Melissa Thimot Real Estate

Vancouver Island has become one of the most desirable places to live in Canada — and the real estate numbers consistently reflect that. While many BC markets experience fluctuation, the Island continues to show stability, demand, and long-term growth.

Strong Lifestyle Appeal

People are prioritizing quality of life more than ever, and the Island delivers: mild weather, access to nature, walkable communities, and a slower, family-friendly lifestyle. This steady demand supports local housing values year-round.

Population Growth & Migration

Vancouver Island consistently attracts buyers from the Lower Mainland, Alberta, and across Canada. With limited land for new development in many areas, demand often exceeds supply — keeping the market resilient.

Diverse Housing Options

From urban condos in Victoria to new-build neighbourhoods in Langford and family homes in Saanich and Nanaimo, the Island appeals to a wide range of buyers. This variety helps balance the market and avoid the extreme swings seen elsewhere.

Strong Local Economy

Government, tech, tourism, education, and healthcare sectors keep the economy stable. This creates reliable long-term demand for housing, even during national slowdowns.

Moderate Price Growth vs. Mainland Spikes

Compared to the Lower Mainland’s volatility, Vancouver Island has seen more sustainable growth. This positions it as a safer long-term investment for both homeowners and buyers seeking stability.

The Bottom Line

Vancouver Island continues to outperform because it offers something rare: strong demand, steady growth, and a lifestyle people actively choose. Whether you’re buying, selling, or investing, the Island remains one of BC’s most reliable markets.

Whether you already own a home or you’re thinking about buying or renovating this year, Budget 2025 may affect the options available to you. Some programs are ending, others are being introduced, and a few could make borrowing or planning a little easier, especially for first-time buyers.

My goal is to help you make sense of what has changed and where there may still be opportunities. Here’s a quick look at what could matter most for your plans in the coming year, and how I can help if any of these apply to you.

The Underused Housing Tax is being eliminated

The 1% tax will no longer apply starting with the 2025 tax year. If you own a property through a corporation or trust, this means no more annual UHT filings. Just keep in mind that filings from 2022 to 2024 still need to be completed. If you’re not sure whether you’re up to date, I can help point you in the right direction.

No federal loan for secondary suites

The government has cancelled the Secondary Suite Loan Program for basement or laneway units. But there are other options that might work, such as purchase-plus-improvements programs or insured refinances. If you’ve been considering adding a suite, we can explore what’s still available.

GST rebate confirmed for first-time buyers

First-time buyers of new homes up to $1 million will no longer pay federal GST. Homes between $1 million and $1.5 million will qualify for a partial rebate. This could mean up to 5% in savings. If eligibility is a concern, especially around the first-time buyer rule, I can help you confirm whether you qualify and what documents you’ll need.

Funding for affordable housing and rentals

The new Build Canada Homes program will direct $13 billion toward modular-built and non-market housing using federal land. It isn’t a consumer program, but over time it’s designed to increase supply and ease pressure in higher-cost regions.

Energy efficiency rebates winding down

The Canada Greener Homes Grant has been discontinued, and related loans are no longer taking applications. Before starting a renovation, it’s still worth checking what provincial or municipal rebates may be available. There may also be financing options that make improvements more affordable, including for energy-efficient upgrades.

More focus on financial fraud protection

Budget 2025 also calls for stronger fraud safeguards within the financial system. The government wants banks to enhance consumer protections and give Canadians more control over their accounts. If you ever get a message or email that doesn’t look right, feel free to reach out, I can help you verify before you share anything.

Support for rental housing expansion

The annual limit on Canada Mortgage Bonds has increased to $80 billion to help finance multi-unit rental housing. This won’t affect personal mortgages, but it should support rental availability and stability in the long term.

Planning ahead? I’m here to help

Budget 2025 brings changes that could shape borrowing decisions in the year ahead for both current homeowners and those planning to buy or renovate. Some programs have shifted and a few new ones may offer opportunities depending on your situation.

If you’d like to understand how the new rules may affect your plans, feel free to give me a call or reach out anytime. I’d be happy to go over the options and what’s still available.  

Paul Macara
Mortgage Professional
(250) 857-4741
paul@macaramortgages.com