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.

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

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.

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):

1. Mortgage default occurs

2. Lender begins foreclosure proceedings

3. Property is listed for sale

4. Buyer submits offer

5. Lender conditionally accepts offer

6. Property continues to be marketed

7. Court return date is scheduled

8. Competing bids may be presented

9. Judge approves final sale

10. 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.

🏡

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:

1. Municipal budgets (what the city needs to collect)

2. The total assessed value of all properties

3. 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:

1. Review your property details carefully

2. Compare against similar assessed properties

3. Contact BC Assessment for clarification

4. 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.