A new BC government and a Bank of Canada rate hike landed in the same week. Here’s what it could mean for buyers and sellers in Greater Victoria and the Cowichan Valley.

It was quite a week to be paying attention to housing. British Columbia voted in a Conservative majority government, the first in nearly a century, and a few days later the Bank of Canada raised its rate for the first time in a while. If you’re thinking about buying, selling, or just wondering what your home is worth, you’ve probably got questions.

At our Island sales meeting this week, we invited Vancouver REALTOR® Keith Roy to give us his read. Keith is a longtime industry voice and was a federal Conservative candidate in the last election, so he’s upfront that he leans one way. What follows is his take on where policy is likely headed, plus what I’m hearing from the Greater Victoria and Cowichan Valley side of things. These are predictions, not promises. Final results are still being tallied as mail-in ballots come in, and no government delivers everything it campaigns on.

First, the Bank of Canada Surprise

On October 28, the Bank of Canada raised its policy rate by 0.25% to 2.5%. The Bank pointed to stronger-than-expected growth and higher inflation, with high oil prices and new US tariffs pushing prices up. It expects inflation to reach about 3.5% by year-end and average 3% in 2027.

It’s a tricky balance. Canada has shed about 110,000 jobs over the past two months, and trade tension with the US hasn’t eased. The Bank says more increases could be needed but that it will proceed carefully. Markets had been bracing for several hikes, so the cautious tone may soften some of that.

For anyone with a variable-rate mortgage or a renewal coming up, this matters. Keith made a point I’ll be repeating to clients: only two things really move a housing market, more people and cheaper money. Cheaper money isn’t on the table right now. And he doesn’t expect a big jump in immigration-driven demand either, so the path to a stronger market runs through jobs, and specifically good-paying ones.

What Keith Expects From the New Government

Keith has spoken with several newly elected MLAs, and here’s what he expects, in his words and by his read.

Housing and Development

• Bill 44 repeal. He expects the provincial rules requiring extra zoning and multiplexes to be rolled back, with more control returning to local councils. Supporters of those rules argued they’d speed up new supply, so expect a real debate here.

• Building code changes. The platform talks about harmonizing the building code and overhauling the step code. Keith expects less red tape and a possible pause on step code acceleration.

• Tax relief on new homes. He thinks the government will look at removing PST and possibly GST on parts of new construction, which would be a big deal for builders sitting on inventory.

• No condo holding tax, and he doesn’t expect the government to go ahead with the federal-provincial condo purchase plan.

Taxes and Costs

• Higher personal exemption. The platform promised to lift the basic personal amount from roughly $13,000 to about $32,000, which Keith estimates is about $1,000 per person, or $2,000 for a couple, starting in the 2027 tax year.

• Senior property tax deferral. Expected to return, with lower interest rates.

• PST on property management. The planned expansion is expected to be cancelled.

• Speculation and vacancy tax. He expects it to stay but with no automatic increases.

Short-Term Rentals

Keith expects the provincial Airbnb restrictions to be eased, or at least loosened for major events and when a community’s vacancy rate rises past a set threshold. That could be relevant for Victoria’s event calendar and for resort-style communities around the Cowichan Valley.

Private Property Rights

He expects the government to repeal DRIPA, citing concerns about uncertainty around private property rights, and noted that lawyers in the Cowichan title case have signalled they’d be open to negotiating on private property. This is a big topic with strong views on all sides, and I’ll dig into it in a future post.

Will a Foreign Buyer Ban Change Your Sale Price?

A question came up about the federal foreign buyer ban, which is set to expire. Keith’s view: even if it goes, the provincial foreign buyers tax is still in place, and he doesn’t think it’ll change what a downtown Victoria condo sells for. It could help consumer confidence, though. His advice to clients who think this will rescue the market is a polite reality check.

So What Does This Mean for You?

Here’s my honest take from the Island:

• Buyers: Rates just went up, but policy changes could ease costs on new builds over time. Get pre-approved and stress-test your numbers.

• Sellers: Don’t count on a policy change or a rate move to lift your price overnight. Pricing realistically still wins.

• Investors and landlords: Rental and short-term rental rules may shift. Watch for details before making big moves.

Keith left us with one more thought I liked: whatever you were most worried about probably won’t happen exactly as feared, and there may be some good surprises too. Governments rarely do everything they promise.

Have questions about how this affects your plans in Victoria, the Westshore, or the Cowichan Valley? I’m always up for a coffee and a chat.

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

After a lively summer, September brought a bit of a pause across British Columbia. Sales dipped, rate-hike chatter picked up, and buyers got a little cautious. But zoom out, and the big story is that most of the province is still in balanced territory.

Here’s the lay of the land, from the Okanagan to the Kootenays to our corner of the Island.

The Provincial Numbers

The British Columbia Real Estate Association (BCREA) reported 5,254 residential sales in September, down 8.9% from a year ago. The average price was $924,279, down 2.4%. Total sales dollar volume reached $4.9 billion, down 11%.

Sales ran about 25.8% below the ten-year September average. Year to date, BC has recorded 51,310 sales (down 5.9%) at an average price of $937,644 (down 1.1%).

BCREA’s Chief Economist, Brendon Ogmundson, tied the September softness to rising oil prices that sparked speculation about Bank of Canada rate hikes. His encouraging note is that inventory is easing on a monthly basis, which should help keep markets balanced.

Why Rates Are Back in the Spotlight

On September 2, the Bank of Canada held its overnight rate at 2.25%, its seventh straight hold. But it said upside risks to inflation have increased, pointing to high energy prices and new tariffs, and that it stands ready to adjust policy if needed.

A hold isn’t a hike, yet that language is enough to make buyers hesitate. The next decision is October 28, with an updated Monetary Policy Report. Fixed mortgage rates follow bond yields, which have been climbing, so the affordability conversation isn’t going away.

A Tale of Many Markets

BC isn’t one market; it’s a patchwork. A few snapshots from the September data:

• Greater Vancouver: 1,717 sales (down 7.8%), average price $1,228,759 (down 2.1%)

• Fraser Valley: 860 sales (down 5.1%), average price $958,641 (down 2.1%)

• Okanagan: 658 sales (down 12.7%), average price $753,392 (down 4%)

• Kamloops: 189 sales (down 14.9%), average price down 11%

• Kootenay: 253 sales (up 9.1%), average price up 1.5%

• BC Northern: 358 sales (down 2.7%), average price up 7.6%

• South Peace River: 41 sales (up 28.1%), average price up 14.4%

Province-wide, there were 43,940 active listings, down 4.3% from last year, and the sales-to-active-listings ratio was 12% (12.6% a year ago). That puts BC at the lower end of balanced, with the Lower Mainland sitting nearer the buyer-friendly side than the rest of the province.

Where the South Island Fits

Vancouver Island and Victoria both saw fewer sales than last September (down 14.6% and 17.2% respectively), with listings up a bit, a pattern that mirrors what we’re seeing in several BC markets. For the full local breakdown, including Greater Victoria and the Cowichan Valley, check out my September 2026 South Island market update.

Reporting note: BCREA’s Victoria and Vancouver Island sales figures differ from the local VREB and VIREB reports, so the totals in the linked local update may not match exactly.

What It Means for You

• If you’re buying: Slower sales and gentler prices in much of BC mean more breathing room. It’s a good time to do your homework and line up financing before the October 28 announcement.

• If you’re selling: Buyers are still out there, but they’re comparing carefully. Realistic pricing and good presentation count for more than ever.

• If you’re just curious: Totally fair. Stats like these are a compass, not a crystal ball, and every neighbourhood tells its own story.

Let’s Chat

Wondering how the big-picture numbers translate to your street, whether that’s in the Westshore, the Core or the Cowichan Valley? I’m always up for a coffee and a straight answer. Get in touch or explore more South Island market updates.

Sources: BCREA, “Most Markets Remain Balanced Amidst Mounting Headwinds” (October 14, 2026); Bank of Canada interest rate announcement (September 2, 2026). View the complete BCREA statistics release and detailed tables (PDF).

Mike Doughty is a fifth-generation Vancouver Islander and REALTOR® with RE/MAX Camosun serving Greater Victoria, the Westshore and the Cowichan Valley. Statistics are provided by BCREA and are subject to revision. MLS® is a registered trademark of the Canadian Real Estate Association.

Buying or selling a South Island home with unpermitted work? Here's what it means in Greater Victoria and the Cowichan Valley, and how to sort it out.

Picture this. You've found the one: a gorgeous Westshore home with a finished basement, or a Cowichan Valley place with a sweet addition out back. The price feels right. Then someone says the magic words: "We're not sure that was permitted."

If you're buying or selling anywhere on Southern Vancouver Island, you're in good company. Lots of homeowners from Sidney to Sooke and Duncan to Ladysmith have skipped the permit process at some point, and plenty of today's owners inherited the problem from someone else.

Growing up on the Island, and now helping neighbours buy and sell here, I hear one question again and again: "Should I pull a permit?" My answer is always a resounding yes, if one is required.

What Is Unpermitted Work?

Unpermitted work is any construction or renovation done without the permits required by the local municipality or regional district. The most common examples on the South Island are:

• Finished basements and illegal or unregistered suites

• Additions, sunrooms, and enclosed decks

• Garage conversions

• DIY electrical, plumbing, or gas work

• Structural changes, like removing walls

• Extra bedrooms that don't match the septic system (more on that below)

Permit rules differ from place to place. What needs a permit in Saanich may be handled differently in Langford, North Cowichan, or the Cowichan Valley Regional District. The only way to know for sure is to check with the local building department.

Why Do People Skip Permits?

Mostly money and hassle. Permits cost money, the work may need to be brought up to current code, and a finished space can bump up the property assessment. For someone planning to stay in their home forever, skipping the permit can seem harmless.

But the next owner inherits the consequences, and that's often when the problem surfaces.

The Risks for Buyers

A home with unpermitted work is a home with a bit of baggage. Sometimes it sells for less than a comparable permitted home, and sometimes it doesn't, which is why you need to know what you're getting into before you remove subjects.

You may inherit the problem

Once you own the home, the unpermitted work is yours. The municipality may ask you to apply for permits after the fact, which can mean drawings from a designer or engineer, opening up walls for inspection, and upgrades to meet current code. In some cases, local governments can also register a notice on title when there's a building bylaw contravention, which can complicate a future sale or refinance.

Insurance may not respond

If there's a fire, a flood, or an injury in an unpermitted part of the home, your insurer may push back on the claim. Talk to your insurance broker before you buy, not after.

Your lender may care

Lenders and insurers are connected, and unpermitted space can complicate financing or renewals. It's not common, but it's not something you want to discover at the worst possible time.

Neighbours can raise the issue

Most neighbours on the Island are fantastic. But a boundary dispute or a feud can turn into a call to the building department fast.

Secondary problems, especially with septic

This one is big in the Cowichan Valley and rural parts of the South Island. If an earlier owner added bedrooms without permits and the onsite septic system was designed for fewer, you could have a system that doesn't match the home. That can mean an expensive upgrade down the road. If the home is on septic, ask what the system was designed and filed for, and have the system inspected.

What Buyers Can Do

When you find unpermitted work on a home you love, you've got options:

1. Accept the risk and move forward. If the price reflects it and you're comfortable, you can plan to permit the work later. Many municipalities would rather you come forward and get it squared away.

2. Ask the seller to fix it. It doesn't hurt to ask, especially if the home has been sitting. Some sellers will do it, and others will offer a price adjustment instead.

3. Walk away. That's a perfectly valid choice. There are lots of homes on the South Island, and you'll find one without the baggage.

Do your homework early. Ask the municipality about the permit history on the property (many have online lookup or a file request process), review the Property Disclosure Statement carefully, and talk to your realtor and lawyer about any red flags before subjects come off.

Selling a Home With Unpermitted Work

If you're selling, here's the honest truth: don't hide it.

In BC, the general rule is "buyer beware," but there are important exceptions. Sellers can't misrepresent a property and must disclose known latent defects. If you fill out the Property Disclosure Statement, the answers need to be accurate. Hiding known unpermitted work is a quick route to a legal headache after closing.

Step 1: Find out what you've got

Look through your records and the municipal permit history to see what was permitted and what wasn't. If you bought the home recently, the previous owner's paperwork and your lawyer's file may help too.

Step 2: Decide your path

• Sell as-is with full disclosure. You may need to price accordingly, and some buyers will walk or won't qualify for financing.

• Legalize it first. Often this is the best long-term move, though it takes time and money.

How to Legalize Unpermitted Work

It's usually less scary than people expect. It takes time and effort, but it's not the end of the world. The general steps are:

1. Contact your local building department. Ask how they handle permits for work already completed. Each municipality has its own process.

2. Gather documentation. Photos, receipts, drawings, and any records of the work.

3. Bring in a professional if needed. For larger projects, that may be a designer, architect, or engineer who can assess the work and draw up what's needed to bring it into compliance.

4. Apply for the permit. Include your plans and supporting documents.

5. Complete any required upgrades. Sometimes inspectors will want walls opened up or work corrected.

6. Pass inspections. Depending on the project, that could mean electrical, plumbing, structural, and a final inspection.

Electrical and gas work is overseen separately by Technical Safety BC. Homeowners can sometimes pull permits for work on their own principal residence, but the work still has to meet code and pass inspection.

The costs vary widely depending on how extensive the work is and how much needs to be corrected. Get a clear picture of the numbers before deciding between legalizing and selling as-is.

What About Fines?

There's no one-size-fits-all answer. Some municipalities take a gentle approach to people who come forward, while others can be stricter. Calling your local building department with a general question is a good way to understand how they typically handle it.

Will a Home Inspector Catch It?

Not usually. Most home inspectors check the condition of the home, not its permit history. That's why permit research is a separate step you or your realtor should take.

What If the Seller Didn't Disclose?

If you've bought a home and discovered unpermitted work that wasn't disclosed, speak with a real estate lawyer promptly. Whether you have recourse depends on what was said, what was known, and whether it qualifies as a latent defect or misrepresentation.

Final Thoughts

Buying or selling a home with unpermitted work can be tricky, but it doesn't have to derail your plans. For sellers, legalizing is usually the best route. For buyers, go in with your eyes open, do your due diligence, and negotiate accordingly.

Are you buying or selling in Victoria, the Westshore, the Cowichan Valley, or anywhere on the South Island? I'm always happy to chat it through, no pressure.

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

This article is general information, not legal advice. Permit requirements vary by municipality, so always check with your local building department and consult a real estate lawyer for your situation.

Victoria's housing market tipped into buyer's market territory in September 2026. Here's what it means for buyers and sellers from Langford to the Cowichan Valley.

September 2026 Real Estate Market Update: Victoria & Cowichan Valley Shift Into Buyer's Market Territory

Fall has settled in across Southern Vancouver Island. The light is lower and the mornings are crisp, and the housing market has changed gears along with the season. September numbers from the Victoria Real Estate Board (VREB) and the Vancouver Island Real Estate Board (VIREB) show more homes for sale than buyers to match, from Greater Victoria and the Westshore out to the Cowichan Valley.

Here's the story behind the stats.

Greater Victoria: Buyer's Market Territory for the First Time in Years

VREB reported 463 sales across all property types in September. That's 16.4% fewer than September 2025 and 21.7% fewer than August.

Meanwhile, 3,811 homes were actively listed at month-end, up 4.1% from August and 3.2% from a year ago.

VREB's sales-to-active-listings ratio helps explain the shift. Below 17%, the market leans toward buyers. Between 17% and 28% it's balanced, and above 28% it favours sellers. September's ratio slipped to roughly 15%, down from around 20% in August.

VREB Chair Fergus Kyne said this is the first buyer's market in Victoria since January 2015, if you set aside the early pandemic months. He was careful to add that one month isn't a trend, and I agree. We'll watch October and November closely.

What sold in Greater Victoria

• Single-family homes: 239 sold, down 17.3% from last September

• Condos: 137 sold, down 11%

• Townhomes: 53 sold, down 26.4%

Where prices landed

MLS® Home Price Index (HPI) benchmark prices are the most reliable gauge of price direction because they smooth out the month-to-month swings in averages and medians.

• Single-family, Greater Victoria: $1,150,300 (down 1.5% from last year)

• Single-family, Victoria Core: $1,280,100 (down 2.0%)

• Single-family, Westshore: $1,019,800 (down 1.2%)

• Condo, Greater Victoria: $542,800 (up 0.3%)

• Townhouse, Greater Victoria: $774,000 (down 1.1%)

Prices are drifting, not tumbling. The Peninsula condo market stands out, with its benchmark up 3.4% year over year to $639,900.

The Cowichan Valley: A Quieter Month, Same Message

South of the Malahat the story is similar, and the Valley's numbers are a little softer. VIREB logged 562 sales across the whole board area (all property types), down 13% from last year. Active listings rose 4% to 4,457, and VIREB's CEO described the Island as having moved into buyer's market territory.

In Zone 3 (Cowichan Valley):

• 46 single-family homes sold in September, down from 57 in August and 62 a year ago

• The average single-family sale price was $778,119, with a median of $761,250

• The single-family benchmark price was $774,300, down 1.1% from September 2025

• The apartment benchmark was $298,200, down 6.5% from last year

• The townhouse benchmark was $514,100, up 0.3% year over year

Single-family figures from VIREB exclude acreage and waterfront. If you're eyeing a Shawnigan Lake waterfront home or a hobby farm outside Duncan, those properties follow their own rhythm and deserve a one-on-one look.

What This Means If You're Buying

Choice is back. More listings means more time to compare, more room to negotiate, and less pressure to decide in a weekend. Chair Kyne also noted that inventory typically thins out heading into winter, so September's selection may not last. A few ideas:

• Get your financing pre-approval current so you can move when the right place appears

• Compare across the whole South Island. A Westshore townhome, a Core condo and a Cowichan Valley detached home can price very differently

• Ask about conditions, possession dates and seller credits, since all three are more negotiable now than they have been in a while

What This Means If You're Selling

Selling is still very doable. It just rewards a realistic price from day one. VIREB's CEO put it plainly: well-priced homes keep moving, and sellers need to focus on where the market is today, not where it was a few years ago. Your neighbour's spring sale is a data point, but your home's value this October is what counts.

The Bottom Line

Greater Victoria and the Cowichan Valley are both moving at a slower, more buyer-friendly pace, with benchmark prices mostly flat to slightly lower. Nothing here says "panic," and it does say "pay attention." Whether you're planning a move this fall or just keeping an eye on your biggest investment, I'm happy to chat about what's happening on your street.

Thinking about a move on the South Island? Let's have a no-pressure conversation. Reach out at mike@mikedoughty.ca or 778-400-0475.

Sources: Victoria Real Estate Board, September 2026 Statistics Package (vreb.org/current-statistics); Vancouver Island Real Estate Board, September 2026 Monthly Statistics Package (vireb.com). Mike Doughty is a REALTOR® with RE/MAX Camosun. MLS® and REALTOR® are trademarks of The Canadian Real Estate Association (CREA). This post is for general information and is not financial or legal advice.

BC home sales held nearly steady in August 2026, but Victoria and the Cowichan Valley told a different story. Here's what the provincial numbers mean for the South Island.

There's a rhythm to real estate on this Island — slower in some seasons, brisker in others — and August 2026 was a good reminder that our corner of the province doesn't always move in step with the rest of BC.

Province-wide, the British Columbia Real Estate Association (BCREA) reported 5,653 residential sales across the province in August, down 4.7 percent from a year earlier, with the average home price essentially flat at $924,826. BCREA Chief Economist Brendon Ogmundson summed it up well: provincial home sales "remain well below long-term averages but have been steadily improving throughout the year," though he flagged new tariffs and a recent uptick in long-term interest rates as risks to that recovery.

That's the big picture. Here on the South Island, the picture had a bit more colour to it.

Victoria: Activity Picked Up Where It Counts

The Victoria Real Estate Board area — Greater Victoria, the Westshore, Langford, Colwood, and the rest of the core — actually moved against the provincial grain last month. Sales climbed 12.9 per cent year-over-year to 567 homes sold, and the average price rose 1.4 per cent to $1,014,748. Active listings crept up only slightly, which pushed the sales-to-active-listings ratio to 19.9 per cent — solidly in balanced-market territory, and noticeably tighter than the 17.7 per cent we saw a year ago.

In plain terms: buyers who've been waiting on the sidelines are starting to step back in, and well-priced homes in desirable Victoria and Westshore neighbourhoods aren't sitting as long as they were.

Vancouver Island and the Cowichan Valley: A Softer Summer

Zoom out to the rest of Vancouver Island — including the Cowichan Valley, Duncan, and up-Island communities tracked under the Vancouver Island Real Estate Board — and the story was quieter. Sales dipped 5.6 per cent to 627 units, and the average price eased 3.9 per cent to $719,533. Listings grew nearly 5 per cent, giving buyers a bit more room to shop and negotiate than their Victoria counterparts.

For Cowichan Valley buyers, that combination — more inventory, softer pricing — has made for a more patient, more negotiable market this summer than what we're seeing closer to the capital.

The Year-to-Date Story

Zoomed all the way out, both boards are still tracking below last year on a year-to-date basis, which lines up with the province's broader theme of a slow, uneven recovery:

• Victoria YTD: 4,511 sales (down 4.2%), average price $1,024,565 (up 2.5%)

• Vancouver Island YTD: 4,903 sales (down 7.3%), average price $751,276 (down 0.7%)

• BC YTD: 46,069 sales (down 5.5%), average price $939,028 (down 1%)

Prices have held up better than sales volumes across the board — a pattern that tells us sellers with realistic expectations are still getting deals done, even while overall activity stays subdued.

What This Means If You're Buying or Selling on the South Island

If you're selling in Victoria or the Westshore, tightening sales-to-active-listings ratios and rising prices are a genuinely encouraging signal — this is a market that's starting to reward good pricing and presentation again.

If you're selling in the Cowichan Valley, patience and strategic pricing matter more right now, with more inventory for buyers to compare against.

If you're buying anywhere on the South Island, this is still a market with real negotiating room in most segments — just one where the window for the best deals may be narrowing faster in Victoria than up-Island.

As always, the numbers only tell part of the story — what's happening on your specific street, in your specific price bracket, is its own conversation. That's the one I'm always happy to have.

Source: British Columbia Real Estate Association (BCREA), "Slow but Steady Sales Recovery Continues in the BC Market," September 14, 2026. Data reflects Victoria Real Estate Board and Vancouver Island Real Estate Board territories.

Curious what any of this means for your specific neighbourhood? Reach out anytime — I'm always up for a coffee and a market chat.

A local look at how the Cowichan Valley real estate market moved through August 2026 — home sales, prices, and what it means if you're watching the Valley.

A Local Look at the Cowichan Valley Market: August 2026

There's a particular rhythm to real estate in the Cowichan Valley in late summer. Families are settling back into school routines, the harvest season is kicking into gear around the wineries and farm stands, and the market tends to take a breath after a busy spring and early summer. August 2026 followed that pattern almost exactly.

Fewer Sales, Same Steady Story

Fifty-seven homes sold across the Cowichan Valley in August — down from July's 69, and just two shy of what we saw in August 2025. It's a small dip, and honestly, it tracks with what we typically see this time of year rather than signalling any real shift in appetite. Buyers are still out there; they're just being a little more deliberate about it.

That word — deliberate — really does capture where things stand right now across Vancouver Island. VIREB's CEO Jason Yochim put it well in the board's August release: buyers have options, and they're taking the time to find the right property rather than settling.

Prices Are Holding Their Own

Here's the part worth paying attention to: even with fewer sales, the homes that did sell fetched strong prices. The average sale price landed at $871,595, up nearly 7% from last August. The median came in at $810,000.

The MLS® Home Price Index — which smooths out the swings you get from averages — shows single-family benchmark prices at $779,300, essentially flat to slightly up over the past year. Condos softened a bit more (down 6% year over year to $302,400), while townhouses held nearly steady at $520,500.

So no, this isn't a market where prices are sliding. It's one where things have simply slowed to a more measured pace.

What It Feels Like on the Ground

If you've been thinking about a move in Duncan, Cowichan Bay, Cobble Hill, Mill Bay, Chemainus, or Lake Cowichan, this is a market that rewards patience and preparation rather than urgency. Sellers who present their homes well and price them honestly are still finding buyers. Buyers who do their homework have a bit more breathing room than they did a year or two ago.

That's really the throughline of the whole Valley market right now — not hot, not cold, just steady. And for a region as lovely and community-minded as this one, steady is a pretty good place to be.

Curious What This Means for Your Home or Your Next Move?

I grew up on this Island — sixth generation, in fact — and the Cowichan Valley has always felt like home turf. If you'd like to talk through what these numbers mean for your street, your neighbourhood, or your plans, I'm happy to chat, no pressure at all.

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

Source: Vancouver Island Real Estate Board (VIREB), August 2026 Monthly Statistics Package.

Sales in Greater Victoria climbed 12.6% in August 2026 as steady momentum carried into fall, though rising bond yields could cool things heading into winter. See what it means for South Island buyers and sellers.

Greater Victoria's real estate market keeps its footing heading into fall

There's a certain rhythm to real estate on the South Island — the spring rush, the summer lull around the lake, and then that late-August shift when everyone comes back from the cabin, the kids head back to school, and buyers and sellers start paying attention again. This August, that rhythm held steady, and then some.

According to the Victoria Real Estate Board, 591 properties changed hands across the region in August 2026 — up 12.6 per cent from the 525 sales recorded in August 2025. It was a touch quieter than July, as it usually is once summer winds down, but year-over-year the numbers tell a clear story: buyers are active, and they've been active all season.

A market with more confidence than it's had in years

VREB Chair Fergus Kyne put it simply: sales activity in August was the strongest the region has seen in five years. That's a meaningful marker for anyone who's been watching this market cautiously over the past couple of seasons.

Both single family homes and condos posted solid year-over-year gains:

• Single family homes: 309 sold, up 15.3 per cent from August 2025

• Condominiums: 175 sold, up 15.1 per cent from August 2025

• Townhomes: 63 sold, down 4.5 per cent from August 2025 — the one segment that cooled slightly

What's notable isn't just that more homes sold — it's that they sold into a market with genuinely healthy inventory. There were 3,662 active listings at the end of August, giving buyers real choice rather than the frantic, offer-in-24-hours conditions we saw a few years back.

Independent market analyst Leo Spalteholz, who tracks seasonally adjusted trends at House Hunt Victoria, notes that sales activity is now sitting about 16 per cent above the low point hit back in January — a slow, steady climb rather than a sudden surge. He also points out that with inventory continuing to tighten a little each month, the overall market balance has nudged slightly further toward sellers than it was in July, though only modestly.

Prices are holding, not spiking — with condos still the soft spot

If you're picturing a runaway market, that's not quite what's happening here. The MLS® Home Price Index — which smooths out the month-to-month noise of average and median prices — shows a genuinely balanced picture in the Victoria Core:

• Single family benchmark: $1,301,800, down slightly (0.6%) from a year ago

• Condo benchmark: $553,600, up modestly (0.9%) from a year ago

That's the kind of steadiness that tends to reward patient buyers and realistic sellers alike. Worth noting, though: Spalteholz's analysis flags that the region's condo median price has slipped to its lowest level since December 2022, and that segment continues to lag well behind the detached home market in relative strength. If a condo is on your radar, that softness is worth factoring into your strategy — whether you're buying or selling.

As Chair Kyne noted, the current inventory gives buyers room to shop around and compare — but it also means sellers need to be sharp about pricing and presentation. Homes that are priced right and show well are still moving quickly; the ones that aren't are sitting.

A cloud on the horizon: rising bond yields

Here's the part worth keeping an eye on. Fixed mortgage rates — which make up the majority of new borrowing — track bond yields, and those yields have been climbing steadily all year. They're now at their highest point in over two years. The last time we saw a run-up like this, back in fall 2023, it noticeably cooled the market as some buyers found themselves priced out of qualifying. We're not at that level yet, but the direction of travel is one reason activity could soften a bit heading into the colder months.

What this means if you're thinking about a move

Whether you're eyeing a character home in Fairfield, a condo near the Inner Harbour, or something with a bit more land out toward the Westshore, this kind of balanced market rewards preparation. Buyers have breathing room to make thoughtful decisions instead of panicked ones — and with borrowing costs potentially ticking upward, locking in your financing sooner rather than later isn't a bad idea. Sellers who understand exactly where their home sits relative to comparable listings — not just what they hope it's worth — are the ones landing strong offers.

If you're weighing a move anywhere across the South Island this fall, I'm always happy to walk through what these numbers mean for your specific street, your specific home, or your specific plans. No pressure, just a conversation.

BC's July 2026 housing numbers are in — a province-wide look at where sales and prices stand, and how the South Island compares to the rest of the province.

Every month, BCREA pulls together a snapshot of the whole province — from the Lower Mainland to the Kootenays to right here on the Island — and this July's numbers tell an interesting story about a market that's uneven, region by region, but broadly finding its balance.

The Headline Numbers

Across British Columbia, 6,561 homes sold in July 2026, down 6.7% from the same month last year. The average price provincewide came in at $929,619, down just 1.3% year-over-year. Total dollar volume for the month was $6.1 billion, and BC's sales activity is currently running about 19% below the ten-year average for July — a reminder that this is still a market working its way back to a longer-term rhythm rather than one in crisis.

Where the Softness Really Is

BCREA's chief economist, Brendon Ogmundson, made an important point in this release: seasonally adjusted activity actually rose from the previous month across most of the province, with the real weakness concentrated in the Lower Mainland specifically. Greater Vancouver and the Fraser Valley both saw double-digit dollar-volume declines and sales down 7 to 9% year-over-year — a very different picture than what's playing out elsewhere.

The Interior and North Are Holding Steadier

Boards like the Okanagan, Kootenay, and South Peace River actually posted price gains this July, some in the high single digits. Unit sales in those regions were mixed, but nowhere near the pullback seen in Vancouver and the Fraser Valley. It's a good illustration of just how much "the BC housing market" varies depending on which corner of the province you're standing in.

And Here on Vancouver Island

Locally, both the Victoria and Vancouver Island boards told a steadier story than the Lower Mainland. Victoria's average price actually rose 3.1% year-over-year to $996,510, even as sales dipped slightly. The broader Vancouver Island board (covering the Cowichan Valley and beyond) saw prices hold almost flat, down just 0.2%, with more inventory available to buyers than a year ago. If you want the full local breakdown, we covered that in detail in our recent South Island market update.

The Year-to-Date Picture

Provincewide, BC's residential sales dollar volume is down 6.7% year-to-date at $38.04 billion, with unit sales down 5.6% at 40,432 homes and the average price down 1.2% at $940,948. It's a market that's cooled from last year's pace but hasn't fallen off a cliff — and per BCREA, a strengthening economy and labour market could help regional markets converge back toward their long-term averages over the next year.

Whether you're watching these numbers out of curiosity or because you're weighing a move, I'm always happy to put them in context for whatever part of the Island — or the province — you're thinking about.

Source: BC Real Estate Association (BCREA), "Housing Market Activity Uneven Across BC Regions," August 13, 2026.

July 2026 brought rising single-family sales and near-asking-price offers to the Cowichan Valley. Here's what buyers and sellers in Duncan, Lake Cowichan, and the Malahat should know.

If you've been watching for-sale signs go up around Duncan, Lake Cowichan, Chemainus, or out toward the Malahat this summer, you've probably noticed things feel a little different than they did in spring. July brought a genuine bright spot to the Cowichan Valley market — one of the few pockets of Vancouver Island where sales actually picked up rather than slowed down.

Sales Are Climbing

The Cowichan Valley (VIREB Zone 3) saw 69 single-family home sales in July 2026 — up from 62 a year earlier and up again from June's 58 sales. That's an 11% year-over-year increase, bucking the trend across most of Vancouver Island, where sales were down board-wide.

For context, the Vancouver Island Real Estate Board recorded 707 total sales across the whole region in July, down 11% from last year. Cowichan Valley moving in the opposite direction is worth paying attention to.

Prices Holding Steady, With a Mixed Picture by Property Type

• Single-family benchmark price: $788,700 — up about 1% from a year ago and up roughly 1.1% from June

• Single-family median sale price: $820,000

• Condo apartment benchmark: $304,700 — down 7.7% year-over-year, the softest condo segment on Vancouver Island right now, though it did tick up slightly from June

• Townhouse benchmark: $520,500 — down 2.9% year-over-year but up 0.9% month-over-month

Translation: detached homes are holding their value well and gaining a little ground, while condos have seen the biggest pullback of any property type in the region — good news if you're a condo buyer, a tougher pill for anyone selling one right now.

What's Happening on the Ground in Duncan & the Malahat

Zooming in further, a look at recent MLS activity specifically in the Duncan and Malahat & Area market shows just how competitive well-priced homes have become:

• 45 residential sales closed in July, at a median price of $800,000

• Homes are selling for close to asking — a median sold-to-list price ratio of 98%

• 252 active listings and 107 properties in pending status at month's end, meaning there's a healthy pipeline of deals moving through the system alongside solid available inventory

That combination — near-full-price offers alongside a strong pending count — points to buyers who know what they want and are willing to act when a home is priced right.

What VIREB's Leadership Is Saying

VIREB CEO Jason Yochim noted that after a slow start to spring and summer, July showed real signs of life across the board, with REALTORS® reporting increased activity. He pointed to the $500,000 to $750,000 range as the hottest price band region-wide, and had a clear message for sellers: buyers aren't in a rush, and they're willing to wait for the right property — so pricing realistically matters more than ever. He also flagged that with Canada's economy performing better than expected, a big drop in mortgage rates isn't likely anytime soon, which reinforces that buyers are shopping carefully rather than chasing rate cuts.

What This Means If You're Buying or Selling in the Cowichan Valley

Buyers: Detached homes are moving, and moving close to list price — if you find the right property, don't expect much room to lowball. Condos remain the better value play if flexibility on property type works for you.

Sellers: The market wants you here — but it wants you priced accurately. With homes selling at a 98% median sold-to-list ratio, overpricing is likely to cost you time rather than money, since buyers are patient enough to wait you out.

Whether you're settled in Duncan, considering a move up-Island from Victoria, or looking at acreage toward the Malahat, the Cowichan Valley is proving to be one of the more resilient corners of the South Island market right now.

Thinking about buying or selling in the Cowichan Valley? [Reach out] — I'd be glad to walk you through what these numbers mean for your specific situation.

July 2026 brought steady sales and more choice for Greater Victoria home shoppers. Here's what the numbers mean for buyers and sellers across the South Island.

Summer on the South Island has a rhythm to it — ferries lining up at Swartz Bay, patios full on Fort Street, and (if you're plugged into real estate like I am) a steady stream of "for sale" signs going up and coming down across Greater Victoria, the Westshore, and out toward the Peninsula. July 2026 kept that rhythm going, with a market that gave both buyers and sellers a bit of breathing room.

The Big Picture

A total of 673 properties changed hands across the Victoria Real Estate Board region in July — just shy of the 680 sold in July 2025, and a bit quieter than June's pace. But don't read too much into the month-over-month dip; July actually landed above the five-year average for sales in this month.

What's really shaping the market right now isn't a shortage of homes — it's the opposite. Inventory has stayed generous, which means buyers have room to be selective, and sellers need to work a little harder to stand out.

What Buyers Are Experiencing

If you've been house hunting on the South Island this summer, you've probably felt it: more listings, more open houses, more time to think things through. Single-family home sales actually rose 4.1% year-over-year, with 331 homes sold — a sign that buyers are still active, just less rushed. Condo sales told a different story, dipping 7.1% to 209 units, and townhome sales pulled back 15.5%.

Some buyers are even feeling a little overwhelmed by all the choice on the table. That's actually a good problem to have — but it also means having someone in your corner who can help you cut through the noise, compare properties on the things that actually matter (school catchments, commute times, renovation potential), and know when a "good deal" really is one.

What Sellers Should Know

Active listings sat at 3,847 by the end of July — up nearly 4% from a year earlier, though down slightly from June as summer listing activity eased off. With more competition on the shelf, presentation and pricing matter more than ever. A well-prepped, well-priced home is still finding buyers quickly; an overpriced one is more likely to sit.

Home Values: A Gentle Cooling, Not a Correction

Benchmark values eased slightly across most of the region:

• Single-family homes (Victoria Core): $1,311,000, down 2.8% from a year ago

• Condos (Victoria Core): $548,600, down 2.2% year-over-year

• Westshore single-family homes: $1,034,200 — one of the few segments to tick up

• Row/townhomes (Core): $857,300, up nearly 2% both monthly and annually

The sales-to-active-listings ratio has been sitting comfortably in the balanced market range (17–28%) for months now — no dramatic tilt toward buyers or sellers, just a market finding its footing.

A Cautious Tilt Toward Sellers

Local housing analyst Leo Spalteholz, who tracks Victoria's numbers independently at House Hunt Victoria, flags something worth watching: on a seasonally adjusted basis, the market nudged slightly toward sellers' territory in July — the first time it's leaned that way since last October. The reason isn't a rush of buyers; it's that new listings came in lighter than usual, which quietly tightened inventory even as sales stayed roughly flat.

Worth keeping in perspective, though — a one-month shift doesn't make a trend. Even Spalteholz cautions against reading too much into it until it holds for closer to a year.

Median prices told a similar "steady as she goes" story, with detached homes at $1,165,000 and condos at $525,000 — both within a few percent of where they sat a year ago. Zoom out further and the bigger theme is affordability slowly repairing itself: since the market peaked in spring 2022, detached prices have eased about 9% and condos about 13%, while incomes have climbed roughly 17% over the same stretch. It's progress, but by historical standards — where markets have typically bottomed once a median condo payment eats up less than 20% of household income, versus around 25% today — there may still be room to go.

The South Island Takeaway

Whether you're browsing character homes in Fairfield, eyeing acreage out toward the Malahat, or keeping an eye on Cowichan Valley listings for that eventual move up-Island, the same theme holds: this is a market that rewards patience and preparation, not urgency.

Thinking about buying or selling this summer? [Reach out] — I'd love to help you make sense of what's happening in your specific corner of the South Island.

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.

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