Navigating the Current Market

Greater Victoria-Market Insights

The Big Picture

After two decades in this business, one truth remains: real estate is about people and timing more than ever. Today’s market has shifted. It’s not the wild seller’s market of recent years, but that doesn’t mean opportunities don’t exist. In fact, the balance has moved toward a more strategic game for both buyers and sellers.

Here’s what the numbers - and my 20+ years of experience - tell us:

• Supply is increasing. At the end of September 2025, active listings in Greater Victoria reached 3,812, which was up 12% from September 2024. 

• Sales volume is steady but not frenzied. The market is showing healthy activity without the volatility of previous years. 

• Price growth is modest. For single family homes in Victoria’s core, the benchmark rose by 1.2% year-over-year to about $1.295 million. Condos, conversely saw a slight dip of 1.1% to around $548,000. 

• The market is balanced. We’re past the extreme seller’s market where every listing sparked 10 offers. Buyers now have more breathing room and sellers need to be more measured. 

What This Means for Buyers

If you’re looking to buy in Victoria right now, here are some insights I’ve gathered:

1. More time to make decisions.
With higher inventory levels, you’re less likely to feel the panic of  'if I don’t act right now someone else will.'  That said, desirable properties still move quickly. Use this time for due diligence such as scheduling an inspection, reviewing strata documents for condos and check out the neighbourhood.

2. Opportunity to negotiate.

In the frenzy of past years, buyers often had to waive conditions or bid far above asking. Now, you may have more leverage from favourable terms to a wider selection of listings and the ability to compare. With, active listings up significantly, you have more breathing room. 
Get pre-approved, know your price band and work with an agent who knows the the 'Victoria market'.

3. Clarify your wants vs. needs.
With the extra time to choose, you can prioritize features such as yard size, outdoor space, updated interiors, local amenities and transit access. A well presented home is still attracts attention. If you’re buying a condo, make sure you review the strata's reserve fund and building history carefully. Condo inventory is growing, so you can afford to be selective.

4. Don’t wait indefinitely for 'the perfect deal'.
While the market isn’t overheated, it’s supported by strong fundamentals: limited land on Vancouver Island, a lifestyle appeal, a mild climate and ongoing demand. Waiting for a major price correction may backfire. Time, borrowing costs and opportunity costs all matter as well.

What This Means for Sellers

If you’re looking to sell your home, here’s how I can help:

1. Pricing & presentation matter most.
In a balanced market, buyers are selective. Homes that are well presented, well priced and in good condition will sell. Overpriced or neglected homes will sit longer. From my experience, timing and perception matter just as much as statistics.

2. Know your competition & be realistic.
With higher inventory, your home is competing against more listings. Sellers may need to invest in staging and/or adjust final price expectations.

3. Leverage the steady demand for single family homes in prime locations.
Data shows single family homes remain resilient. Buyers still prioritize yard space, independent homes and strong school zones, these homes are still being chosen. If your property includes an accessory suite, potential rental income or great outdoor space, highlight it.

4. Be prepared for a thoughtful buyer.
Unlike a year ago when offers were rushed, today’s buyers often take more time, ask more questions and expect transparency. Ensure your disclosures, condition and pricing align. A smooth, confident transaction often matters more than squeezing out a few extra dollars.

Key Strategies for Both Sides

• Work with a local agent who truly knows the neighbourhoods.

• Stay on top of financing trends. Rates remain higher than in past years but have stabilized, offering some predictability. 

• Set realistic expectations. Modest growth or stable pricing is the new norm, plan accordingly.

• Focus on location, condition & value. These things matter more than timing the 'perfect moment'.

• Use this period of balance wisely.  Buyers:  Set your budget, wishlist and a 'must‐haves vs nice‐to‐haves'. Sellers: Assess your home’s condition honestly, make key improvements and list with a clear strategy.

My Final Take

After 20 years of helping clients navigate market peaks & valleys, one thing remains true - the best deals often happen when everyone else pauses and overthinks.

• Buyers:  Explore the market now while you have choices and less pressure.

• Sellers:  Market your home proactively. Waiting for 'something better around the corner' may mean missing your optimal window.

Victoria remains one of Canada's most desirable regions, with an enviable lifestyle, limited land supply and steady demand. Today's market isn't about rushing, it’s about being smart.

If you’re thinking of buying or selling now or later,  let’s have a chat.  I’ve seen most market cycles and I’d welcome the chance to put my many years experience to work for you. 

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