The short answer is no, not yet. But the numbers are starting to move, and I think it’s worth paying attention to.
What I’m Seeing on Vancouver Island
Every so often I check how many court ordered sales are listed on Vancouver Island. From what I remember, the number is usually fewer than five. When I checked again today, there were 13 active listings.
Thirteen doesn’t sound like a lot, and in the grand scheme of things it isn’t. Our market is still performing well. But going from fewer than five to 13 tells me something is shifting, even if it’s early. Here is a list of current Court Ordered Sale Listings. as of October 18, 2026.
It’s also worth knowing that not every court ordered sale is a foreclosure. Some are the result of divorces or other legal situations. So the number isn’t a perfect measure of financial distress, but it’s still a useful signal to watch.
Why Our Market Is Lagging Behind Other Parts of BC
Other cities across BC have shown more foreclosures than we have. Interest rates have gone up significantly over the last few years, and I believe we may be in the early stages of financial struggles for some owners. Our market tends to be delayed compared to others, and so far it’s holding together well.
That delay doesn’t mean we’re immune. It may simply mean we’re further back in the line.
A Foreclosure Is Not Always the Bargain People Think It Is
Earlier this year, I had a client who wanted to buy a foreclosure listing. We wrote an offer and went to court. Our offer was rejected because several other people were bidding on the property, and ours was one of the lowest.
That experience reinforced something I tell buyers often. Foreclosures can look like a chance to buy at a lower price, but that’s usually not how it plays out. In reality, it’s closer to a multiple offer situation.
Advice for Buyers Hoping to Find a Deal
If you’re interested in buying a court ordered sale, go in with a plan.
Write one low offer, but be ready to write a higher one. Have your best offer ready.
Don’t get swept up in the excitement of multiple offers. Stay disciplined and know your number before you walk in.
Remember that foreclosures can’t have any subjects. You are buying the property as is.
Understand that the courts can’t guarantee all appliances will still be there when you take possession, and you don’t really know if the home will look the way it did during your initial viewing.
Be prepared for potential extra costs, because there are a lot of unknowns.
Advice for Homeowners Who Are Worried
If you’re struggling with your payments, the hardest thing is also the most important: make the difficult decisions early. Don’t wait until the bank takes over.
Call your bank as soon as you see trouble coming, whether it’s a job loss or any other change in income, and try to work out a repayment plan.
If that doesn’t work, consider selling your home as soon as possible and moving on.
Don’t bury your head in the sand. Avoiding the problem will cost you far more than money. It means months of stress and years of recovery.
Selling on your own terms is almost always a better outcome than losing the home. It’s not worth the damage to your finances or your well-being.
Why I Think We’ll See More Foreclosures in the Next Few Years
I expect we’ll see more foreclosures in the coming years. Nobody has a crystal ball, especially in a political and economic climate that keeps changing, but several things point in that direction.
Affordability across the country has been out of reach for a lot of people, especially younger buyers. As interest rates have gone up, prices should come down. If they don’t, we will likely see more renters in the future. Governments also appear to be promoting rental development more than home ownership, so I wouldn’t be surprised if ownership becomes something reserved for a few.
Add to that rising property taxes and baby boomers retiring and downsizing, and we could see much more inventory with fewer qualified buyers to absorb it.
The Hidden Risk Behind Pre-Construction Condos
One scenario concerns me in particular. I’ve heard from people in the mortgage industry that many older homeowners took out lines of credit against their houses to help their kids with a down payment on a new condo.
Now those condos are being completed, and the financing has to be finalized. But condo prices have come down, and a lot of buyers don’t qualify for the mortgage they need. Here’s what can happen next:
The buyers walk away and forfeit their deposits.
The parents are left with debt on their homes.
The kids can’t qualify for financing.
Developers may sue for loss of sale.
If enough of this happens at once, it could blow up in a big way.
The Bottom Line
For now, our market seems to be holding together, and it’s a great time to be a buyer. If you’re sitting on some cash, write offers. Don’t get attached to the outcome. Write low offers, stay disciplined, and you might get lucky.
How to find trustworthy real estate agent in Campbell River
If you’re a homeowner feeling the pressure, act early. Your options are always better before the bank is making the decisions for you.
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https://heyleo.com/roman
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