If your mortgage is coming up for renewal this year, you’re not alone. In fact, Canada is entering one of the largest mortgage renewal waves in decades.

According to the Canada Mortgage and Housing Corporation, approximately 1.15 million mortgages will renew in 2026, representing nearly 60% of all outstanding mortgages across the country.

Many of these mortgages were originally secured when interest rates were much lower. As a result, homeowners are now starting to ask an important question:

What will my new payment look like?

To help break this down, I spoke with Paul Macara, Mortgage Professional and a trusted partner I regularly refer clients to, who shared some helpful insights about what homeowners should be thinking about as renewal approaches.

Why Starting Early Matters

Mortgage renewal is one of the few times you can make changes to your mortgage without penalties.

Paul explains that most lenders now send renewal notices three to six months before the maturity date, which gives homeowners an important window to review their options.

Starting early allows you to:

• Compare lender offers
• Understand what your new payment might look like
• Explore options like refinancing or adjusting your mortgage structure
• Avoid being rushed into an automatic renewal

Even if you ultimately stay with your current lender, reviewing your options ahead of time provides clarity and removes uncertainty.

Understanding “Payment Shock”

One of the biggest concerns many homeowners are facing right now is payment shock — the jump in monthly payments when a mortgage renews at today’s higher interest rates.

Before making any decisions, it helps to understand the numbers clearly.

Paul often recommends looking at scenarios such as:

• What your new payment could be at current rates
• Whether extending your amortization could reduce monthly payments
• Whether refinancing could improve cash flow or consolidate higher-interest debt

While extending amortization can lower monthly payments, it may increase the total interest paid over time. That’s why reviewing the full picture is important.

For homeowners with strong equity positions, refinancing may also offer opportunities to restructure debt or improve financial flexibility.

Renewal Is About More Than Just the Rate

It’s natural to focus on the interest rate at renewal, but the features of a mortgage can be just as important.

Prepayment privileges, penalties, portability, and flexibility can all impact how well your mortgage works for your lifestyle and financial goals.

Sometimes a slightly higher rate with better flexibility can actually provide more peace of mind over the life of the mortgage.

Mortgage renewal is also a chance to step back and ask an important question:

Does this mortgage still fit where I’m headed next?

Thinking About Your Next Move?

If your mortgage is coming up for renewal this year, it’s worth reviewing your options well before the deadline.

I often connect my clients with Paul Macara, a mortgage professional I trust who takes the time to walk homeowners through their numbers and help them understand their choices clearly.

If you'd like an introduction to Paul for a renewal review, feel free to reach out to me and I’d be happy to connect you.

Planning ahead can make the entire process smoother — and potentially save you money.

Jacqueline Ross, REALTOR® 
Your Van Isle Home
Coldwell Banker Oceanside
(250) 415-5656
jac@yourvanislehome.com
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One of the best parts of living in Victoria, BC is discovering the small local businesses that make everyday life here feel special. From farmers markets to neighbourhood cafés, Vancouver Island is full of locally owned shops that bring personality and community to the region.

In this edition of my Local Love series, I stopped by Victoria Olive Oil Co to connect with owner Cherilee and see what’s new in the shop.

If you enjoy cooking, entertaining, or finding thoughtful gifts, this is a place worth knowing.

Watch the Local Love Feature

🎥 Watch the short video here:
👉 https://youtube.com/shorts/xDkPd9brm6s 

What Makes Victoria Olive Oil Co Special

Victoria Olive Oil Co & Gourmet Foods has become a favourite destination for food lovers in Victoria. The shop specializes in premium extra virgin olive oils and aged balsamic vinegars sourced from around the world.

Visitors can sample a wide range of flavours and learn how different oils and vinegars can elevate everyday cooking.

Some highlights include:

• Seasonal infused olive oils
• Rich, aged balsamic vinegars
• Gourmet pantry items
• Beautiful custom gift baskets
• Perfect hostess or housewarming gifts

Whether you’re preparing a meal for friends or looking for a unique local gift, the shop offers something special.

A Perfect Stop for Entertaining and Gift Giving

Many of my clients are surprised by how many locally owned specialty food shops exist across Victoria and the Saanich Peninsula.

Victoria Olive Oil Co is one of those places that makes entertaining easy. Their gift baskets are especially popular for:

• housewarming gifts
• hostess gifts
• holiday entertaining
• corporate or client gifts

Supporting businesses like this is one of the reasons living on Vancouver Island feels so connected to the community.

Living in Victoria Means Discovering Local Gems

When people move to Victoria, they often focus on finding the right home or neighbourhood. But what truly makes a place feel like home are the businesses, cafés, markets, and shops that shape daily life.

From Sidney to the Westshore, Vancouver Island has an incredible network of independent businesses that bring character to the community.

That’s exactly why I started the Local Love series — to highlight the people and places that make living here so enjoyable.

Thinking About Moving to Victoria BC?

If you're considering a move to Victoria, BC or exploring neighbourhoods across Vancouver Island, I’m always happy to share local recommendations and insights about the communities here.

Visit YourVanIsleHome.com to learn more about:

• moving to Victoria BC
• neighbourhood guides
• local lifestyle recommendations
• real estate opportunities across the region

And follow along for more Local Love features highlighting the businesses that make this community so special.

Jacqueline Ross
REALTOR® | Coldwell Banker Oceanside Real Estate
(250) 415-5656
jac@yourvanislehome.com
www.YourVanIsleHome.com
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Sales Rebound, Inventory Grows & Balanced Conditions Firmly Take Hold

Through February, both the broader Canadian economy and the Greater Victoria housing market continued settling into a more stable and predictable rhythm after several years of rapid change.

We are no longer in a volatility-driven market.
We are in a strategy-driven one.

The Economy at a Glance

On January 28, the Bank of Canada held its key overnight rate at 2.25%, reinforcing stability in borrowing costs.

Nationally, economic growth has softened. GDP contracted in the final quarter of 2025 — the slowest annual growth since 2020 — with trade uncertainty and slowing manufacturing output contributing to weaker momentum.

The labour market remains mixed. While employment has shown resilience in some sectors, elevated unemployment levels and cautious hiring have tempered consumer confidence.

The key takeaway for homeowners and buyers alike is this: interest rates are steady and economic signals are clearer. Stability — even modest stability — reduces uncertainty and allows households to plan.

Greater Victoria Market – February 2026

February marked a noticeable shift locally.

A total of 465 properties sold across the Victoria Real Estate Board region.

That represents:
• 37.2% more sales than January 2026
• 11.9% fewer sales than February 2025

The year-over-year decline reflects normalization from stronger 2025 activity. The significant month-over-month increase signals spring momentum building.

Property Type Breakdown

Single Family Homes
206 sold
↓ 12% compared to February 2025

Condominiums
154 sold
↓ 19.8% compared to February 2025

Townhomes
66 sold
↑ 11.9% compared to February 2025

Townhomes were the only segment to see year-over-year growth, suggesting continued demand for mid-range housing options.

Inventory: The Defining Story

At the end of February, there were 2,903 active listings on the Victoria Real Estate Board MLS®.

That is:
• Up 10.6% from January 2026
• Up 10.4% from February 2025 (2,630 listings last year)

This rising inventory is what has moved our market firmly into balanced territory.

A balanced market means:
• Buyers have choice
• Sellers face competition
• Pricing matters more than urgency

We are no longer in scarcity conditions. But we are also not in a buyer’s market oversupply environment.

Prices in the Victoria Core

The MLS® Home Price Index (HPI) benchmark values tell a very steady story.

Single Family Home Benchmark
February 2025: $1,319,100
February 2026: $1,307,400
↓ 0.9% year over year
↑ From January’s $1,265,500

Condominium Benchmark
February 2025: $549,600
February 2026: $545,600
↓ 0.7% year over year
↑ From January’s $537,800

Townhome benchmark (Victoria Core): $842,800

The key detail: both single-family and condo benchmarks increased from January levels.

That signals stabilization — not decline.

Prices are not accelerating rapidly.
They are adjusting gradually and holding relatively steady.

What This Means for Buyers

Buyers are operating in a healthier environment than we’ve seen in years.

With nearly 3,000 listings available, there is more time to compare properties and negotiate thoughtfully.

Interest rates are stable. Inventory is elevated. Competition is measured.

However, well-priced homes in desirable neighbourhoods still attract attention quickly. Preparation and clarity remain advantages.

Balanced does not mean slow — it means strategic.

What This Means for Sellers

Demand is present — but it is selective.

The 37% jump in sales from January shows buyers are active as we approach spring. But with more inventory available, pricing and presentation are critical.

Testing the market is risky.
Entering strategically is effective.

Balanced conditions reward sellers who understand positioning.

Mortgage Renewals & Refinancing

Even if you are not planning to move, this market matters — especially if you have a mortgage renewal approaching.

Many homeowners who secured ultra-low fixed rates several years ago are now renewing at higher rates. While the Bank of Canada has held its key rate steady, payments may increase for some households at renewal.

Reviewing your renewal strategy early can provide flexibility and clarity.

If helpful, I’m happy to connect you with a trusted mortgage professional to explore renewal options, refinancing strategies, or simply review your numbers before your term comes up.

Looking Ahead to Spring 2026

February’s activity suggests we are entering spring with:

• Rising inventory
• Stabilizing prices
• Renewed month-over-month sales momentum
• Balanced market conditions

We are not seeing rapid appreciation.
We are not seeing distress.

We are seeing normalization.

For move-up buyers, downsizers, and long-term planners, balanced markets often create some of the best opportunities — because both sides of the transaction operate under similar conditions.

If you’d like a deeper breakdown of what this means specifically for your neighbourhood — Sidney, the Peninsula, Westshore, Victoria Core — I’m always happy to provide a personalized update.

If you’re considering a move — whether upsizing, downsizing, or relocating within Greater Victoria — planning early will create the strongest outcome.

Jacqueline Ross
REALTOR® | Coldwell Banker Oceanside Real Estate
📞 (250) 415-5656
✉️ jac@yourvanislehome.com
🌐 www.YourVanIsleHome.com
Instagram | Facebook
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Helping you find home — and community — here in Victoria, BC.

One of the things I love most about working in and around Sidney is how connected the surrounding communities feel. You’re never far from something special — a great walk, a thoughtful local shop, or a place that reminds you why people choose this part of Vancouver Island in the first place.

Farmer’s Daughter, located just outside Sidney in Saanich, is one of those places.

If you haven’t been yet, it’s a locally loved shop known for its carefully curated selection of cheeses, pantry staples, and specialty food items — all chosen with intention and a strong connection to local producers.

Why Farmer’s Daughter Feels So “Island”

Farmer’s Daughter isn’t about rushing in and out. It’s the kind of place where you slow down, ask questions, and discover something new — whether that’s a local cheese, a small-batch condiment, or the perfect addition to a dinner with friends.

That slower, more thoughtful way of living is something I hear people say they’re looking for all the time — especially downsizers and newcomers considering Sidney. It’s not just about the house. It’s about the rhythm of daily life.

A Lifestyle Match for Sidney Living

Sidney has a unique charm — walkable streets, ocean views, independent shops, and a strong sense of community. Farmer’s Daughter fits beautifully into that lifestyle, even though it’s technically just outside town.

It’s the kind of spot Sidney residents happily make a short drive for — and one I often recommend to clients who are getting to know the area. These are the local gems that make settling in feel personal, not generic.

Why Local Businesses Matter in Real Estate

When I help someone move to Sidney or the surrounding areas, we always end up talking about more than listings and floorplans. We talk about where they’ll shop, where they’ll walk, where they’ll bring visiting family, and what will make the place feel like home.

Local businesses like Farmer’s Daughter are part of that story. They’re what turn a neighbourhood into a community.

Local Love, Always

Supporting local businesses is something I care deeply about — both personally and professionally. They’re part of what makes living on the Saanich Peninsula and in Sidney so special.

If you’re new to the area or simply looking to explore more of what’s nearby, Farmer’s Daughter is well worth a visit.

And if you’re thinking about making a move to Sidney — or just starting to explore what life here could look like — I’m always happy to share not just market insight, but the places that make this community feel like home.