Every month I go through the numbers so you don’t have to. Here’s what September looked like for those of us in the Cowichan Valley and the Malahat, and what it means if you’re thinking of buying or selling.
The big picture: buyers have more room to breathe
The Vancouver Island Real Estate Board says the region has moved into a buyers' market. In plain terms, there are more homes to choose from and buyers are taking their time.
Sales: 562 homes sold across the board's area in September, 13% fewer than last September.
Listings: 4,457 homes were on the market, up 4% from a year ago.
Prices: the benchmark price for a single-family home was $777,300, down 1% from a year ago. That's steady, not a slide.
Interest rates
On October 28, the Bank of Canada raised its key interest rate by a quarter point, from 2.25% to 2.5%. It's the first change since October 2025. The Bank said inflation is running higher than it expected, partly because of high energy prices. It also said more increases are possible, but it plans to move carefully. The next decision is December 9.
What does that mean here? If you have a variable-rate mortgage or a line of credit, your costs will likely go up a little. Fixed mortgage rates follow the bond market more than this decision, but if you're planning to buy in the next few months, it's a good time to talk to your lender or mortgage broker about a pre-approval with a rate hold.
What this means for you
If you're buying: you have more choice than you've had in a while, and more time to make a careful decision. It's a good moment to get pre-approved and look closely at the homes that fit.
If you're selling: pricing it right from day one matters more than ever. Homes that are priced well and show well are still selling. Overpriced ones are sitting.
Every neighbourhood moves a bit differently, and lakefront, acreage and Arbutus Ridge each have their own rhythm. If you want to know what's happening on your street, call or text me at 778-678-7403, or get a free home evaluation.
Explore the area: Shawnigan Lake · Cobble Hill · Mill Bay · Arbutus Ridge · Cowichan Bay
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