Monthly Market Update
Monthly Market Update
October 2025
Local Market Update – September 2025
The Canadian economy looks like it’s dodging a recession this year. After a weak spring, things picked up in the summer: the economy grew slightly in July, held steady in August, and is expected to show about 0.7% annualized growth for the third quarter. That’s a big improvement compared to earlier in the year. Economists are cautious, but the Bank of Canada is still expecting steady growth, which may influence interest rate decisions later this year.
What’s Happening Locally
In Greater Victoria, 554 properties sold in September. That’s a little fewer than the same month last year, but slightly more than in August.
� Single-family homes: 289 sales, up 6.3% compared to September 2024.
� Condos: 154 sales, down 18.5% year-over-year.
� Active listings: 3,694 at the end of September, up almost 10% from a year ago.
Prices remain steady overall. The benchmark price for a singlefamily home in the Victoria Core is now $1,294,800—about 1.2% higher than last year but a touch lower than August. Condos are averaging $547,500, slightly below both last month and last year.
What This Means for You
The local market is stable and balanced. Buyers have more choice, and sellers benefit from steady demand—without the frenzy of past years. With interest rates edging down, we may see more first-time buyers stepping into the condo market again.
If you’re thinking of selling, now is the time to make sure your home is well-presented and priced right. If you’re buying, you can take the time to consider your options and negotiate without feeling rushed.
Sincerely,
Michele, Mark and Eric
