term impact on headline inflation.

Two-Way Risk: Cuts or Hikes Both on the Table

Here's what's new this announcement: Governor Tiff Macklem made it clear that the next move could go in either direction — a cut if U.S. tariffs escalate and hit the Canadian economy harder, or a hike if energy-driven inflation from the Middle East conflict becomes entrenched. Money.ca

That kind of explicit two-way language from a central bank governor is notable. It signals that the Bank is genuinely uncertain about what comes next — and that the economic picture could break either way depending on how the geopolitical situation evolves.

The current consensus among economists is that the Bank will hold at 2.25% through the rest of 2026, with a gradual move back toward 2.75% by end of 2027 if growth and inflation follow the current outlook. But if subsequent inflation data shows rapid price acceleration, a rate hike could be back on the table before that.

The next rate decision is July 15, 2026, when the Bank will also release its next full Monetary Policy Report — the first complete update to official growth and inflation projections since April.

What This Means for South Island Buyers and Sellers

In practical terms, another hold means mortgage rates aren't moving today. The prime rate remains at 4.45%, with the lowest available five-year variable rates still around 3.35%. Ratehub

For buyers, the holding pattern means the borrowing environment is stable for now — and that window may be narrower than it looks. For the first time this cycle, the Bank signalled explicitly that both cuts and hikes remain on the table depending on how trade and energy risks resolve. The era of falling rates that defined 2024–2025 appears to be over. Nesto

Victoria's housing market has seen the average home price ease slightly — down about 1.6% year-over-year to roughly $1,043,987. Combined with stable borrowing costs, this creates a genuinely interesting window for buyers who've been sitting on the fence waiting for either prices or rates to move further in their favour. Ratehub

For sellers, the continued hold provides predictability. Buyers aren't being priced out by sudden rate increases, and financing conditions remain workable. That said, a pronounced slowdown in population growth driven by changes in immigration policy is further constraining Canada's growth drivers, which means demand-side pressure on the South Island market is more muted than it was a few years ago. Pricing realistically matters more than ever. BCREA

The Bottom Line

The Bank of Canada is holding steady — but it's doing so in an increasingly uncertain environment. The Iran conflict, residual trade tensions with the U.S., and softening domestic growth have put the Bank in a genuinely difficult position. For now, the rate holds. But anyone making a real estate decision in the next six to twelve months should be planning for a range of scenarios, not a single outcome.

If you're curious how this rate environment affects your specific situation — whether you're buying your first home in Langford, upsizing in Saanich, or thinking about selling in the Cowichan Valley — I'm always happy to talk it through.

📞 778-400-0475 | mike@mikedoughty.ca | [southislandliving.ca]

[Internal link: Victoria Real Estate Market Update – May 2026] [Internal link: First-Time Home Buyers' Guide – South Vancouver Island]

Southern Vancouver Island Real Estate — May 2026 Market Update

Mon, 01 Jun 2026 22:36:38 GMT

The spring 2026 real estate market on Southern Vancouver Island is wide open — more inventory than we've seen in over a decade, and buyers holding the cards. Here's what the numbers mean for your neighbourhood.

The Inventory Shift That Changes Everything

Something meaningful happened in the Greater Victoria market this spring, and it's been building all year. At the end of May 2026, there were 4,029 active listings on the Victoria Real Estate Board MLS® — the highest inventory level in eleven years. That's an 8.6 percent jump from April alone, and 8.4 percent more than we saw at the same time last year.

When VREB Chair Fergus Kyne says "there's no more waiting — the spring market is here," he's not just talking about warmer weather. He's talking about a market that has fundamentally shifted in favour of buyers. More choice. More time to make decisions. More room to negotiate.

That's a big deal on an island where, not long ago, buyers were waiving subjects and writing offers the same afternoon they walked through the door.

What Sold in May — and What Didn't

Total sales across the VREB region came in at 713 properties in May 2026 — a healthy bump of 10.9 percent over April, but still 5.9 percent below May 2025. Spring momentum is real, but the year-over-year gap tells you buyers are being deliberate.

Breaking it down by property type:

Single-family homes led volume with 385 sales, down 4 percent from a year ago. The MLS® HPI benchmark price for a single-family home in the Victoria Core sits at $1,339,000 — essentially flat, up just 0.3 percent year over year and barely changed from April's $1,339,100. The market is holding value, but it's not running.

Condominiums saw the sharpest year-over-year sales decline, at -14.9 percent, with 188 units sold. Benchmark condo prices in the Victoria Core dropped 1.9 percent from a year ago to $551,400 — down from $558,300 in April. Condo sellers are feeling more pressure than any other segment right now.

Townhomes were the bright spot. 98 sold in May, up 8.9 percent from May 2025. The townhouse benchmark in the Core held at $836,800 — down slightly from April but resilient relative to the rest of the market. Townhomes continue to attract buyers who want more space than a condo but aren't quite ready to stretch to a detached home price.

A Closer Look — Victoria Core vs. Westshore vs. Peninsula

The VREB data breaks down benchmark prices by sub-market, and the variation is worth paying attention to.

For single-family homes:

The Victoria Core benchmark sits at $1,339,000 (essentially flat year-over-year). The Westshore — covering Langford, Colwood, View Royal and area — has softened more noticeably, with its benchmark at $1,028,100, down 2.8 percent from May 2025. The Peninsula (Saanich, North Saanich, Sidney) is the standout, rising 4.3 percent year over year to $1,292,000.

For condos, the picture is broadly softer across all zones, with the Westshore condo benchmark at $508,300 (down 1.1% year over year) and the Core at $551,400 (down 1.9%).

What the Sales-to-Active-Listings Ratio Tells Us

The sales-to-active-listings ratio — one of the clearest signals of market pressure — is sitting in the 17–28 percent range, which BCREA defines as a balanced market. Technically, neither buyers nor sellers has a strong edge in pricing pressure. But with inventory at eleven-year highs, buyers have practical advantages that the ratio alone doesn't fully capture: time, selection, and leverage on negotiation.

Sellers who understand this are pricing accordingly and getting deals done. Those who are anchoring to 2022 or 2023 values are watching their listings sit.

Vancouver Island Beyond Victoria — The VIREB Picture

For those of us with roots or eyes on communities north of the Malahat, the Vancouver Island Real Estate Board (VIREB) numbers tell a complementary story.

VIREB recorded 768 unit sales across all property types in May 2026 — down just one per cent from a year ago. That's relative stability across a broad geography. Active listings board-wide were 4,585, up three per cent year over year.

In the Cowichan Valley, the single-family benchmark came in at $789,800 — essentially holding from May 2025, one of the more stable sub-markets on the Island. Townhouse sales across the VIREB area were a standout, up 33 percent year over year.

VIREB CEO Jason Yochim captured the mood well: the market is seeing activity on well-priced properties, including multiple-offer situations in some cases, while homes above market expectations are taking longer to sell. Buyers are measured. Sellers need to be realistic.

The Bottom Line for Southern Vancouver Island Buyers and Sellers This Spring

If you're buying, this is one of the better-positioned markets on Southern Vancouver Island in recent memory. Inventory is high, competition has eased, and there's room to be strategic.

If you're selling, the fundamentals are still sound — but presentation and pricing matter more than they have in years. As Chair Kyne put it, motivated sellers need to enter the market with competitive pricing and a clear-eyed understanding of what their property is worth right now, not two years ago.

The spring market is here. It just requires a different playbook than the one a lot of people remember.

Mike Doughty is a REALTOR® with RE/MAX Camosun serving Greater Victoria, the Westshore, Sooke, and the Cowichan Valley. For a conversation about what May's numbers mean for your specific situation, reach out directly.

📞 778-400-0475 | ✉️ mike@mikedoughty.ca | 🌐 www.southislandliving.ca

Data sources: Victoria Real Estate Board (VREB) May 2026 Statistics Package; Vancouver Island Real Estate Board (VIREB) May 2026 Monthly Statistics Package. MLS® HPI benchmark prices reflect data from the Victoria Core and VIREB board area.

Reading the Spring Market: What BC's April 2026 Real Estate Numbers Mean for the South Island

Mon, 11 May 2026 17:12:23 GMT

The headlines sound cautious — but look closer and there are reasons for measured optimism, especially here on Southern Vancouver Island.

Spring is traditionally when the real estate market finds its rhythm on the South Island. More listings, more buyers out walking open houses, longer evenings that make every neighbourhood look its best. April 2026 brought all of that — and also a provincial data release from the BC Real Estate Association that's worth unpacking, because the context matters as much as the numbers.

The Provincial Picture

Across BC, 6,311 residential sales were recorded on MLS® systems in April 2026 — down 1.9% from April 2025 but notably higher than March's pace. The average residential price province-wide came in at $952,768, up 0.8% from $944,796 a year ago — a rare positive sign after months of year-over-year price softening. Total sales dollar volume reached $6.01 billion, down just 1.1% year over year. BC sales still sit about 25% below the ten-year average for April, reflecting how far activity has pulled back from the frenzied years of the early 2020s.

BCREA Chief Economist Brendon Ogmundson acknowledged the persistent headwinds: "Challenges in the local economy and labour market, combined with upward pressure on rates due to the ongoing oil supply shock, are continuing to suppress pent-up demand and weaken overall market activity." But he also offered something that's been in short supply lately — a note of cautious optimism: "Modest monthly gains (seasonally adjusted) in some regions hopefully depict the beginning of a broader stabilization in housing activity, underpinned by improved affordability conditions that should encourage prospective buyers to enter the market."

Year-to-date through the end of April, provincial sales dollar volume is down 9.5% to $18.7 billion. Unit sales are off 7.6% at 20,059, and the average price is down 2% to $932,492 compared to the same stretch last year.

Victoria and Vancouver Island: Still Holding Their Own

Here on the South Island, the numbers offer a more encouraging read than many other BC markets.

The Victoria Real Estate Board recorded 620 sales in April at an average price of $1,043,987. That's a 1.6% dip in price year-over-year — modest by any measure — while sales were actually up 2.3% compared to April 2025. Active listings grew 7% to 2,948, giving buyers meaningfully more choice than they had a year ago. The sales-to-active-listings ratio came in at 21%, placing Victoria firmly in balanced-to-seller territory.

Year-to-date, the Victoria board's average price is $1,030,030 — up 2.6% from the same period in 2025. That's one of the strongest year-to-date price performances in the province.

The broader Vancouver Island board — covering the Cowichan Valley, Nanaimo, and communities to the north — recorded 659 sales at an average price of $762,994, up 1.9% year-over-year. The sales count was down 13.4%, and active listings grew 6.6%, pointing to a more balanced market dynamic in those communities.

What the Oil Shock and Rate Environment Mean for Buyers

The BCREA's chart this month highlighted something worth understanding: upward pressure on fixed mortgage rates driven by the ongoing Iran conflict and the resulting oil supply disruption. Five-year Government of Canada bond yields — the benchmark that fixed mortgage rates follow — have climbed noticeably since the conflict began, adding cost to anyone locking in for the medium term.

This is one reason why variable-rate products have attracted renewed attention, with the Bank of Canada holding its overnight rate at 2.25% as of late April. For buyers watching their qualifying numbers closely, the choice of mortgage product is more meaningful than usual right now. A conversation with a mortgage professional before you start seriously shopping is time well spent.

The Takeaway for South Island Residents

The market here isn't in freefall — far from it. Victoria's year-to-date price appreciation is among the best in BC, and the sales-to-active ratio suggests demand is real, even if it's measured. More inventory means buyers have actual choice, something that was essentially absent in 2021 and 2022. And the pent-up demand Ogmundson references is genuine — there are people who've been watching and waiting for conditions to stabilize.

Whether you're thinking about upsizing, downsizing, or making a first move onto the Island, the fundamentals that make Southern Vancouver Island desirable haven't shifted. The geography, the lifestyle, the community — those don't appear on a data table, but they absolutely show up in long-term demand.

Questions about what this means for your neighbourhood or situation? I'm always happy to chat — no pressure, just good information.

Mike Doughty | RE/MAX Camosun 📞 778-400-0475 | ✉️ mike@mikedoughty.ca | 🌐 www.southislandliving.ca

South Island Real Estate in April 2026: A Balanced Market Heading Into Spring

Sun, 03 May 2026 16:54:10 GMT

The Greater Victoria and Vancouver Island real estate markets are holding steady this spring. Here's what the April 2026 numbers mean for buyers and sellers on the South Island.

The Numbers Are In — and the Island Is Holding Steady

April's real estate data is out for both Greater Victoria (VREB) and Vancouver Island (VIREB), and the headline is about as reassuring as a sunny April weekend on the water: the South Island market is balanced, active, and moving into the spring season with a healthy amount of choice on both sides of the fence.

Whether you're thinking about making a move this season or just keeping an eye on things, here's a plain-language breakdown of what the April numbers are telling us.

Greater Victoria (VREB) — Goldilocks Conditions in the Capital Region

A total of 643 properties sold across the Greater Victoria region in April 2026 — essentially flat year over year (up just 0.2%) but up 11.1% from March, which signals the spring market is picking up momentum right on schedule.

Single family home sales came in at 331, down slightly from April 2025 (-1.2%), while condo sales ticked up 5.9% year over year to 198 units. Townhomes saw 78 sales, down modestly from last year.

The inventory picture is encouraging for buyers: active listings reached 3,710 at month-end, up 13.8% from March and 8.3% higher than April 2025. More supply means more options, more negotiating room, and less of the frantic pace that characterized the market a few years back.

On pricing, the MLS® HPI benchmark for a single family home in the Victoria Core came in at $1,339,100 — down 1.2% from a year ago but up from March's $1,330,200, suggesting a gentle firming as spring arrives. Condo benchmarks in the Core sit at $558,300, and townhomes in the Core are benchmarked at $840,100.

VREB Chair Fergus Kyne put it well: the market right now has choice, range in price points, and brisk buyer interest — without the pressure-cooker feeling of a hot seller's market.

Victoria Core HPI Benchmarks — April 2026

Single Family: $1,339,100
Condo Apartment: $558,300
Row/Townhouse: $840,100

Vancouver Island (VIREB) — Spring Stirring Across the Island

The broader Vancouver Island board (VIREB) covers a wide swath of the Island from the Malahat north, including the Cowichan Valley — a market I work in regularly and watch closely.

VIREB recorded 683 total unit sales in April 2026, down 12% year over year across all property types, though single family home sales rose a solid 23% from March to 372 units — a clear sign that buyers re-engaged as spring arrived. Row/townhouse sales were up 24% month over month as well, at 88 units.

Active listings board-wide stood at 4,256 (all property types), up 4% from April 2025, continuing the trend of healthy inventory levels that give buyers real options.

VIREB CEO Jason Yochim noted that while the spring start was a little slow, activity picked up meaningfully in the latter half of April — and that momentum could translate into a busier May.

Cowichan Valley Benchmarks — April 2026

Single Family: $784,000 (up 1% year over year; up 2.4% from March)
Condo Apartment: $301,500
Townhouse: $498,400

The Cowichan Valley's single family benchmark is sitting right around where it was a year ago, with a modest uptick suggesting stable demand. It continues to represent solid relative value compared to Victoria Core prices, which is a story worth paying attention to for buyers priced out of the capital region.

Board-Wide VIREB Single Family Benchmarks — April 2026

Vancouver Island (board-wide): $790,300
Cowichan Valley: $784,000
Comox Valley: $869,800
Nanaimo: $815,600
Parksville/Qualicum: $923,800
Campbell River: $687,800
Port Alberni: $505,800

What This Means for Buyers and Sellers on the South Island

The current market isn't the frenzied sellers' market of 2021-22, nor is it a deep buyers' market. It's genuinely balanced — and that's actually a good place to be.

For buyers, inventory is up, competition is measured, and there are real opportunities across price points — from entry-level condos in Langford and Colwood to family homes in the Cowichan Valley.

For sellers, properly priced homes are still moving. The spring season typically brings a wave of new buyers into the market, and with listings up and interest rates having eased from their peaks, there's a reasonable pool of qualified buyers actively looking.

If you're thinking about a move this spring — whether buying, selling, or both — it's a solid time to get a clear picture of what your options look like.

Stay Connected to the South Island Market

I publish monthly market updates for Greater Victoria, the Westshore, and the Cowichan Valley, broken down in plain language so you can actually use the information. [Internal link: Market Updates archive]

Questions about what these numbers mean for your specific situation? I'm always happy to chat.

Mike Doughty | REALTOR® | RE/MAX Camosun 778-400-0475 | mike@mikedoughty.ca

Bank of Canada Holds the Line: What Today's Rate Decision Means for South Island Homebuyers and Sellers

Wed, 29 Apr 2026 19:18:48 GMT

April 29, 2026

The Bank of Canada held its policy rate at 2.25% on April 29, 2026. Here's what that means for mortgage rates, housing affordability, and the real estate market on Southern Vancouver Island.

This morning, the Bank of Canada made its third rate announcement of 2026, and the decision was exactly what most economists had anticipated: hold steady at 2.25%.

For the fourth consecutive time, Governor Tiff Macklem and Governing Council resisted the urge to move in either direction. It's a "wait and see" posture, and given what's happening in the world right now, it's hard to argue with the logic.

So what's going on?

Two big forces are pulling the Canadian economy in opposite directions right now, and the Bank is caught in the middle.

On the one hand, the Canadian labour market is soft. Employment growth has been subdued over the past year, job losses have hit sectors affected by U.S. tariffs, and the unemployment rate is sitting in the 6.5–7% range. Under normal conditions, that kind of labour market weakness would be a clear signal that rate cuts should be on the table. Bank of Canada

On the other hand, the ongoing conflict in the Middle East has sent oil prices sharply higher. The Iran war has led to sharply higher energy prices and transportation disruptions, reducing growth prospects in oil-importing countries and pushing inflation higher worldwide. Bank of Canada

Here's the Canadian twist: higher oil prices are actually a mixed story for us. Canada is an oil exporter, which means higher prices benefit our energy sector even as they hurt consumers at the pump. The Bank noted that these two effects largely cancel each other out, leaving the overall Canadian growth outlook relatively unchanged from earlier this year.

On the inflation front, CPI jumped to 2.4% in March, with forecasts that it will rise to approximately 3% in April due to higher gasoline prices. The Bank expects the spike to be temporary, based on the assumption that oil prices will ease, and inflation is forecast to return to the 2% target early next year. Stlawyers Bank of Canada

The uncomfortable trade-off

Any central banker will tell you that supply shocks — where prices rise not because of strong demand but because of a disruption to supply — are the hardest situations to navigate. Raise rates, and you risk crushing an already-struggling economy. Do nothing, and you risk higher energy costs feeding into broader price expectations and becoming entrenched.

The Bank's COVID experience looms large here. Its delayed response to rising inflation during 2021–2022 is still fresh in many minds, a reminder that waiting too long can be more costly than acting early. This time around, the Bank appears to be threading the needle: looking through the war's immediate impact on inflation while clearly stating it will not let higher energy prices become persistent inflation. Bank of Canada

TD Economics' outlook is that the Bank of Canada will hold its rate for the duration of 2026 — a view shared by many other economists. Rate cuts remain more likely than hikes, according to several analysts, unless the conflict escalates further and energy prices stay elevated long enough to push core inflation meaningfully higher. TD

What does this mean on Southern Vancouver Island?

The hold is neither exciting nor alarming — and for the South Island market, that's actually okay.

Variable mortgage and HELOC rates will stay where they are. Fixed rates continue to be driven by bond markets, and those have been volatile. If you're holding a variable rate, nothing changes today. If you've been watching from the sidelines, waiting for rates to drop further, the Bank's message is clear: patience is still required. CMP

The South Island market has been navigating its own version of these crosscurrents. Affordability remains a challenge. Housing activity has been held back by slow population growth, economic uncertainty, and ongoing affordability issues. But motivated buyers and sellers are still transacting — and in a market with limited inventory, well-priced properties continue to move. BNN Bloomberg

The next rate announcement is scheduled for June 10, 2026. Between now and then, the Bank will be watching oil prices closely, tracking whether energy costs are bleeding into the prices of other goods and services, and monitoring how the broader Canadian economy is absorbing the dual pressures of tariffs and geopolitical uncertainty.

Whatever happens, I'll be here to help you make sense of it.

Have questions about what today's decision means for your buying or selling plans on the South Island? Feel free to reach out — I'm always happy to talk it through.

📞 778-400-0475 | mike@mikedoughty.ca | [southislandliving.ca]

What BC's March 2026 Real Estate Numbers Mean for Life on the South Island

Fri, 17 Apr 2026 00:33:03 GMT

Provincial stats paint a cautious picture — but here on Southern Vancouver Island, the story has some important nuance.

The British Columbia Real Estate Association released its March 2026 provincial market numbers this week, and if you've been following along with the broader economic headlines — tariff uncertainty, global trade tensions, mortgage rate pressure — the data won't come as much of a surprise. But as always, provincial averages tell only part of the story. If you're living on, or thinking about moving to, Southern Vancouver Island, there's context worth understanding.

The Provincial Picture

Across BC, 5,766 residential sales were recorded on MLS® systems in March 2026 — down 3.6% from March 2025. The average residential price province-wide came in at $939,846, a 2% dip from the $959,236 recorded a year ago. Total sales dollar volume reached $4.21 billion, down 5.6% year-over-year, and BC sales are sitting about 34.5% below the ten-year average for March.

BCREA Chief Economist Brendon Ogmundson put it plainly: "Global conflict leading to rising mortgage rates paired with a sluggish economy are presenting a challenge for a housing market recovery. Improved affordability and pent-up demand should translate to an acceleration of activity, though the market will need a period of relative calm for households to build confidence."

Year-to-date through the end of March, provincial sales dollar volume is down 13% to $12.7 billion, with unit sales off 11% at 13,595 and the average price down 2.2% to $933,859 compared to the same stretch in 2025.

How Vancouver Island and Victoria Compare

Here's where it gets interesting for South Island residents.

The Vancouver Island board — which covers communities from the Cowichan Valley north — recorded 606 sales in March at an average price of $769,396, down just 1.3% in price year-over-year and essentially flat on sales volume (-0.7%). Active listings did tick up 3.5%, giving buyers a bit more to work with than they've had in recent years.

Victoria, our own backyard, actually bucked the provincial trend on price. The Victoria board recorded 550 sales at an average price of $1,027,854 — a 4% increase over March 2025. Sales-to-active listings came in at 21.6%, which still reflects a reasonably balanced-to-seller leaning market despite slower overall activity. Active listings grew 7.4%, which signals a gradual normalization of inventory.

What This Means If You're Thinking About a Move

For buyers: more inventory and modest price softening in many BC markets — including parts of our region — means there's room to make thoughtful decisions without the frantic pace of previous years. That's not a bad thing.

For sellers: the Victoria market, in particular, is holding its value better than most of the province. Pricing your home accurately and presenting it well still matters enormously, but the fundamentals here remain solid compared to many other BC communities.

For those on the fence: the BCREA's own economist is pointing to pent-up demand and improved affordability as forces that should drive a recovery — once there's a stretch of economic calm to give households the confidence to act.

Life on Southern Vancouver Island doesn't change with every monthly report. The reasons people want to be here — the lifestyle, the communities, the geography — are durable. But understanding the market environment helps you make smarter decisions when the time comes.

Curious what the numbers mean for your specific neighbourhood or situation? Reach out — I'm always happy to chat.

Mike Doughty | RE/MAX Camosun 📞 778-400-0475 | ✉️ mike@mikedoughty.ca | 🌐 www.southislandliving.ca

Co-Op Housing in BC: What Buyers and Sellers Need to Know

Wed, 15 Apr 2026 19:45:21 GMT

Thinking about buying or selling co-op housing on Vancouver Island or in Greater Victoria? Here's everything you need to know about how co-ops work in BC — from share ownership to financing quirks and what to expect from the process.

If you've been browsing listings around Greater Victoria or the Westshore and stumbled across a co-op property, you might have done a double-take. Co-ops look a lot like stratas on the surface — shared buildings, common areas, monthly fees — but they work quite differently under the hood. And here on Vancouver Island, where affordability is always top of mind, they're worth understanding.

Whether you're a buyer exploring every option or a current co-op resident thinking about your next move, here's a straight-talking breakdown of what co-op housing actually is, how it works in BC, and what to watch out for.

What Is a Co-Op, Exactly?

A housing co-operative — or co-op — is a form of collective ownership. Rather than buying a unit outright (like you would with a condo), you purchase shares in a nonprofit corporation that owns the building and land. Those shares give you the right to occupy a specific unit and participate in decision-making about how the property is run.

In other words: you're a shareholder and a resident at the same time. You don't hold a title to your unit — you hold shares. It's a subtle but significant legal distinction that affects everything from how you finance the purchase to how you eventually sell.

Co-ops can take many forms: apartment-style buildings, townhouses, duplexes, mobile homes and even clusters of smaller homes. In BC, the model has historically been associated with affordable, community-focused housing, and the province has a well-established co-op sector. British Columbia has over 270 co-ops throughout the province, totalling more than 15,700 units, overseen by the Co-operative Housing Federation of BC (CHF BC). WOWA The majority of housing co-ops in BC are located in Metro Vancouver and on Vancouver Island. CHF BC

How Co-Op Housing Works

When you join a co-op, you're becoming part of a democratically run community. The structure typically looks like this:

A board of directors, elected by shareholders, makes decisions guided by the co-op's bylaws. A co-op association manages the collective finances — collecting monthly fees that cover property taxes, building maintenance, utilities, and any underlying mortgage on the property. As a shareholder, you contribute to these shared expenses and have a voice in how the co-op operates.

Your monthly housing charge covers more than just your unit — it's your share of running the whole building or property. Some co-ops also hire a property management company to handle day-to-day issues.

Co-Op vs. Strata: What's the Difference?

This is where buyers often get tripped up. Both co-ops and stratas involve shared buildings and communal responsibilities, but the ownership structure is fundamentally different.

With a strata, you own your individual unit. You hold the deed. Any appreciation in the value of your unit belongs to you, and you generally have more freedom to renovate, rent, or sell on your own timeline.

With a co-op, you own shares in the corporation that owns the property. You receive stock instead of a title as you would with a traditional home purchase. rocketmortgage Your ability to renovate, sublet, or sell may be subject to co-op bylaws and board approval. That said, co-ops often come with lower purchase prices — a meaningful advantage in high-cost markets.

Buying a Co-Op in BC: What to Expect

If you're considering buying into a co-op, the process differs from a typical real estate transaction in a few key ways.

The application and approval process. Most co-ops require prospective buyers to apply and be approved by the board. Approval is based on your financial stability and sometimes on your compatibility with the co-op's community and values. Co-op boards have the right to approve or reject candidates, which is different from conventional real estate transactions where sellers cannot usually reject a financially qualified buyer. Be prepared to submit financial documentation and, in some cases, character references or an interview.

Financing can be more complex. This is probably the biggest hurdle for buyers. Because you're purchasing shares rather than real property, traditional mortgage financing doesn't always apply. Some lenders are hesitant to provide loans for co-op shares, so it may take time to find a suitable mortgage provider. Interest rates might be higher, and the down payment requirements might also be more substantial compared to other types of properties. Talk to a mortgage broker who has experience with co-op transactions in BC before you get too far into the process.

Review the documents carefully. Once you've found a co-op you're interested in, due diligence is critical. You should inspect the physical condition of the unit and understand the financial health of the co-op. Obtain and review the co-op's financial statements, bylaws, and any other relevant documents. The bylaws will tell you what you can and can't do with your unit — including rules around subletting, renovations, and resale.

Sign a shareholder agreement. Upon acceptance, you'll enter into a shareholder agreement that outlines your rights and responsibilities as a co-op member. This document governs much of your day-to-day life in the co-op, so it's worth reading closely (and ideally having a real estate lawyer review it).

Selling a Co-Op: What You Should Know

Selling a co-op share isn't the same as listing a condo or home on MLS. There are a few things to keep in mind.

The co-op may have resale restrictions. Some co-ops have bylaws that limit how shares can be sold, who can buy them, and what price can be charged. In some cases, the co-op itself has right of first refusal — meaning it can buy the shares back before you sell to an outside buyer.

Resale value can be tied to the co-op's financial health. Resale prices can be influenced by the co-op's financial health and its rules on selling. If the building has deferred maintenance, a large underlying mortgage, or ongoing financial challenges, that can affect what your shares are worth.

New buyers still need board approval. When you sell, your buyer will need to go through the same application and approval process you did. This can add time to a transaction and, in some cases, create complications if a prospective buyer doesn't meet the board's criteria.

Working with a REALTOR® matters. Because co-op transactions involve layers of legal and financial complexity that don't exist in typical home sales, having a REALTOR® and a lawyer who are familiar with co-ops in BC is genuinely important — not just a nice-to-have.

The Pros and Cons of Co-Op Living

Like any housing type, co-ops have real advantages and real trade-offs. Here's a balanced look:

Why co-ops can be a great fit: Lower purchase prices compared to equivalent condos in many markets. A built-in sense of community and shared responsibility. Reduced individual maintenance burden. Potential tax benefits in some circumstances (consult a tax professional). Long-term stability — many co-ops in BC have been well-managed for decades.

Where co-ops require more thought: The application and approval process adds time and uncertainty. Financing is more complex and options are more limited than with traditional purchases. Bylaws may restrict your ability to renovate, sublet, or sell freely. Resale pools can be smaller, which may affect how quickly you can move if life changes.

Co-Ops on Vancouver Island: A Local Perspective

Co-op housing has a meaningful presence on Vancouver Island, particularly in Greater Victoria. For buyers priced out of the freehold market — or those who genuinely value community-oriented living — co-ops offer a legitimate pathway to putting down roots here.

If you're curious about what's available, the Co-operative Housing Federation of BC maintains a searchable directory of member co-ops across the province. Individual co-ops manage their own waitlists and application processes, so the best first step is reaching out directly to co-ops in the area you're interested in.

Whether a co-op is right for you depends on your lifestyle, financial situation, and long-term goals. But it's absolutely worth understanding — especially in a market like Greater Victoria, where every option matters.

Thinking About Buying or Selling a Co-Op?

Co-ops are a niche but real part of the Southern Vancouver Island real estate landscape, and navigating them well means working with someone who knows the local market and the nuances involved.

If you have questions about co-op properties — or any type of housing on the Island — I'm always happy to have a conversation. Reach out anytime at mike@mikedoughty.ca or 778-400-0475.

Mike Doughty is a REALTOR® with RE/MAX Camosun serving Greater Victoria, the Westshore, Sooke, and the Cowichan Valley. This post is for informational purposes only and does not constitute legal or financial advice. Always consult qualified professionals when making real estate decisions.

Spring Is Showing Up: Greater Victoria's March 2026 Real Estate Market

Fri, 10 Apr 2026 00:30:41 GMT

The Greater Victoria real estate market is following a familiar spring script in March 2026 — more listings, more sales, and a balanced market that's giving buyers and sellers alike room to breathe. Here's what the numbers say.

There's something reassuring about a market that behaves the way it's supposed to.

After a quieter winter, Greater Victoria's real estate scene is waking up the way it typically does this time of year — steadily, and without drama. March 2026 brought more listings to market, more sales through the door, and a tone that feels, for the first time in a while, genuinely balanced.

That's not spin. That's what the data shows.

The Numbers at a Glance

579 properties changed hands across the Victoria Real Estate Board region in March 2026. That's 24.5 per cent more than February — a meaningful jump that signals the seasonal momentum buyers and sellers tend to feel this time of year. Year-over-year, sales dipped 5.5 per cent compared to March 2025, but that context matters less than the direction of travel, which is clearly upward as we head into spring.

Single family home sales came in at 285 — down just 2.4 per cent from last March, which is about as close to flat as it gets. Condo sales were softer at 164 units, off 18.8 per cent year-over-year, though the monthly jump from February tells a more encouraging story for that segment.

On the supply side, there were 3,261 active listings at the end of March — up 12.3 per cent from February and 7.9 per cent from a year ago. More choice for buyers, and a market that isn't putting sellers under the gun the way it once did.

What Prices Are Doing

The MLS® Home Price Index — a more reliable measure of price trends than averages or medians — shows values holding relatively steady.

The benchmark price for a single family home in the Victoria Core sits at $1,330,200 in March 2026. That's down 1.1 per cent from a year ago, but up from February's $1,307,400 — a sign that spring is nudging values in the right direction month-over-month.

For condominiums in the Victoria Core, the benchmark lands at $553,800. Down 0.8 per cent year-over-year, up from $545,600 last month.

Across the broader VREB region, single family benchmark prices range from $1,027,900 on the Westshore to $1,250,900 on the Peninsula. Townhomes in the Core are benchmarked at $848,500 — a format that continues to offer a meaningful entry point for buyers who want more space without the full single-family price tag.

A Balanced Market — And Why That's Actually Good News

Victoria's sales-to-active-listings ratio has been sitting in the balanced range — that 17–28% band where neither buyers nor sellers hold all the cards. According to BCREA's regression analysis, it's the zone where prices face relatively little pressure in either direction.

For buyers, that means time to think, time to do due diligence, and fewer bidding war situations forcing rushed decisions. For sellers, it means well-priced, well-presented homes are still moving — they just need the right strategy going in.

VREB Chair Fergus Kyne put it well: "Every listing is unique in our market. Greater Victoria is a relatively small area which consists of many micro markets with varying conditions and demand."

That's something locals already know. What sells quickly in Langford might sit longer in Oak Bay, and vice versa. What flies in one price range drags in another. The market isn't one thing — it's a collection of neighbourhoods, property types, and buyer pools, each with its own rhythm.

Looking Ahead

Spring is traditionally the strongest season for real estate on the South Island, with activity typically building toward a peak in May or June. With inventory climbing and buyer interest picking up, the pieces are in place for a solid couple of months ahead.

Whether you're thinking about listing, buying, or just keeping an eye on things, it's a good time to get current on what's actually happening in your corner of Greater Victoria.

You Might Qualify for Up to $50,000 Back on Your New Home — Even If You've Owned Before

Wed, 18 Mar 2026 22:58:30 GMT

First-time buyer on Vancouver Island? Canada's new GST rebate on new homes could save you up to $50,000 — and you might qualify even if you've owned before. Here's what you need to know.

If you've been sitting on the sidelines of the housing market thinking homeownership is out of reach, this one's worth reading closely. The federal government has passed a new GST rebate that could put up to $50,000 back in your pocket when you buy or build a new home — and the eligibility rules are more forgiving than most people realize.

This is real, it's now law, and it applies right here on Southern Vancouver Island.

What Is This Rebate, Exactly?

The First-Time Home Buyers' GST/HST Rebate (FTHB rebate) eliminates or reduces the GST on newly built homes. Eligible buyers can recover up to 100% of the GST paid on new homes up to $1.5 million, with a maximum rebate of $50,000. Bcrealestatelawyers For a $900,000 new build — very much in the range of what you'll find in places like Langford, Colwood, or the Cowichan Valley — that's $45,000 back. That's a down payment. That's a year's worth of mortgage payments. That's real money.

To be eligible, your agreement of purchase and sale must have been entered into on or after March 20, 2025. Clementhomes If you signed after that date, you may already qualify — even if you haven't closed yet.

The "Five-Year Window" Rule — More People Qualify Than You Think

Here's where it gets interesting. You don't have to be a lifetime renter to qualify. To be considered a first-time home buyer under this program, you simply must not have lived in a home that you or your spouse or common-law partner owned as your primary place of residence at any time in the current calendar year or the previous four calendar years. Canada.ca

In plain terms: if neither you nor your partner has lived in a home you owned since the start of 2021 (for a 2025 purchase), or since the start of 2022 (for a 2026 purchase), you likely qualify.

Sold your home a few years ago and have been renting since? You may be back in the game. Went through a separation? Relocated and rented? Life happens — and the rules account for it.

Can a Family Member Be on Title With You?

Yes—and this is a detail many people don't know about. Where two or more individuals are on title, the rebate is available as long as the home will be used as the primary place of residence of any of the individuals, or a relation of any of them, and the other eligibility conditions are met by at least one person. Canada.ca

So if a parent or sibling is going on title to help you qualify for a mortgage, that doesn't automatically disqualify you from the rebate — provided you, as the first-time buyer, meet all the conditions and are using the home as your primary residence. This is a meaningful detail for families helping younger buyers get into the market.

A few important notes on this:

All co-owners must be individuals — if a corporation is a co-owner, the home is not eligible. Bcrealestatelawyers
The rebate can only be claimed once per eligible individual.
If your spouse or partner has previously claimed this rebate, you are not eligible. PwC Canada

How Much Could You Save?

The rebate works on a sliding scale:

Homes up to $1 million: Full rebate — up to $50,000
Homes between $1M and $1.5M: Partial rebate, scaled proportionally (e.g., a $1.25M home = roughly $25,000 back)
Homes over $1.5M: No rebate under this program

How Does It Actually Get Applied?

For new homes bought directly from a builder, the rebate may be applied at closing — you pay the net amount with the rebate deducted, and the builder claims the difference from the government. Pbo-dpb If you're building your own home, you pay the GST upfront and then apply directly with the CRA using your CRA account or by mailing in the appropriate form once construction is substantially complete. MNP

What Qualifies as a "New Home"?

This rebate applies to:

New homes purchased from a builder (condos, townhomes, detached homes)
Substantially renovated homes (where 90% or more of the interior has been replaced)
Owner-built homes where construction started on or after March 20, 2025

Resale homes don't qualify — there's no GST on a resale property, so there's nothing to rebate.

The Bottom Line for Vancouver Island Buyers

Southern Vancouver Island has seen a surge in new construction — particularly in Langford, Colwood, the Westshore, and communities like Duncan and Lake Cowichan in the Cowichan Valley. If you're considering a new build in any of these areas and you meet the eligibility criteria, this rebate is a legitimate, significant financial advantage.

Talk to your REALTOR® and your accountant before you sign anything, but don't let a lack of awareness cost you thousands. The window is open — agreements signed before 2031 can qualify.

Wondering if a new home on the South Island could be the right move for you? Reach out — happy to point you in the right direction.

Bank of Canada Holds Rate at 2.25% — What It Means for Southern Vancouver Island Homebuyers and Sellers

Wed, 18 Mar 2026 15:56:24 GMT

The Bank of Canada held its overnight rate at 2.25% on March 18, 2026. Here's what the decision means for homebuyers and sellers on Southern Vancouver Island — and what to watch for next.

March 18, 2026

This morning the Bank of Canada did exactly what most economists expected: it held its overnight policy rate steady at 2.25%. It's the second hold of the year, following an identical decision in January, and it leaves borrowing costs essentially unchanged since last fall.

On the surface, a hold sounds like a non-event. But the story behind this decision is more complicated — and worth understanding if you're thinking about buying or selling a home on Southern Vancouver Island in the months ahead.

What the Bank of Canada Actually Said

The Bank held its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%. Bank of Canada

In its statement, the Bank acknowledged that the Canadian economy continues to adjust to U.S. tariffs and trade uncertainty, but flagged that recent data suggest near-term economic growth will be weaker than anticipated in January, with the labour market remaining soft — employment gains from Q4 2025 were largely reversed in the first two months of 2026, and the unemployment rate climbed to 6.7% in February. BNN Bloomberg

On inflation, the picture is actually pretty encouraging at first glance. CPI inflation eased to 1.8% in February, down from 2.3% in January, and core inflation measures have also come down and are close to 2%. Bank of Canada

So why the hold, rather than a cut? One word: energy. The sharp increase in global energy prices has led to higher gasoline prices, and this will push total inflation higher in the coming months. Bank of Canada The conflict in the Middle East has added a layer of uncertainty the Bank wasn't willing to look past just yet.

The Rate Cut Case — And Why It's on Hold

Here's the honest picture: if it weren't for elevated geopolitical risk and rising oil prices, there's a solid argument that rates should already be moving lower. Core inflation has been decelerating for months. Economic growth is soft. Employment is weak. Under normal conditions, that's a textbook case for cuts.

Instead, the Bank finds itself in a wait-and-see position, trying to separate a potentially temporary energy price spike from a more persistent inflationary shift. Most estimates suggest that a prolonged period of high oil prices could add roughly 1% to consumer inflation — potentially pushing CPI back above 3%. That's a meaningful risk the Bank has to weigh against an already-sluggish economy.

TD Economist Maria Solovieva summed it up well: "When inflation is close to the central bank's target, there is no strong reason to change course. GDP growth is below target, but it's not enough for the Bank to move its interest rate, either." TD

The next rate announcement is scheduled for April 29, 2026, at which point the Bank will also release its quarterly Monetary Policy Report — giving us a fuller picture of where things are headed.

What This Means for the Local Market

For buyers and sellers here in Greater Victoria, the Westshore, Sooke, and the Cowichan Valley, today's hold means a few things practically:

If you're a buyer: Fixed mortgage rates have been relatively stable, and variable rates remain tied to the overnight rate at 2.25%. Lenders aren't pricing in near-term cuts the way they were a few months ago, so the rate environment you're shopping in right now is likely close to what you'll see through spring. It's not a bad time to get pre-approved and lock in certainty.

If you're a seller: Buyer purchasing power hasn't meaningfully changed with today's decision. Demand in our local market continues to be driven by lifestyle factors — the Island's quality of life, remote work flexibility, and relative affordability compared to Metro Vancouver — more than interest rate movements alone.

The bigger wildcard: Energy prices and their downstream effects on inflation will be the thing to watch. If oil stabilizes, the Bank may have room to cut in the summer or fall. If prices stay elevated and push CPI higher, cuts could be pushed further out — or taken off the table entirely for 2026.

The Bottom Line

Today's hold was the cautious, sensible call given genuine uncertainty in the global economy. The Bank isn't slamming the brakes — it's just keeping its foot off the gas until it has a clearer read on where inflation is actually heading.

For most people thinking about real estate on Southern Vancouver Island, this isn't a reason to pause or panic. The fundamentals of our local market — limited supply, consistent demand, and strong community appeal — don't change based on a single rate announcement.

If you're weighing a move and want to talk through what today's news means for your specific situation, I'm happy to chat. 778-400-0475 mike@mikedoughty.ca

Mike Doughty is a REALTOR® with RE/MAX Camosun, serving Greater Victoria, the Westshore, Sooke, and the Cowichan Valley. The views expressed here are for informational purposes and do not constitute financial or mortgage advice.

Canadian Inflation Drops to 1.8% in February — But Don't Get Too Comfortable

Mon, 16 Mar 2026 19:21:55 GMT

Canadian inflation cooled to 1.8% year-over-year in February 2026, with BC coming in at 1.7%. Here's what the latest CPI data means for your wallet — and what's likely coming next.

Published: March 16, 2026 | southislandliving.ca

If you've been keeping an eye on the cost of living lately, February's inflation numbers offer a bit of good news — at least on the surface. Statistics Canada released the latest Consumer Price Index (CPI) data this morning, and the headline number looks encouraging. But dig a little deeper, and the picture gets more complicated.

Here's what you need to know.

Headline Inflation Dips Below 2% — Here's Why

The Canadian CPI rose 1.8% year-over-year in February, down from a 2.3% increase in January. On a seasonally adjusted monthly basis, prices were up just 0.1%. Statistics Canada

That's a meaningful drop, but context matters. The slowdown in year-over-year inflation was largely driven by a base-year effect: back in February 2025, prices jumped when the federal GST/HST tax holiday ended partway through the month. That monthly spike in early 2025 fell out of the 12-month comparison this year, artificially pulling the headline number lower. Statistics Canada

In short — inflation didn't necessarily slow down because prices stopped rising. It slowed partly because prices spiked at this time last year, making year-over-year comparisons look more favourable.

Restaurant meals were the biggest beneficiary of this base-year effect, with annual inflation in that category cooling to 7.8% in February from 12.3% in January. BNN Bloomberg

What's Actually Getting More Expensive

Even with the headline number trending down, some categories are still putting real pressure on household budgets.

Food remains a sore spot. Nationally, food prices rose 5.4% year-over-year in February — a significant improvement from the 7.3% pace recorded in January, but still well above overall inflation. Grocery prices rose 4.1% annually in February, moderating from 4.8% in January, with fresh and frozen beef cooling to a 13.9% annual increase — nearly five percentage points lower than the month before. BNN Bloomberg

In BC specifically (see the chart above), food was up 4.5% year-over-year in February, down from 6.1% in January — a welcome improvement, but still a noticeable hit at the checkout counter.

Health and personal care also continues to climb, with BC seeing a 4.4% year-over-year increase in February (down slightly from 5.3% in January).

On the brighter side, gasoline and transportation costs are providing meaningful relief. BC gasoline prices fell 11.6% year-over-year in February, and transportation overall dropped 1.0%. Cellular service prices also fell on a month-over-month basis, helping pull the overall rate lower. Narcity

Shelter costs in BC rose 1.5% year-over-year — actually a slight improvement from 1.8% in January, and well below the peak pressure we saw in 2022–2023.

How Does BC Stack Up?

British Columbia came in slightly below the national average. Consumer prices in BC rose 1.7% year-over-year in February, down 0.3 percentage points from January. Provinces with HST — like Ontario and those in Atlantic Canada — were more heavily impacted by the base-year effect from the 2025 tax break, as PST was not included in the relief in provinces like BC where federal and provincial sales taxes aren't combined. Statistics Canada

That means BC's disinflation is somewhat more "real" than what we're seeing in some other parts of the country — a sign that underlying price pressures here are genuinely easing.

Core Inflation: The Number That Really Matters

Beyond the headline figure, economists and the Bank of Canada pay close attention to "core" inflation measures, which strip out volatile components like energy and food to give a cleaner read on underlying price trends.

The two Bank of Canada preferred measures — CPI-median and CPI-trim — both fell to 2.3% year-over-year in February, each moving closer to the Bank's 2% target. CPI-common dropped from 2.7% to 2.4%, while CPI-median and CPI-trim each fell to 2.3%, the lowest levels in some time. CBC News

Perhaps most telling: 3-month annualized core inflation has cooled to just over 1% — levels not seen since May 2020. That's a significant signal that underlying price momentum has genuinely slowed.

What This Means for the Bank of Canada

All eyes are now on the Bank of Canada's interest rate decision this Wednesday. On the surface, cooling inflation and a weakening labour market would normally make a strong case for another rate cut.

As BMO chief economist Douglas Porter noted, with most measures of core inflation near the 2% target, policymakers can more readily "look through" any oil-driven spike that may be coming in headline inflation over the next few months — particularly given that employment was already weakening before recent global developments, and with the uncertain fate of Canada's trade relationship with the U.S. still unresolved. CBC News

However, there's a significant wildcard: the US-Iran conflict began on the last day of February, and its full impact on energy prices won't show up until next month's inflation report. Some economists expect gas prices could spike as much as 15%, which would drive headline inflation back toward 3% in the coming months. CBC News

Given that backdrop — strong core disinflation on one hand, and an emerging oil price shock on the other — the Bank of Canada is widely expected to hold rates steady on Wednesday as it assesses how deep and how lasting the supply disruption from rising oil prices will be.

The Bottom Line for Vancouver Island Households

February's inflation data is genuinely good news in several ways. Core prices are cooling, shelter costs are moderating, gasoline has been providing relief at the pump, and food inflation — while still elevated — is moving in the right direction.

But there's no guarantee this trend continues. The coming months are likely to bring renewed upward pressure on energy prices, which will filter through to transportation, goods, and eventually food. The Bank of Canada has a delicate balancing act ahead of it.

For Island families, the practical takeaway is this: the worst of the post-pandemic inflation surge is firmly behind us, and conditions are genuinely more stable than they were two or three years ago. Whether that stability holds through 2026 will depend on factors largely outside Canada's control.

Stay tuned — and as always, if you have questions about how economic conditions are affecting the Southern Vancouver Island real estate market, feel free to reach out.

Mike Doughty | RE/MAX Camosun 📞 778-400-0475 | ✉️ mike@mikedoughty.ca | 🌐 www.southislandliving.ca

What February's Provincial Real Estate Numbers Mean for South Island Buyers and Sellers

Fri, 13 Mar 2026 17:43:26 GMT

February 2026 BC real estate stats show a slower market province-wide, but Southern Vancouver Island and Greater Victoria are holding steady. Here's what the numbers mean for buyers and sellers on the South Island.

Market Update | March 2026

If you've been keeping an eye on BC's housing market, you've probably noticed the headlines aren't exactly cheerful. The province-wide numbers for February 2026 tell a story of a market in a bit of a holding pattern — but what's happening at the provincial level and what's happening here on Southern Vancouver Island are two different conversations worth having.

Let's dig in.

The Big Picture: BC's Market Is Quiet

The British Columbia Real Estate Association (BCREA) released its February 2026 statistics this week, and the headline numbers reflect a market that's still finding its footing. Across the province, residential sales were down nearly 10% compared to February 2025, with the average home price settling at $932,243 — a drop of about 3% year-over-year. Total sales volume province-wide came in at $4.21 billion, down 12.3% from the same month last year. BC unit sales were also sitting roughly 33% below the 10-year average for February — a notable gap that speaks to how much buyer hesitation has shaped this market cycle.

BCREA Chief Economist Brendon Ogmundson acknowledged the sluggishness but pointed to a potential upside: improved affordability conditions in many regions, combined with stable interest rates, could be the catalyst that starts pulling more buyers off the sidelines as spring approaches.

Year-to-date, the provincial numbers are even more sobering — residential sales volume down 17.8% and unit sales off 15.8% compared to the first two months of 2025.

But — and this is important — the South Island market is telling a more nuanced story.

The South Island: Holding Its Own

When you break the provincial data down by board, Greater Victoria and Vancouver Island both show year-over-year softness, but they're outperforming some of the harder-hit markets in the province considerably.

The Victoria Real Estate Board (VREB) reported 465 properties sold across the region in February — down 11.9% from February 2025, but a significant 37% jump from January's pace. That month-over-month acceleration is an encouraging sign that buyers are starting to re-engage as we move into spring.

Single family home sales came in at 206 units, down 12% year-over-year, while condo sales saw the biggest dip — 154 units sold, off nearly 20% from a year ago. The condo segment has been the softer part of the market for a while now, and that trend is continuing.

On the Vancouver Island board (which covers areas like the Cowichan Valley and up-island), 443 units sold in February at an average price of $719,111 — down just 1.9% from a year ago. That modest price dip, combined with a sales-to-active-listings ratio of 15.2%, tells us the Island market, while cooler, remains more stable than many parts of the province.

What About Prices?

The MLS® Home Price Index benchmark for a single family home in the Victoria Core came in at $1,307,400 in February — down less than 1% from a year ago, and actually up from January's benchmark of $1,265,500. That's a meaningful month-over-month recovery that suggests the floor is holding.

Condo benchmarks in the Victoria Core landed at $545,600, also down less than 1% year-over-year. Again, relative stability compared to what's happening in many other parts of BC.

Compared to the broader BC average of $932,243, the Victoria board's average of just over $1 million still reflects the premium that comes with living in one of Canada's most desirable regions — but that premium has narrowed slightly, which is genuinely good news for buyers who've been waiting for a better entry point.

What This Means If You're a Buyer

This is arguably the most buyer-friendly market Southern Vancouver Island has seen in a few years. Inventory is up — there were 2,903 active listings across the VREB region at the end of February, a 10.4% increase from a year ago. More choice, more time to make decisions, and more room to negotiate conditions into your offers. If you've been watching from the sidelines waiting for the right moment, spring 2026 is worth a serious look.

What This Means If You're a Seller

The market is balanced — not crashed, not booming. Homes that are priced right and presented well are still moving. The key word there is "priced right." With more inventory available, buyers have options and they know it. Overpriced listings are sitting longer, and the market is rewarding sellers who are realistic about value from day one. If you're thinking about listing this spring, connecting with a local REALTOR® who knows your specific neighbourhood — not just the broad market averages — is more important than ever.

The Bottom Line

BC's housing market is navigating a challenging stretch, no question. But Southern Vancouver Island continues to demonstrate the resilience that makes this region stand out. Prices are stable, inventory is healthy, and the month-over-month momentum heading into spring is encouraging. This isn't a market to fear — it's a market to understand.

If you have questions about what these numbers mean for your specific situation on the South Island, feel free to reach out. I'm always happy to talk real estate.

Mike Doughty | REALTOR® | RE/MAX Camosun 778-400-0475 | mike@mikedoughty.ca | southislandliving.ca

The South Island Rental Market Has Flipped — Here's What That Means for Renters and Investors in 2026

Fri, 06 Mar 2026 17:12:41 GMT

The rental market on Southern Vancouver Island has shifted dramatically. Vacancy rates are at a 25-year high, rents are softening, and renters finally have options. Here's what's happening — and what it means for you.

If you've been renting on Southern Vancouver Island for the past several years, you already know how brutal it's been. Sub-1% vacancy rates. Multiple applications for a single unit. Landlords hold all the cards. For a long time, the rental market here felt less like a free market and more like a scramble.

That era is over — at least for now.

The rental landscape across Greater Victoria, the Westshore, and much of Vancouver Island has shifted significantly heading into 2026. Vacancy rates have hit levels not seen since the late 1990s, rents are softening in many areas, and renters are finally sitting across the table with some negotiating power. Whether you're a renter, a landlord, or someone wondering whether it makes more sense to buy or keep renting, here's what the data actually shows — and what it means on the ground.

Vacancy Rates: A 25-Year High

The headline number is hard to ignore. Greater Victoria's vacancy rate rose to 3.3%, the highest it's been since 1999, according to the CMHC's 2025 Rental Market Report. To put that in context, the vacancy rate stood at just 1.4% as recently as October 2022. That's a dramatic reversal in a very short window of time.

What drove the shift? Two big forces are working at the same time:

New supply hit the market. Between October 2024 and September 2025 alone, 882 new housing units were completed in Victoria — surpassing the Province's own target of 766 units for that period. Much of this new supply is concentrated in Saanich and the Westshore, particularly Langford. The CMHC report notes that vacancy rates increased significantly in the downtown core and Saanich, largely due to higher rental supply in these areas.

Short-term rentals returned to the long-term market. Provincial regulations on platforms like Airbnb pushed thousands of units back into the long-term rental pool. B.C. continues to lead the country in asking-rent declines, down 8.5% over the past two years, with short-term rental restrictions cited as a key factor.

Demand softened. Victoria has faced outflows of international migrants and students, along with a weaker labour market for younger people, both of which reduced rental demand. Fewer new households forming means fewer renters entering the market.

What's Happening to Rents Across the South Island?

The picture on rents is a bit more nuanced than the vacancy story suggests. Asking rents — what landlords are listing units for — have been declining across most of the region. But average rents in purpose-built buildings have actually gone up in some areas, driven largely by turnover: when a unit changes hands, it resets to market rate.

Here's a regional snapshot of approximate average rents based on current market data:

Region	1-Bedroom Avg	2-Bedroom Avg	Market Feel
Victoria (Core)	$1,983	$2,547	Cooling / High Supply
Saanich	$1,900	$2,500	Seasonal Easing
Langford/Colwood	$1,922	$2,499	Competitive / Incentives
Duncan	$1,300	$1,600	Strong / Affordability-Driven
Nanaimo	$1,650	$2,200	Moderate Stability
Sooke	$1,500	$1,950	Softening / Value-Focused

A few things stand out here. Duncan continues to punch above its weight — strong demand relative to price makes it one of the more stable rental markets on the Island, especially for renters priced out of Victoria. Sooke is softening a bit, which tracks with its distance from employment centres. And Langford — which has seen a flood of new purpose-built supply — is in what the CMHC describes as a "highly competitive" position, with landlords now offering incentives that were unthinkable just two years ago.

The Westshore: Ground Zero for the Shift

If you want to understand where the rental market transition is most visible, look at Langford and Colwood. The Westshore absorbed a disproportionate share of new construction over the past few years, and that supply is now competing for tenants all at once.

The result? Landlords in the Westshore are increasingly using signing bonuses, a free month's rent, or moving allowances to attract tenants — rather than permanently lowering their monthly asking price. It's a strategy designed to protect long-term asset value while staying competitive in a crowded market.

For renters, this is genuinely good news. If you're looking at a new building in Langford right now, it's worth asking about the incentives on the table. There's a decent chance something is available.

What This Means for Landlords and Investors

If you own a rental property on the South Island, the 2026 rent increase cap is set at 2.3%. That's not nothing — but with vacancy up and more competition for tenants, the real priority right now isn't maximizing annual increases. It's keeping good tenants in place.

A vacancy in a softening market is expensive. Between lost income, turnover costs, and the time to lease a unit back up, losing a reliable tenant can easily cost two to three months' rent. The math strongly favours retention.

A few things worth focusing on right now:

Keep up with maintenance. In a market where renters have options, deferred repairs are a reason to leave.
Highlight value-adds in your marketing. In-suite laundry, parking, storage, and transit proximity matter more than ever when competition is high.
Think carefully about new investment underwriting. The era of banking on aggressive rent resets between tenancies has paused. Conservative projections are the right call right now.

Is It Better to Rent or Buy Right Now?

This is the question I get more often than any other lately, and the honest answer is: it depends on your situation.

What I can say is that the rental market cooling doesn't necessarily mean buying is the wrong move — especially if you're planning to stay on the Island long-term, building equity matters to you, and you're in a stable financial position. What it does mean is that renters are no longer being forced into rushed buying decisions just to escape an impossible rental market. You have a little more breathing room to make the right choice for your life.

The Bottom Line

The South Island rental market in 2026 is going through a genuine reset. With more renters looking and prices starting to ease, the outlook heading into the 2026 rental season is mixed — demand remains strong, particularly in lifestyle-driven markets like Victoria, but the increase in supply and higher vacancy rate appear to be cooling upward pressure on prices.

This isn't a market in crisis — it's a market normalizing after years of extreme scarcity. For renters, that's long-overdue good news. For landlords and investors, it's a reminder that thoughtful, relationship-based property management wins over the long run.

Vancouver Island is still one of the best places in the country to live. That hasn't changed. The market dynamics around it just got a little more balanced.

Have questions about how the current rental market affects your real estate plans? Whether you're thinking about buying, investing, or just figuring out your next move, I'm happy to talk it through.

Mike Doughty | RE/MAX Camosun | 778-400-0475 | mike@mikedoughty.ca | www.southislandliving.ca

Cowichan Valley Real Estate Market Update — February 2026

Wed, 04 Mar 2026 21:42:28 GMT

Cowichan Valley real estate market update for February 2026. See current benchmark prices, how the Valley compares to other Vancouver Island communities, and what it means for buyers and sellers this spring.

If you've been watching the Cowichan Valley real estate market, February brought some encouraging signals heading into spring. Sales were quieter than a year ago, but prices are holding steady, townhouses are appreciating nicely, and buyer activity is building across Vancouver Island as the season shifts.

Here's a full breakdown of what the numbers are telling us — and what it means if you're thinking about buying or selling in the Cowichan Valley this spring.

Cowichan Valley Home Sales: February 2026

In February 2026, 31 single-family homes sold in the Cowichan Valley, compared to 48 in February 2025 — a decrease of about 35% year over year. That's a notable drop, but worth putting in context: January 2026 was actually one of the stronger months for the Valley (36 sales), so the market here has been active heading into the year. The broader island-wide rebound in single-family sales — up 78% from January to February — suggests buyers are coming off the sidelines, and the Cowichan Valley typically follows that trend with a bit of lag.

Active listings are rising across Vancouver Island, which is healthy. More inventory means more choice for buyers, and it creates the kind of balanced conditions where both sides of a transaction can feel good about the outcome.

Cowichan Valley Home Prices: What's the Market Doing?

Single-Family Homes

The benchmark price for a single-family home in the Cowichan Valley is $756,800 in February 2026, according to the MLS® Home Price Index (HPI). That's:

Up 1.2% from February 2025 ($747,500 one year ago)
Up from $751,800 in January 2026

The average sale price came in at $819,866, with a median of $770,000. Steady, measured appreciation. No dramatic swings — just a market building value over time.

Townhouses in the Cowichan Valley

Townhouses are a standout story right now. The benchmark townhouse price is $533,100, which represents a 4.6% increase year over year — one of the stronger year-over-year gains on Vancouver Island. For buyers priced out of the detached market, or investors looking for lower-maintenance properties, Cowichan Valley townhouses are worth a serious look.

Condos and Apartments

The apartment benchmark sits at $310,200, down about 4.5% from a year ago. This is the most affordable entry point in the Cowichan Valley market and one of the lowest condo benchmarks on all of Vancouver Island. For first-time buyers or those looking to downsize without leaving the area they love, this segment still offers genuine value.

How Do Cowichan Valley Home Prices Compare to the Rest of Vancouver Island?

One of the strongest arguments for buying in the Cowichan Valley is the price-to-lifestyle ratio. Here's how the Valley stacks up against other major markets on the Island right now:

Area	SFH Benchmark Price	Year-Over-Year Change
Campbell River	$674,900	+1.9%
Cowichan Valley	$756,800	+1.2%
Nanaimo	$807,200	+0.5%
Comox Valley	$834,300	+1.4%
Parksville / Qualicum	$906,500	+4.1%
Vancouver Island (Board-wide)	$772,300	+1.3%

The Cowichan Valley sits below the island-wide average and is meaningfully more affordable than Nanaimo, Comox Valley, and Parksville/Qualicum — while offering a lifestyle that rivals any of them. Wineries, lakes, trails, a thriving local food scene, and an easy commute to Greater Victoria make this one of the most compelling value propositions on the Island.

For buyers relocating from Victoria or the Westshore, the math is especially interesting — you can often buy significantly more home in the Cowichan Valley for the same budget. [→ Internal link: Cowichan Valley Neighbourhood Guide]

What's Driving Cowichan Valley Real Estate in 2026?

A few things are worth watching this year:

Spring momentum is building. The VIREB's own CEO noted that REALTORS® across the Island are feeling optimistic about 2026, and that activity is picking up across all property types. Historically, the Cowichan Valley spring market runs March through June — that window is opening now.

Affordability relative to Victoria remains a draw. With Greater Victoria benchmark prices consistently well above $900,000+ for single-family homes, the Cowichan Valley continues to attract buyers who want more space, more land, and more lifestyle — without the Victoria price tag. [→ Internal link: Living in the Cowichan Valley]

The provincial PST change on real estate services. BC's Budget 2026 introduced a provincial sales tax on certain real estate and property management services. It's a new variable in the market that VIREB will be monitoring — and something buyers and sellers should be aware of when budgeting transaction costs.

Buying or Selling in the Cowichan Valley This Spring?

Thinking of selling? The benchmark is up year over year and the market is moving. Proper pricing and presentation are everything right now — buyers are active but they're informed, and overpriced homes are sitting longer than they need to. A conversation about your home's current market value costs nothing and tells you a lot.

Thinking of buying? Inventory is up from a year ago, which gives you more options than the tight market conditions of a few years back. With prices stable and spring bringing new listings, the next 60–90 days are prime time to be actively searching. Getting pre-approved and having a clear wish list before the busy season hits gives you a real advantage.

[→ Internal link: What to Know Before Buying in the Cowichan Valley] [→ Internal link: How to Prepare Your Cowichan Valley Home for Sale]

Let's Talk

I'm Mike Doughty, a REALTOR® with RE/MAX Camosun, and the Cowichan Valley is one of my core markets. My family has been on Vancouver Island for six generations, and I genuinely love this part of the Island — I'm not just selling it, I live and breathe it.

Whether you're buying, selling, or just want to understand what your home is worth in today's market, I'm happy to have that conversation.

📞 778-400-0475 📧 mike@mikedoughty.ca 🌐 www.southislandliving.ca

Data sourced from the Vancouver Island Real Estate Board (VIREB) February 2026 Monthly Statistics Package. Benchmark prices reflect the MLS® Home Price Index (HPI). Statistics are board-wide and zone-specific; individual property values may vary.

Victoria Real Estate Market Update – February 2026: Signs of Life Heading Into Spring

Wed, 04 Mar 2026 21:29:23 GMT

The Victoria real estate market showed encouraging momentum in February 2026. Read Mike Doughty's full market update covering home prices, condo trends, and what to expect this spring on Southern Vancouver Island.

If you've been watching the Victoria real estate market and wondering when things might start picking up — February gave us some pretty encouraging signs.

A total of 465 properties sold across the Victoria Real Estate Board region in February 2026. That's up 37.2% from January, which is a meaningful jump. Yes, we're still running about 11.9% below February 2025 numbers, but the momentum is real and the spring market is shaping up to be interesting. As a sixth-generation Vancouver Islander who's seen a few market cycles, I'd say the fundamentals right now are pretty solid for anyone thinking about making a move.

Let's break it down.

Single Family Homes – Prices Stabilizing

206 single family homes sold in February, down 12% from the same time last year. On the price side, the MLS® HPI benchmark for a single family home in the Victoria Core is sitting at $1,307,400 — that's down just 0.9% year-over-year, but notably up from January's benchmark of $1,265,500. That month-over-month bounce is worth paying attention to.

If you're looking at the Westshore — Langford, Colwood, View Royal — the benchmark single family price is $1,004,800, making it one of the more accessible entry points for families wanting a detached home within commuting distance of Victoria.

Condos – A Buyer's Window That May Be Closing

154 condos sold in February, down 19.8% year-over-year. Condo prices have softened slightly over the past year — the Victoria Core benchmark sits at $545,600 (down 0.7% from February 2025), and the Westshore condo benchmark is $510,200.

Here's what's interesting though: month-over-month, condo prices are trending upward across every region. If you've been sitting on the fence about buying a condo in Victoria or Langford, the window of softer pricing may not stay open much longer.

Townhomes – The Standout Performer

Townhomes were the bright spot of the month. 66 sold in February — up 11.9% compared to February 2025, making it the strongest-performing segment by year-over-year sales. The benchmark price for a townhome in the Victoria Core is $842,800, while the Westshore comes in at $709,000.

For buyers who want more space than a condo but aren't quite at the detached home price point, townhomes continue to offer strong value — especially on the Westshore.

What Kind of Market Are We In?

The short answer: balanced — and that's actually a good thing.

The Sales to Active Listings Ratio is sitting right in the balanced range (between 17% and 28%), which means neither buyers nor sellers hold a strong advantage. There are currently 2,903 active listings on the market — up 10.6% from January and 10.4% higher than this time last year. Buyers have solid selection right now across all property types and price points throughout Greater Victoria, Langford, Saanich, Oak Bay, and beyond.

Victoria Real Estate Board Chair Fergus Kyne summed it up well: "When the market is in balance, it means excellent opportunities exist for buyers and sellers."

Hard to argue with that.

What to Expect This Spring

The spring market traditionally brings more listings, more buyers, and more activity — and all the signals point to 2026 being no different. The month-over-month surge in February sales, combined with healthy inventory levels, sets the stage for a busy few months ahead.

If you're thinking about selling your home in Victoria, Langford, Colwood, Saanich, or anywhere across Southern Vancouver Island, now is the time to start planning — not when the "For Sale" signs start popping up on your street. And if you're a buyer, you have more selection and more negotiating room than you've had in years. That combination doesn't last forever.

Thinking About Buying or Selling on Vancouver Island?

I'm Mike Doughty, REALTOR® with RE/MAX Camosun, and I've been helping buyers and sellers navigate the Southern Vancouver Island market for years — backed by six generations of Island roots and a genuine love for this place.

Whether you're looking at Victoria, Langford, the Westshore, the Cowichan Valley, or anywhere in between, I'd love to help you make a smart, confident move.

📞 Give me a call, shoot me a text, or reach out through the contact form below. Let's talk about what the February 2026 numbers mean for your situation.

Data sourced from the Victoria Real Estate Board MLS® Statistics Package, February 2026. MLS® HPI benchmark prices reflect the Victoria Core and Westshore regions.

Preparing Your Home for Sale: The Complete Guide

Fri, 06 Feb 2026 18:50:06 GMT

For First-Time Sellers in Langford & Colwood

Selling your home — especially your first one — is exciting, but it’s also a project. Buyers form opinions in a matter of seconds, and the way your home shows matters. The good news? With the right prep, you can confidently put your property in front of buyers and maximize interest (and offers) in our Westshore market.

This is your roadmap to preparing your home for sale — practical, actionable, and designed for first-time sellers in Langford and Colwood.

1. Start with a Deep Declutter + Clean

Before you think about paint or repairs, start here.

Why it matters:
Decluttering makes spaces feel larger and more inviting. In a market like Langford and Colwood — where buyers are often looking for space to entertain or raise a family — a clean, open home sells.

What to do:

Pack seasonal items and personal photos.
Clear countertops and flat surfaces.
Free up closet space — buyers will open them.
Rent a small storage unit or PODS for furniture you don’t need during showings.
Clean from top to bottom (floors, windows, bathrooms, caulking, grout).

A professional cleaning can be worth its weight in buyer confidence.

2. Repair What Needs Repair — But Be Smart About It

Buyers notice small things immediately — a squeaky door, a leaky faucet, a burned-out lightbulb. Those little details subconsciously lower the value in a buyer’s mind.

Checklist:
✔ Fix doors that don’t latch
✔ Repair cupboards and drawers that stick
✔ Replace cracked tiles
✔ Touch up scuffed walls
✔ Clean or replace old weatherstripping

Major systems:
Roof, HVAC, hot water tank, electrical panels — buyers will ask about these. If they’re nearing end-of-life or in need of attention, be ready with information or quotes. Transparency builds trust and avoids surprises during inspections.

3. Paint — Neutral and Consistent

Fresh paint delivers one of the highest returns on investment for home sellers.

Keep it simple:

Light neutrals (off-white, warm greige) appeal to more buyers.
Focus on high-visibility areas: entry, living room, kitchen, master bedroom.

In Langford and Colwood, buyers are picturing everyday life — breakfast nooks, family evenings, pets playing. Clean, neutral walls give them a blank canvas.

4. Update Fixtures + Hardware for Cohesion

A surprisingly impactful (and budget-friendly) way to polish the presentation is by updating light fixtures and hardware.

Why this matters:
Mismatched finishes (brass in the dining room, chrome in the kitchen, bronze in the bathrooms) signal piecemeal updates — and that distracts buyers.

Focus on:

Light fixtures
Cabinet pulls and knobs
Door handles
Faucets

Consistent finishes make your home feel intentional and well-cared-for.

5. Curb Appeal = First Impressions

Buyers start forming opinions before they step inside.

Quick Westshore curb appeal wins:

Mow, edge, and weed the lawn
Trim hedges and clear walkways
Power-wash driveways and decks
Paint or clean the front door
Sweep paths and porches

In neighbourhoods like Colwood Corners or View Royal, where lots are visible from the street, having tidy, inviting landscaping matters.

6. Staging — Let Buyers See Possibility

Staging isn’t about putting your home in a magazine — it’s about helping buyers see themselves living there.

Tips if you’re staging yourself:

Arrange furniture to show clear purpose for each room
Don’t over-decorate — keep it simple
Scale furniture to the room size
Keep beds made and bathrooms minimalist

If budget allows, a professional stager can deliver big impact — especially for living rooms and primary bedrooms.

7. Price It Right

We can’t overstate this: a strategic price gets attention. Especially in the Westshore, where inventory fluctuates, pricing correctly from day one is one of the biggest factors in getting multiple offers.

Overpricing leads to stale listings — even if your home is beautifully prepared.

Your Next Step

Selling your first home in Langford or Colwood doesn’t have to feel overwhelming. With the right prep and a clear plan, you can show your home in its best light and attract confident buyers.

If you’re thinking about selling and want a personalized prep plan that matches your timeline and budget, let’s connect. I’ll walk you through the steps, what’s worth investing in, and how to price it right for our market.

📞 Contact Mike Doughty
RE/MAX Camosun
Your Westshore Real Estate Specialist

BC Real Estate Stats – December 2025: What Provincial Trends Mean for the Vancouver Island Housing Market

Tue, 13 Jan 2026 17:25:08 GMT

If you’ve been following real estate headlines lately, you’ve probably seen a mix of optimism, caution, and the occasional “the sky is falling” hot take. As usual, the truth lives somewhere in the middle.

The latest BC real estate stats for December 2025 show a provincial market that’s continuing to recover — but doing so unevenly, region by region. Some areas are clearly gaining momentum, others are still working through affordability and confidence issues, and here on Vancouver Island, the story is far more balanced than many people expect.

Let’s break down the monthly real estate trends in BC, then zoom in on what they actually mean for buyers, sellers, and investors living the Vancouver Island lifestyle.

BC Real Estate Stats: The Provincial Snapshot

According to the British Columbia Real Estate Association (BCREA), there were 4,271 residential sales across BC in December 2025, down 5.9% year-over-year. The average residential sale price came in at $952,061, a 5.6% decline compared to December 2024.

At face value, that sounds like a soft market — but context matters.

Key Provincial Takeaways (Plain English)

Sales activity remains below long-term averages, especially in higher-priced regions
Prices are correcting, not collapsing, after the rapid run-up of 2020–2022
Inventory is rising, giving buyers more choice and leverage
Recovery is uneven, with Interior BC performing much stronger than the Lower Mainland

In short, BC real estate is no longer driven by panic buying or fear of missing out. It’s being driven — once again — by fundamentals.

Around the Province: December 2025 Regional Comparison

Looking region by region helps explain why provincial averages don’t tell the whole story.

Lower Mainland: Still the Provincial Drag

Greater Vancouver
- Average price: $1,189,227 (–7.1% YoY)
- Unit sales: 1,537 (–12.5% YoY)
Fraser Valley
- Average price: $1,014,684 (–4.8% YoY)
- Unit sales: 841 (–8% YoY)

Affordability challenges and buyer hesitation continue to weigh on these markets. Even with more listings available, many buyers are taking a “wait and see” approach.

Interior BC: Quiet but Meaningful Strength

Okanagan
- Average price: $784,802 (+5.9% YoY)
- Unit sales: 476 (+7.7% YoY)
Kamloops
- Average price: $616,624 (+8.1% YoY)
- Unit sales: 137 (+3% YoY)
Kootenay
- Average price: $535,209 (+1.4% YoY)
- Unit sales: 153 (+25.4% YoY)

Interior markets are benefiting from relative affordability, lifestyle appeal, and migration from higher-priced urban centres — a theme that sounds very familiar to anyone watching Vancouver Island closely.

Vancouver Island Housing Market: A Different Story

This is where things get interesting.

Despite softer provincial numbers, Vancouver Island continues to show resilience.

Vancouver Island (Overall)

Average price: $736,301 (+2.1% YoY)
Unit sales: 388 (–8.9% YoY)

Victoria

Average price: $1,010,603 (+5% YoY)
Unit sales: 346 (–10.6% YoY)

Here’s the key takeaway:

Prices on Vancouver Island are rising modestly even as sales volumes cool.

That combination usually signals a balanced market, not a weak one. Demand hasn’t disappeared — it’s just become more thoughtful.

What This Means Locally (Victoria, Cowichan Valley, Sooke)

Victoria Real Estate Market

Victoria continues to anchor the Island:

Strong demand for walkable neighbourhoods
Stable employment base
Limited land supply

Buyers are more selective, but quality homes priced correctly are still moving.

Cowichan Valley & Duncan

Cowichan remains a value-focused alternative:

Popular with downsizers and remote workers
Price sensitivity is higher than Victoria
Turnkey homes in good locations outperform

Sooke & West Shore

Sooke has matured into a more balanced market:

Buyers expect space and value
Over-priced listings sit
Well-presented homes still attract strong interest

Across the Island, lifestyle continues to drive demand — trails, water access, community, and that unmistakable West Coast living factor.

What Buyers Should Know Right Now

For buyers, this market quietly offers opportunity.

Why buyers have leverage:

More inventory than last year
Fewer multiple-offer situations
Greater willingness from sellers to negotiate

Smart buyer strategies:

Focus on homes listed 30+ days
Don’t rush — negotiation is back
Pay attention to micro-locations, not just price

This isn’t a bargain-basement market, but it is a rational one.

Advice for Sellers in Early 2026

The market still works for sellers — just not on autopilot.

What’s working:

Accurate pricing based on recent sales
Strong presentation and marketing
Flexibility with dates and conditions

What’s not:

Testing aspirational prices
Ignoring feedback
Assuming demand will “eventually catch up”

On Vancouver Island, buyers are informed. Homes that respect that reality sell. Homes that don’t… linger.

Investors: A Market for Patience, Not Speculation

This is not a short-term flip environment — but long-term fundamentals remain strong.

Investor positives:

Stable pricing
Continued rental demand
Less emotional competition

Best strategies:

Buy-and-hold
Secondary suites
Well-located townhomes and condos

West Coast lifestyle markets reward patience more than speed.

Short-Term Forecast: What to Expect Next

Looking ahead to early 2026:

Modest improvement in sales activity
Gradual inventory growth
Stable pricing on Vancouver Island, with pockets of strength

Barring a major economic shock, the most likely scenario is continued balance, not volatility.

Final Thoughts: Why Local Insight Matters

The December 2025 BC real estate stats tell us one thing clearly: real estate is local again.

Provincial headlines only tell part of the story. On Vancouver Island, we’re seeing a market defined by stability, lifestyle demand, and thoughtful decision-making — not fear or frenzy.

If you’d like a neighbourhood-specific breakdown, a pricing review, or just a straight-up conversation about your next move, I’m always happy to help.

👉 Reach out anytime for personalized market insights or to review your real estate goals.

— Mike Doughty
Vancouver Island real estate expertise
Local knowledge. Straight answers.

Purchasing a Leasehold Property in Victoria, BC: What Buyers Need to Know

Mon, 12 Jan 2026 18:40:55 GMT

Leasehold properties are a unique — and often misunderstood — segment of the Victoria, BC real estate market. Buyers are frequently drawn in by lower prices, prime locations, or waterfront access, only to realize later that leasehold ownership works very differently than freehold or strata ownership.

In Greater Victoria, leasehold homes and condos are most commonly found in areas like James Bay, Esquimalt, View Royal, Saanich, and select waterfront or reserve lands. Before purchasing a leasehold property on Vancouver Island, it’s critical to understand how these properties work, how financing differs, and what long-term ownership really looks like.

This guide breaks it all down — in plain English.

What Is a Leasehold Property in Victoria?

When you buy a leasehold property in Victoria, you are purchasing the right to occupy and use a home or condo for a fixed period of time, based on a lease agreement. You do not own the land.

The land is owned by a third party, often:

A First Nations band
A government or crown entity
A church or institutional landowner

Lease terms in Victoria typically range from 20 to 99 years, and the number of years remaining on the lease plays a major role in price, financing, and resale value.

Why Victoria Has Leasehold Properties

Leasehold ownership exists in Victoria largely due to:

Reserve lands within urban areas
Long-held institutional land ownership
Historical land use agreements

Because land in Victoria is limited and expensive, leasehold arrangements have allowed development in desirable areas while keeping land ownership intact.

Advantages of Buying a Leasehold Property in Victoria

1. Lower Purchase Prices

Leasehold properties in Victoria are often significantly more affordable than comparable freehold or strata properties. This can allow buyers to enter neighbourhoods they might otherwise be priced out of.

2. Prime Locations

Some leasehold condos are located near:

Downtown Victoria
The Inner Harbour
Waterfront walkways and parks

Location is often the biggest draw.

3. Strata-Like Living

Many leasehold condos operate similarly to standard strata properties, with shared maintenance, amenities, and management — though land rent is an added cost.

Key Disadvantages Buyers Need to Understand

1. You Don’t Own the Land

This limits long-term appreciation and control. At the end of the lease, ownership typically reverts back to the landowner unless the lease is renewed.

2. Financing Is More Restrictive

Not all lenders finance leasehold properties in Victoria. Those that do usually require:

A minimum number of years remaining on the lease
Larger down payments
More conservative lending terms

As the lease gets shorter, mortgage options decrease.

3. Resale Can Be More Challenging

Leasehold properties generally decline in value as the lease term shortens, particularly once the remaining term drops below typical mortgage lengths.

4. Land Rent and Increases

Most Victoria leasehold properties include:

Monthly or annual land rent
Scheduled increases
Clauses that can affect affordability over time

These costs must be reviewed carefully.

Financing a Leasehold Property in Greater Victoria

Mortgage approval depends heavily on:

Years remaining on the lease
Who owns the land
Renewal clauses
Overall marketability

Many buyers are surprised to learn that a property can be financeable today but not in 10–15 years. This matters even if you don’t plan to stay long-term.

Working with a local REALTOR® and mortgage professional who understand Victoria leasehold financing is essential.

Leasehold vs Freehold vs Strata in Victoria

Ownership Type	Land Ownership	Long-Term Value	Financing Ease
Freehold	Yes	Strong	Easiest
Strata	Yes (shared)	Strong	Easy
Leasehold	No	Limited	More restrictive

Leasehold properties are best viewed as a lifestyle purchase, not a traditional long-term investment.

Questions to Ask Before Buying a Leasehold in Victoria

Before making an offer, buyers should clearly understand:

How many years remain on the lease?
Is lease renewal permitted?
How is land rent calculated and increased?
Who owns the land?
Are there resale or rental restrictions?
What lenders will finance this property?

If these answers aren’t crystal clear, that’s a red flag — not a maybe.

Who Should Consider Leasehold Ownership?

Leasehold properties in Victoria can make sense for:

Buyers prioritizing location over appreciation
Short- to medium-term ownership plans
Buyers who understand the lease structure
Cash buyers or those with flexible financing

They are not ideal for buyers focused on long-term equity growth or maximum resale flexibility.

Final Thoughts: Leasehold Properties in Victoria Require Extra Due Diligence

Leasehold ownership isn’t bad — but it is different, and in a market like Victoria, those differences matter.

The price might look attractive, but the real value is in understanding:

The lease terms
The long-term costs
The resale realities

If you’re considering a leasehold property in Victoria or the Westshore, having an experienced local REALTOR® review the lease and walk you through the implications can save you from expensive surprises later.

Because when it comes to leasehold real estate, the fine print matters just as much as the view.

Buying a Foreclosure in BC: Big Opportunity or Big Headache?

Tue, 06 Jan 2026 20:26:04 GMT

Every time the word foreclosure comes up in real estate conversations, someone inevitably says:

“That’s where the deals are, right?”

Sometimes — yes.
Often — not exactly.

Buying a foreclosure property in British Columbia can be a smart move, but it comes with unique legal steps, added uncertainty, and fewer buyer protections than a typical MLS® purchase. Before jumping in expecting an easy bargain, it’s important to understand how foreclosures actually work in BC — and where things can get complicated.

Let’s break it down in plain English.

What Is a Foreclosure in British Columbia?

Foreclosures in BC don’t usually look like the dramatic auctions you see on TV. Most are court-ordered sales overseen by the Supreme Court of British Columbia.

In simple terms:

A lender takes legal action after mortgage default
The court supervises the sale process
The lender must demonstrate that fair market value was achieved

The goal isn’t to sell cheap — it’s to recover the debt fairly.

How the Foreclosure Buying Process Actually Works in BC

This is where foreclosure purchases diverge sharply from a normal real estate transaction — and where buyers are often caught off guard.

1. You Submit an Offer (Looks Normal at First)

Initially, things feel familiar:

You view the property
You submit an offer through your Realtor
You negotiate price and terms with the lender

If your offer is competitive, the lender may accept it conditionally.

But that doesn’t mean the deal is done.

2. The Property Often Continues to Be Marketed

Unlike a standard sale, foreclosure listings frequently remain active even after an offer is accepted.

Why?
Because the lender has a legal obligation to show the court they obtained fair market value.

This means:

Other buyers can still view the property
Competing offers can still come in
Your accepted offer is essentially “held in place” as the benchmark

This surprises many buyers — and it’s completely normal in BC foreclosure sales.

3. Court Approval and the “Return Date”

Once an accepted offer is in place, the lender applies to the court for approval. The court sets a return date (sometimes casually referred to as a hearing or trial date).

On that date:

The lender presents your offer to the judge
The court reviews the sale details
Other interested buyers may appear and submit competing bids

Yes — even at this stage.

4. Open Competition Can Happen in Court

At the return date:

New bidders must exceed the existing offer
Bidding continues until the court is satisfied the best price has been achieved
The judge approves the strongest offer

Until that approval happens, nothing is final.

5. Court Approval = Firm Deal

Once the court approves a sale:

The deal becomes firm
Completion and possession proceed
The property is removed from the market

Only at this point is the purchase truly locked in.

One More Curveball: The Owner Can Still Save the Home

This is one of the most misunderstood — and emotionally challenging — aspects of foreclosure purchases in BC.

Right up until very late in the process, the existing owner may still have the right to redeem the mortgage.

That means:

They can pay the arrears, penalties, and legal costs
The foreclosure action can stop
The home never sells

This can happen even after:

Your offer is accepted
The sale is heading toward court approval

From the buyer’s perspective, this can feel frustrating — but the system is designed to give homeowners every reasonable chance to keep their property.

Foreclosure Timeline at a Glance (Graphic Description)

Foreclosure Purchase Timeline (Typical):

Mortgage default occurs
Lender begins foreclosure proceedings
Property is listed for sale
Buyer submits offer
Lender conditionally accepts offer
Property continues to be marketed
Court return date is scheduled
Competing bids may be presented
Judge approves final sale
Completion and possession

📌 At any point before court approval, the owner may redeem the mortgage and stop the sale.

The Biggest Risks of Buying a Foreclosure

“As-Is, Where-Is” Sales

No repairs. No warranties. No disclosures beyond the bare minimum.

Legal Fine Print (Schedule A)

Foreclosure contracts often remove buyer protections and shift risk entirely onto the purchaser.

Hidden Costs

Potential issues include:

Strata arrears
Property tax balances
Deferred maintenance
Title complications

Unpredictable Timelines

Court scheduling and competing offers can extend the process well beyond a standard transaction.

Why Foreclosures Aren’t Always Cheap

In BC, lenders are required to aim for fair market value, not liquidation pricing.

As a result:

Many foreclosures are priced close to comparable sales
Investor interest can drive competition
Discounts tend to reflect condition, not desperation

Foreclosures are not automatic bargains — they’re situational opportunities.

When Buying a Foreclosure Can Be a Smart Move

Foreclosures can work well for buyers who:

Are financially prepared
Understand renovation and risk
Can remain flexible and patient

Upsides may include:

Less emotional negotiation
Clear motivation to sell
Potential for equity growth if purchased well

Tips for Buying a Foreclosure Successfully

Work with a Realtor experienced in court-ordered sales
Have a real estate lawyer review the contract early
Secure financing before writing offers
Budget for repairs and surprises
Keep backup options available

Foreclosure FAQ (Quick Answers)

Can my accepted foreclosure offer be outbid?
Yes. Competing bids can be presented at the court return date.

Is the deal firm once my offer is accepted?
No. It only becomes firm after court approval.

Can the owner still keep the home?
Yes. The owner may redeem the mortgage right up until late in the process.

Are foreclosures always cheaper than regular listings?
No. Many sell close to market value, depending on condition and competition.

Are foreclosures good for first-time buyers?
Sometimes — but they’re better suited to buyers who can handle risk and uncertainty.

Final Thoughts

Buying a foreclosure in British Columbia isn’t about speed — it’s about process, preparation, and patience.

For the right buyer, with realistic expectations and proper guidance, a foreclosure can be a solid opportunity. For others, it can be more stress than savings.

The key is knowing what you’re walking into before you write the offer.

If you’re curious about foreclosure opportunities — or want an honest opinion on whether one actually makes sense for your situation — feel free to reach out. Sometimes the smartest move is knowing when to wait.

🏡

2026 BC Property Assessments Are Out — What Changed, What They Mean, and What They Don’t

Fri, 02 Jan 2026 17:41:55 GMT

BC Assessment has released the 2026 property assessments, and, as usual, this time of year brings plenty of questions from homeowners across Langford, the Westshore, Shawnigan Lake, Cobble Hill, Mill Bay, Duncan and Greater Victoria.

Some people are surprised by the number. Others are relieved. And many wonder the same thing: “Is this what my home is really worth?”

The short answer: assessments are useful — but they’re only one piece of the puzzle.

(The chart above shows how assessed values can change year over year. It’s a good visual reminder that assessments move in cycles and don’t always line up perfectly with today’s market.)

What a BC Assessment Actually Represents

A BC Assessment is an estimate of your property’s market value as of July 1 of the previous year.

That’s the key detail many people miss.

For the 2026 assessment:

Values are calculated as of July 1, 2025
They are released in January 2026
Which means they are already about six months old by the time you receive them

Markets don’t stand still for six months — especially on Vancouver Island. Conditions can shift due to interest rates, buyer demand, inventory levels, and seasonal trends. That’s why assessments should never be relied on as a sole indicator of value.

They’re a snapshot in time — not a live market read.

How Do 2026 Assessments Compare to Last Year?

Compared to 2025, many properties across the region are seeing small to moderate changes, with some up, some down, and others relatively flat.

A few important reminders:

Assessments are based on past market data, not current listings
Your change matters less than how it compares to similar nearby homes
A rising assessment does not automatically mean rising taxes

This is why two neighbours with similar homes can have different assessment changes — and very different tax outcomes.

Do Higher Assessments Automatically Mean Higher Property Taxes?

Not necessarily — and this is where the mill rate system matters.

In BC, property taxes are based on:

Municipal budgets (what the city needs to collect)
The total assessed value of all properties
Your property’s share relative to others

So:

If your assessment rose less than the average, your taxes could stay flat or even decrease
If municipal spending is controlled, large tax jumps are less likely
Assessments themselves don’t create taxes — budgets do

Think of it like dividing a bill at a restaurant. If everyone’s meal goes up, your share might not change much at all.

Why Assessments Are Only One Tool — Not the Final Word

When I help clients value a property, BC Assessment is just one of several tools I look at.

A proper valuation also considers:

What the market has done recently
What the market is currently doing
Recent comparable sales (not just listings)
Location, condition, layout, zoning, and buyer demand

Two homes with the same assessment can sell for very different prices depending on timing and market conditions. That’s why assessments are helpful for context — but they don’t replace real-world market analysis.

When an Assessment Might Be Incorrect

Because assessments are done at scale, inaccuracies do happen.

Common issues include:

Incorrect square footage or lot size
Condition not fully reflected (original vs updated)
Overstated views, access, or usability
Poor comparable selection
Zoning or development limitations

Before appealing, it’s worth reviewing the details and comparing your property to truly similar homes nearby.

How to Dispute Your BC Assessment

If after reviewing everything you believe your assessment is inaccurate, you can take action.

General steps:

Review your property details carefully
Compare against similar assessed properties
Contact BC Assessment for clarification
File a formal appeal if necessary (before the deadline)

You can start the process here:
👉 https://www.bcassessment.ca

Deadlines are strict, so don’t wait if you have concerns.

Final Thoughts

BC Assessments are useful — but they’re not a price tag and they’re not a crystal ball.

They’re a six-month-old snapshot that helps municipalities calculate taxes, and they’re just one of many tools I use when evaluating a property’s true market value.

If you’re unsure whether your assessment makes sense, or you’d like help comparing it to real market data and recent sales, feel free to reach out. A quick conversation can often provide clarity — and sometimes save you money.

Questions? I’m always happy to help.

Welcome to the Real Estate Blog

Tue, 16 Dec 2025 19:13:58 GMT

Welcome to our Real Estate Blog! Here you can find timely updates of my latest properties, open houses, just solds and much more.

Whether you are interested in buying or selling real estate, I am here to help guide you every step of the way.

If you have any questions about real estate from home evaluations to mortgages to searching for properties in your area, don't hesitate to contact me today!