A More Balanced Spring Market Takes Shape

As we move into spring, the Greater Victoria real estate market is following a familiar seasonal pattern—activity is building, inventory is rising, and conditions are becoming more balanced.

A total of 579 properties sold in March 2026, which is 24.5% higher than February, but 5.5% lower than March 2025. This tells us the market is active, but without the urgency and pressure we saw in previous years.

Breaking it down further:

• 285 single-family homes sold (down 2.4% year-over-year)

• 164 condominiums sold (down 18.8% year-over-year)

At the same time, inventory continues to expand.

There were 3,261 active listings at the end of March, up 12.3% from February and 7.9% higher than March 2025—giving buyers more choice and helping create more balanced conditions overall.

Home Prices: Holding Steady with Subtle Shifts

Pricing in Victoria remains relatively stable, with small year-over-year adjustments and slight month-over-month gains.

• The benchmark price for a single-family home in the Victoria Core is now $1,330,200, down 1.1% year-over-year, but up from February

• The benchmark price for a condominium is $553,800, down 0.8% year-over-year, also increasing from the previous month

This tells us we’re not in a declining market—we’re in a stabilizing one.

The Economic Backdrop: Why This Matters

The real estate market doesn’t operate in a vacuum—and right now, the broader economy is playing a major role.

In mid-March, the Bank of Canada held its overnight rate steady, signaling a cautious approach as inflation continues to cool.

What this means:

• Borrowing costs are stable for now

• Buyers are gaining confidence to re-enter the market

• Sellers are seeing more serious, qualified buyers

At the same time, Canada is experiencing one of the largest mortgage renewal waves in decades.

Many homeowners are now:

• Renewing into higher rates

• Reassessing monthly affordability

• Exploring refinancing options

• Considering downsizing or lifestyle changes

What This Means If You’re Buying

This is one of the most balanced markets we’ve seen in recent years.

Buyers now have:

• More inventory and selection

• More time to evaluate properties

• Greater ability to include conditions

• Less pressure to compete

That said, desirable and well-priced homes are still moving quickly.

The opportunity right now:
Make informed, thoughtful decisions—without the pressure of a peak market.

What This Means If You’re Selling

The market is active—but buyers are more selective.

Today’s buyers are:

• Price-conscious

• Well-informed

• Less willing to overlook issues

Homes that are:

• Well-prepared

• Strategically priced

• Clearly positioned

…are still selling successfully.

The key right now:
Pricing and presentation matter more than ever.

What This Means If You’re Renewing or Refinancing

This is one of the biggest shifts happening in the market right now.

If you’re approaching a mortgage renewal, you may be facing higher rates than your previous term.

This is a good time to explore:

• Refinancing strategies

• Adjusting amortization

• Accessing equity

• Downsizing to reduce monthly costs

Having a plan early can make a significant difference.

A Note for Downsizers

This current market creates a unique opportunity for downsizers.

With more inventory available and less competition, you have:

• More choice when it comes to condos and townhomes

• More time to explore options

• Greater ability to coordinate your sale and purchase

At the same time, well-maintained homes in established neighbourhoods continue to attract strong interest.

For many, this is an ideal moment to:

• Simplify your home and reduce maintenance

• Unlock equity

• Move closer to amenities, family, or community

The Bottom Line

We’re in a more stable, opportunity-driven market—not a chaotic one.

That’s good news.

It means:

• Buyers can plan more carefully

• Sellers can still achieve strong results—with the right strategy

• Homeowners have options, even in a shifting rate environment

Thinking About Your Next Step?

Whether you're buying, selling, or planning ahead for a renewal, I’m here to help you navigate your next move with clarity and confidence.

👉 Reach out anytime for a conversation
👉 Or request your home value to see where you stand in today’s market

Jacqueline Ross, REALTOR®
Your Van Isle Home
(250) 415-5656
jac@yourvanislehome.com
Instagram | Facebook

Helping you find home — and community — here in Victoria, BC.

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
(250) 415-5656
jac@yourvanislehome.com
Instagram | Facebook

Helping you find home — and community — here in Victoria, BC.