Monthly Market Update
Monthly Market Update
November 2025
Victoria Real Estate Market Stays Balanced and Steady This Fall
The Victoria real estate market is holding steady this fall, offering a nice balance between buyers and sellers — and some real choices for those looking to make a move.
In October, 617 properties sold across the Victoria Real Estate Board region. That’s a little lower than last October (down about 6%), but still more than 11% higher than in September, which shows the market picked up a bit as we headed into fall.
Single family homes continue to lead the way, with 350 sales, up slightly from last year. Condo sales were softer, with 159 units sold, down about 15% from October 2024.
“The local real estate market remains reasonably balanced,” said Board Chair Dirk VanderWal. “Single family homes are seeing the strongest demand, while condo buyers have a good variety to choose from and a bit more time to make decisions.”
At the end of October, there were 3,423 properties listed for sale, which is up 8% from this time last year but down slightly from September. So, while there’s a healthy amount of inventory, we’re not seeing an oversupply — another sign of a balanced market.
Prices have stayed relatively steady. The benchmark price for a single family home in the Victoria Core was $1,276,500 in October, a small dip of 1.8% from last year. Condos in the same area had a benchmark value of $551,000, which is up a touch (0.6%) from last year and slightly higher than in September.
The Bank of Canada’s interest rate cut at the end of October has buyers watching closely. It’s too soon to tell what impact it will have, but any easing in borrowing costs could help boost confidence heading into winter.
As the weather cools, the market usually slows a little too, But Victoria’s market is dynamic — things can shift quickly depending on buyer activity. If you’re thinking about buying or selling, it’s a great time to check in with us for personalized advice.”
Elsewhere in the province, Vancouver had one of its strongest months of the year, while Toronto’s condo market continues to struggle — only 53 condo sales in October, with another 2,600 new units expected soon.
Here in Victoria, things remain steady, balanced, and encouraging. Homes that are priced right are selling, buyers have more to choose from, and both sides are finding opportunities that work for them.
If you’re thinking about making a move or just curious about what’s happening in your neighbourhood, we’d be happy to chat. Whether you’re considering selling, buying, or simply keeping an eye on the market, we can help you understand where things stand and what your best options are.
Michele Holmes, Mark Rice PREC and Eric Smith PREC Coldwell Banker Oceanside Real Estate
Helping clients on the Saanich Peninsula and across Greater Victoria make confident, informed decisions in every market.
