Sales activity picked up in a big way this August

August closed with 591 properties sold across Greater Victoria, up 12.6% compared to August of last year. Single family homes led the charge, up 15.3% year over year with 309 sold, while condo sales climbed just as strongly, up 15.1% with 175 units sold. Townhome sales were the one softer spot, down 4.5% with 63 sold.

There were 3,662 active listings at month end, down 4.8% from July but up 1.7% from this time last year, giving buyers real choice heading into fall.

Home prices are holding steady, with some variation by area
The benchmark price for a single family home in the Victoria Core sits at $1,301,800, down 1.2% from last year. The Westshore single family benchmark is $1,031,900, up 0.5% year over year, one of the steadiest corners of the market right now. The Peninsula benchmark is $1,266,000, down 1.9% from last year.

Condos found some footing this month.
The Core condo benchmark is $553,600, up 0.9% from August 2025, and the Peninsula condo benchmark climbed to $630,300, up 3.3% year over year, the strongest gain we're tracking anywhere. The Westshore condo benchmark eased to $485,400, down 3.8% year over year.

Townhomes stayed steady overall, with the Core benchmark at $856,300, up 1.7% year over year. Even with fewer townhomes changing hands, the ones that sold held their value well.

Buyers are engaged and moving with confidence
The sales to active listings ratio sits comfortably around 20%, right in the balanced range. What's standing out in my conversations lately isn't hesitation, it's buyers who've done their homework and are ready to act when the right home comes along.

Inflation and mortgage rates
The Bank of Canada held its overnight rate steady at 2.25% through to September 2nd, unchanged since October of last year. Most economists expect mortgage rates to remain relatively stable through the rest of 2026. If you want to better understand how this rate hold would affect you and your mortgage options, I’m happy to connect you with a great mortgage broker. Looking beyond rates at your whole financial situation will provide a clearer picture.

Population growth remains slow
BC's population growth has continued to slow, and federal policy changes reducing non-permanent residents continue to weigh on demand in the condo and rental markets, even as permanent immigration holds relatively strong.

Financial pressures are real
Mortgage renewals continue to land at rates well above what many homeowners locked in a few years ago, and delinquencies in BC remain above year ago levels. For homeowners approaching a renewal, getting ahead of your options continues to matter.

Looking ahead
The rest of 2026 continues to shape up as a balanced market with strong inventory and buyer choice, steady prices overall, and mortgage rates likely to hold near current levels through year end. Well priced, well prepared sellers, particularly of single family homes and townhomes, are still achieving strong results.

Thinking about making a move?
Every neighbourhood and property type is performing differently in today's market. Whether you are buying, selling, downsizing, or curious about what your home is worth right now, I'm happy to walk you through what this market means for your unique situation.

Jacqueline Ross, REALTOR®
Your Van Isle Home
call/text: 250-415-5656
jac@yourvanislehome.com
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There’s nothing quite like the feeling of handing someone the keys to their very first home. It’s a mix of pride, relief, and a little bit of disbelief that all adds up to one of my favourite moments in this job, and that’s exactly the moment I got to share with this client.

This was his very first home, and from our first conversation to the final signature, it was a genuine joy to work through together. He told me afterward that he felt supported the whole way through, and honestly, that’s the kind of feedback that means more to me than almost anything else. Buying your first home can feel like a lot, and my job is to make sure it never feels like too much.

He’s getting the keys to a new build in Esquimalt, just a short walk from the ocean and close to Saxe Point Park, one of my favourite spots on this side of town for a morning walk or an evening sit with a coffee. He’s also just minutes from the Archie Browning Sports Centre and the local farmers markets, which makes settling into a new neighbourhood so much easier. There is something about already knowing where you will go for a swim or a Saturday morning stroll through fresh produce that turns a new address into an actual home a lot faster.

Deals like this one do not come together without good people on both sides. A big thank you to the listing agent and her team for such easy, collaborative work throughout. And on the financing side, our mortgage partner made everything seamless. Having a mortgage broker I trust in a client's corner makes all the difference, especially for a first time buyer navigating the process for the first time.

If you are thinking about your first home and the whole idea feels overwhelming, I’d love to talk it through with you. That is exactly the kind of conversation I’m here for.

Jacqueline Ross, REALTOR®
Your Van Isle Home
call/text: 250-415-5656
jac@yourvanislehome.com
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Hello Victoria! I’m bringing you the latest insights into how the Bank of Canada's recent announcement might affect your real estate journey.

After an unprecedented series of seven consecutive interest rate cuts, the Bank of Canada has today decided to hold its key policy rate at 2.75%. This marks a pause in the rate-cutting cycle we've experienced since last summer, and it naturally brings questions for both current homeowners and those looking to buy or sell in our vibrant Victoria market.

So, what does this hold mean for you?

• For Variable-Rate Mortgage Holders: The good news is that your interest rate and mortgage payments will remain unchanged for now. If your mortgage fluctuates with the prime rate, you can expect continued stability until the Bank of Canada's next announcement.

• For Fixed-Rate Mortgage Holders: While there's no immediate impact on your current payments, this pause suggests that future rate decreases, should they occur, could translate to lower rates when it's time for your mortgage renewal.

• For Those with Lines of Credit or Other Prime-Linked Loans: You'll see your interest charges remain steady, as the prime rate is expected to hold at 4.95% at most lenders, with TD Bank's mortgage prime rate staying at 5.10%.

Looking Ahead:

All eyes are now on June 4, 2025, the date of the next Bank of Canada rate decision. Economists will be closely analyzing upcoming economic data and inflation trends to gauge whether this pause is temporary or signals a longer-term shift in monetary policy.

Navigating Your Real Estate Future:

Understanding the nuances of interest rate decisions and their potential impact on your real estate plans is crucial. Whether you're considering buying your first home, looking to sell your current property, or simply want to explore your options in light of this announcement, I'm here to provide clarity and expert guidance.

And speaking of expert guidance, navigating the mortgage landscape can feel overwhelming. If you're looking for assistance with a mortgage renewal or are considering a purchase and need trusted advice, ask me to introduce you to the fantastic Paul Macara. He's a seasoned professional who can help you understand your best options in this evolving economic environment.

Don't hesitate to reach out with any questions you may have. I'm always happy to help you make informed decisions and achieve your real estate goals right here in beautiful Victoria!

Jacqueline Ross, REALTOR® 
Coldwell Banker Oceanside
(250) 415-5656
jac@yourvanislehome.com
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