The Bank of Canada is staying put.
On September 2, 2026, the Bank held its overnight policy rate at 2.25%, keeping the rate unchanged for the sixth consecutive announcement. While that may sound like a small update, it matters if you’re watching the Victoria BC real estate market, especially if you’re considering a new construction or presale home.
What’s happening with the Canadian economy?
The Bank says Canada’s economy is showing signs of improvement, but uncertainty remains. Its July outlook projected economic growth of 0.7% in 2026, followed by 1.8% growth in both 2027 and 2028.
At the same time, inflation remains something to watch. The Bank noted that higher energy prices and new US tariffs are creating additional upside risks to inflation.
So while rates are stable today, that doesn’t necessarily mean the rate environment is going to remain unchanged indefinitely.
What does this mean for Victoria real estate?
Interestingly, the latest local numbers show that Greater Victoria’s market is continuing to move.
According to the Victoria Real Estate Board, 591 properties sold in August 2026, 12.6% more than August 2025. There were also 3,662 active listings, giving buyers more choice than during the extremely tight markets of previous years.
For buyers, that creates an interesting environment: there is more opportunity to compare properties, but financing costs still deserve careful consideration.
What about Victoria presale and new homes?
This is where I think the interest-rate conversation becomes particularly important.
When you’re considering a presale home in Victoria BC, the advertised purchase price is only part of the picture. You also need to think about the deposit structure, completion date, mortgage planning, potential changes in borrowing costs, and how the home fits into your longer-term plans.
Presales can have a longer timeline between signing the contract and taking possession, so understanding both the current market and the potential rate environment can help you make a more informed decision.
The takeaway
The Bank of Canada is holding at 2.25%, and that provides some stability for the moment. But with inflation risks and economic uncertainty still in the picture, the direction of interest rates remains something Victoria homebuyers should keep on their radar.
For anyone exploring Victoria BC new homes, presale condos, townhomes, or new construction, this is a good time to look beyond the headline interest rate and consider the bigger picture.
That’s especially true when you’re planning several months or even years ahead for a presale purchase.
Thinking about a presale or new home in Greater Victoria? Understanding the development, the numbers, and the timeline can be just as important as watching the interest rate.
Victoria New Homes specializes in helping buyers explore presale and new construction opportunities across Greater Victoria.
