Single-family benchmark, Victoria Core
$1,288,600As of October 2026.Source
Condo benchmark, Victoria Core
$533,900As of October 2026.Source
Active listings, Victoria Real Estate Board area
3,594As of end of October 2026.Source
Population of the City of Victoria
91,867As of 2021 Census.Source
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Victoria is a smaller, steadier market than Vancouver, and that shows in the numbers the Victoria Real Estate Board publishes each month.

Victoria Core and Greater Victoria prices

VREB reported that the Victoria Core single-family benchmark rose 0.7% to $1,288,600 in October 2026, and the Victoria Core condo benchmark fell 2.8% to $533,900 from $549,000 a year earlier. For Greater Victoria as a whole, the single-family benchmark was $1,146,100, virtually flat from $1,147,900 a year before. VREB’s release also lists a September figure equal to last October’s, so we rely on the October figure itself and on the condo’s year-over-year change.

A total of 573 properties sold in October, 7.1% fewer than a year earlier, and 3,594 listings were active at month end, 5% more than a year before. Victoria’s population grew 7.1% from 85,792 in 2016 to 91,867 in 2021.

Equity on paper, room in practice, in Victoria

Under the Financial Consumer Agency of Canada’s 80% limit, appraised value times 0.8, minus your mortgage balance, is the room for a second mortgage. The house owner in the first example has $280,880 of room and uses about a third of it with a $100,000 loan. The condo owner has $153,900 of equity and $47,120 of room. That gap between equity and room is where Victoria plans most often fall short. Work out your own figures on the calculator.

Purchase buyouts: separation and estates

Victoria has many long-held family homes, and a common reason to borrow is to buy out someone else’s share after a separation or an inheritance. A lender wants the agreement in writing, a lawyer’s involvement and proof that the remaining income carries the new debt. Our pages on separation buyouts and estate buyouts set out what to prepare. If the buyout leaves you with a mortgage the bank will not lend on, a private first mortgage is a different route, with different costs.

Home Owner Grant and tax deferment

Two provincial programs touch your property tax. The Home Owner Grant reduces the annual bill for a principal residence and, for 2026, the full grant applies up to an assessed value of $2,075,000, falling by $5 for each $1,000 above it. It does not affect borrowing capacity. The property tax deferment program is a government loan that pays your tax and registers a lien against your home. You may qualify if you are 55 or older, a surviving spouse or a person with disabilities, and interest accrues, compounding from 2026. If your goal is only to cover the tax bill, compare that program with a private loan before borrowing.

What we found on rates, and what we did not

We found no Victoria-specific arrears or renewal figure from a source we could open, so we do not give one. Because the Victoria Core single-family benchmark is up slightly while the condo benchmark is down, check which category your home falls in before you assume last year’s value.

What to ask in a Victoria file

Because Victoria Core and Greater Victoria carry different single-family benchmarks, a lender may first ask where your street is. Condos in older buildings can raise questions about strata reserves and any pending special levy, and heritage or older houses may need a more careful appraisal. Ask the professional you speak to which comparable sales they would expect the appraiser to use.

Also ask what happens at the end of the term. A second mortgage is often short, a year or two, and the plan for repaying or renewing it matters as much as the payment. Our guide to private second mortgages sets out the exit options.

How much the property type changes the ceiling

At the benchmarks above, 80% of a Victoria Core single-family home is $1,030,880, 80% of a Greater Victoria single-family home is $916,880, and 80% of a Victoria Core condo is $427,120. Between a core house and a core condo, the gap in the ceiling is $603,760. Two neighbours with the same $400,000 mortgage can therefore hold very different borrowing room depending only on the type of home.

Taking a Victoria file to a professional

On a Victoria file, a licensed mortgage professional in British Columbia reviews the first mortgage, the property type and the purpose, then compares banks, credit unions and private lenders. The British Columbia page covers the provincial rules and costs. To have someone go over your own Victoria numbers, find out where you stand.

A Victoria Core single-family home at the October 2026 benchmark

The $1,288,600 value is VREB's October 2026 Victoria Core single-family benchmark, used as a stand-in for an appraisal. The $750,000 first mortgage and $100,000 loan are made up. The 80% ceiling is the Financial Consumer Agency of Canada's figure for a second mortgage.

Home value used
$1,288,600
Owed on the first mortgage
$750,000
Combined loan-to-value with a $100,000 loan
66.0%

$850,000 divided by $1,288,600

80% of the home value
$1,030,880
Room left after the new loan
$180,880

$280,880 minus $100,000

Room under an 80% ceiling before the loan
$280,880

A $100,000 loan uses about 36% of the lendable room. This owner is well inside the ceiling and should have more than one lender willing to look.

Illustration only. The figures are made up to show the arithmetic. They are not a quote, a rate or an offer.

A Victoria Core condo at the October 2026 benchmark

The $533,900 value is VREB's October 2026 Victoria Core condo benchmark, used as a stand-in for an appraisal. The $380,000 first mortgage and $30,000 loan are made up.

Home value used
$533,900
Equity before the new loan
$153,900

$533,900 minus $380,000

Combined loan-to-value with a $30,000 loan
76.8%

$410,000 divided by $533,900

80% of the home value
$427,120
Room under an 80% ceiling before the loan
$47,120

$427,120 minus $380,000

Room left after the new loan
$17,120

Equity of $153,900 shrinks to $47,120 of room, and a $30,000 loan leaves $17,120. A condo that slips another 4% in value would leave about $35 of margin.

Illustration only. The figures are made up to show the arithmetic. They are not a quote, a rate or an offer.

Questions people ask

What sets the Victoria Core benchmark apart from Greater Victoria's?

VREB reports several areas. For October 2026 it gave $1,288,600 for a Victoria Core single-family home and $1,146,100 for Greater Victoria. If you live outside the core, the second number is closer to your market, though your own appraisal is what a lender uses.

Can the BC Home Owner Grant change what I can borrow in Victoria?

No. It lowers your annual property tax bill if the home is your principal residence, and for 2026 the full grant applies up to an assessed value of $2,075,000. It is not part of a lender's equity test.

After a separation, can a second mortgage fund a buyout in Victoria?

Sometimes. The lender looks at the equity, the first mortgage, the income left and whether the buyout is documented in a separation agreement or court order. A lawyer should draft the agreement first, since lenders will ask to see it.

Which is harder to borrow against in Victoria, a condo or a house?

VREB reported a Victoria Core condo benchmark of $533,900 in October 2026, down 2.8% on the year, while the single-family benchmark was $1,288,600. A smaller value means a smaller 80% ceiling, so the same balance leaves less room on a condo.

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Sources