December Real Estate Snap Shot

Greater Victoria – December Single-Family Market

Greater Victoria’s single-family market in December showed seasonal slowing but remained resilient. The median sale price was approximately $1.15 million, up about 2–3% year-over-year, indicating steady underlying demand. Well-priced homes in established neighbourhoods continued to sell, while buyers remained selective on condition and value. Inventory stayed manageable, supporting broadly balanced conditions despite slower holiday-season activity and longer decision-making timelines. 

Nanaimo – December Single-Family Market


Nanaimo’s December single-family market reflected stable year-end conditions with a balanced buyer–seller dynamic. The median sale price was approximately $810,000, roughly flat to slightly up year-over-year. Homes under $1 million continued to attract consistent demand, while higher-priced properties experienced slower absorption. Inventory remained available but not excessive, and buyers continued to show disciplined pricing sensitivity and preference for well-maintained, practical layouts. 

Gabriola Island – December Single-Family Market

Gabriola Island recorded very limited single-family activity in December, consistent with seasonal patterns and the island’s small market size. The median sale price was approximately $575,000, down modestly from a year earlier, though low transaction volume created volatility. With only a handful of sales, individual transactions significantly influenced pricing metrics. Overall conditions remained quiet, with tight inventory and cautious buyer engagement. 

Mortgage Rates:

Bank of Canada & Prime Rate Changes


Over the past year, the Bank of Canada (overnight) rate fell from about 3.25% in late 2024 to 2.25% by December 2025 after a series of cuts as inflation slowed and economic growth cooled. Subsequent meetings through early 2026 kept the policy rate at 2.25%. Canadian chartered banks’ **prime rate moved down accordingly, settling around 4.45% by December 2025. 

3-Year Mortgage Rates 

Insured 3-year fixed: roughly ~3.8–4.0% in 2025 as bond yields eased. Uninsured 3-year fixed: typically slightly higher, around ~4.0–4.3%.

5-Year Mortgage Rates

Insured 5-year fixed: around ~3.8–3.9% mid-2025. Uninsured 5-year fixed: commonly ~3.9–4.2% at competitive lenders later in the year. Rate cuts over the year eased borrowing costs after a prolonged period of high rates, helping mortgage rates drift lower. However, many borrowers renewing older low-rate mortgages still face higher payments compared with pandemic-era lows. Markets expect the Bank of Canada to hold rates relatively stable into 2026 unless economic conditions change significantly.