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Real Estate Market Update - October 2025

What’s Happening on the Ground

Inventory declined slightly from September (down 7.3%), but remained 8.3% higher than this time last year—giving buyers more selection and reducing urgency. Sales were down 5.7% compared to October 2024, reflecting a calmer, balanced fall market following a strong spring and summer.

October 2025 Market Overview

Active Listings: 3,423 Total Properties Sold: 617

Single‑Family Homes: 350 sold

Up 2.9% year-over-year, showing that demand for detached homes remains resilient despite higher inventory.

Townhouses: 75 sold

Up 2.7% year-over-year. Buyers continue to show strong interest in this middle-market segment, particularly in suburban and new-build locations.

Condominiums: 159 sold

Down 15% year-over-year, marking continued softness in this segment as buyers look for value or shift toward larger property types.

Benchmark Price – Single Family Homes (Victoria Core): $1,276,500

Down 1.8% year-over-year. A mild pullback from peak pricing, reflecting seasonal normalization and selective buyer activity.

Benchmark Price – Townhouses (Victoria Core): $845,800

Fairly stable year-over-year. Demand has kept this segment relatively steady despite broader market shifts.

Benchmark Price – Condos (Victoria Core): $551,000

Up 0.6% year-over-year. While pricing has held, lower sales suggest a more cautious and price-sensitive buyer pool.

What This Means for You

Thinking of selling?

Detached homes and well-located townhouses remain attractive. With balanced conditions, sellers must focus on strong pricing and presentation. Well-prepared listings are still moving—especially those priced within market expectations.

Looking to buy?

Fall is providing opportunity. With inventory levels elevated and competition reduced, you can take more time to evaluate your options—especially in the condo and townhouse markets.

Investors & Developers?

Townhomes remain a stable, desirable product. Condo inventory and slower absorption suggest potential for strategic acquisition, repositioning, or negotiation. Detached homes continue to demonstrate strong long-term value.

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Good News: Variable Mortgage Rates Just Dropped

What changed:

The Bank of Canada recently reduced its policy/overnight rate by 25 basis points (0.25%).As a result, many lenders have also adjusted their prime (base) rates downward accordingly.

What this means for you:

If you have a variable-rate mortgage (or are considering one), here’s a rough estimate of how your monthly payment could change:

  • For every $100,000 of mortgage balance, a 0.25% drop in interest might reduce monthly payments by approximately $14-$30/month, depending on amortization and the exact variable rate contract.

  • Example: If you have $300,000 remaining, you might see a reduction of roughly $42-$90/month, all else being equal.

  • Note: If your variable-rate mortgage has a fixed payment amount (i.e., payment doesn’t change until renewal), what will happen instead is that a larger portion of your payment goes toward principal rather than interest — meaning you’ll pay off faster.

Next steps you might consider:

  • If you’re already on a variable rate: check with your lender/broker to confirm how your specific contract handles rate-drops (payment reduces vs amortization change).

  • If you’re buying, renewing or refinancing soon: this drop may increase your buying power or reduce your carrying cost — let’s connect if you’d like me to run some numbers for you based on your situation.

  • If you’ve been waiting for a favourable rate to act: this helps make the variable-option look stronger than before (though fixed vs variable still depends on your risk tolerance and market outlook).

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Real Estate Market Update - September 2025

What’s Happening on the Ground

September in Victoria delivered a balanced, steady real estate market. Activity softened compared to spring highs, but the inventory base remains solid, giving buyers more room to evaluate and sellers more time to prepare. The market is settling into a more measured autumn rhythm—less pressure, more deliberation.

September 2025 Market Overview

Active Listings: 3,694 Total Properties Sold: 554

Inventory ticked up ~2.6% from August, and is ~9.9% higher than one year ago. This broader supply gives buyers options and slack in decision making. Sales were down ~3% compared to September 2024, but up modestly over August — a sign of stabilized activity after late-summer plateaus.

Single‑Family Homes: 289 sold

A solid increase (~6.3% year-over-year), highlighting ongoing strength in detached home demand.

Townhouses: 72 sold

Slight decline from last year, but demand remains solid, particularly for well-priced options in desirable locations.

Condominiums: 154 sold

This segment was softer, down ~18.5% year-over-year, suggesting more supply relative to demand in that market niche

Benchmark Price – Single Family Homes (Victoria Core): $1,294,800

Up ~1.2% from September 2024, but down from August’s peak, indicating a mild cooling or seasonal adjustment.

Benchmark Price – Townhouses (Victoria Core): $854,300

Stable to slightly upward, reflecting steady buyer appetite for these mid-tier options.

Benchmark Price – Condos (Victoria Core): $551,300

Down ~1.1% year-over-year, reflecting moderate softness in condo pricing.

What This Means for You

Thinking of selling?

Your timing is good — the market is balanced but not oversaturated. To compete, focus on correct pricing, strong presentation, and staging. Well-prepared homes in desirable areas will stand out more now than ever.

Looking to buy?

This is a relatively favorable window. With less aggressive competition and more listings, especially in the condo segment, you have more flexibility to make a thoughtful decision without being rushed..

Investors & Developers?

Detached homes are proving resilient, while condos are showing signs of downward pressure. Well-located condo or townhome projects might offer buying or repositioning opportunities. Entering now, ahead of fall momentum, could be advantageous.

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Mortgage Market Update – September 2025

OSFI (Canada’s banking regulator) has announced an important change that will affect real estate investors and multi-property buyers:

Income used to qualify for one mortgage can no longer be reused to qualify for another.
This means each property must stand on its own financially when applying for financing.

What this means for the market:

  • Investors and portfolio buyers will face stricter qualification rules.

  • Rental income cannot be double-counted across multiple properties.

  • Single-property owners and first-time buyers are not impacted.

This change is designed to reduce financial risk in the mortgage market, but it also means investors should plan ahead more carefully when expanding their portfolios.

Source: Canadian Mortgage Trends, Sept. 2025

If you’re considering an investment property or adding to your portfolio, I’d be happy to walk you through how these new rules may affect your financing options.

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New property listed in CS Brentwood Bay, Central Saanich

I have listed a new property at 761 Harding Lane in Central Saanich. See details here

Welcome to 761 Harding Lane — a rare blend of historic charm and modern elegance in Brentwood Bay’s sought-after Moodyville neighbourhood. Built in 1935 and fully lifted and renovated in 2017, this 4 bed, 3 bath luxury cottage offers 2,054 sq ft of living space with engineered white oak floors, in-floor hydronic heating, and handcrafted pine trim. The kitchen features quartz counters, custom cabinetry, a gas range, and seamless dining flow. Folding glass doors open to a deck with panoramic ocean and mountain views — perfect for sunsets and Butchart Gardens fireworks. A spacious backyard invites entertaining or gardening, while advanced systems — including endless hot water, whole-home HEPA filtration, and multi-zone heating — ensure comfort. Steps to beach access, Brentwood Bay Resort, shops, wineries, ferries, and parks. Schedule your appointment to view today

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I have sold a property at 404 3700 Carey Rd in Saanich

I have sold a property at 404 3700 Carey Rd in Saanich on Jun 9, 2025. See details here

This tastefully updated top-floor unit offers vaulted ceilings, skylights, and stunning views of city lights and treetops. The spacious layout features a modern kitchen with granite countertops, ample cabinetry, an eating nook, and an open living/dining area with a cozy gas fireplace (gas included in strata). Step onto the large balcony, perfect for morning coffee or evening relaxation. The primary bedroom boasts high ceilings, a walk-in closet, and a 3-piece ensuite with radiant floor heating. A second bedroom, 3-piece bath, and a separate laundry room with extra storage provide convenience. The building offers secured underground parking, a storage locker, a workshop, and plenty of visitor parking. Located in a pet-friendly building just steps from Swan Lake, Uptown, Whole Foods, and the Galloping Goose Trail. A fantastic opportunity to own a bright, spacious home in a central location!

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I have sold a property at 128 2770 Leigh Rd in Langford

I have sold a property at 128 2770 Leigh Rd in Langford on Jun 1, 2025. See details here

1471sq/ft commercial space light industrial space for lease in a very strategic location in Langford. Prominent frontage on Leigh Rd with easy access to Highway North or into heart of Langford. Unit includes gas fired unit heaters, 40% upper floor mezzanine, 3 piece handicap accessible bathroom including shower, smooth concrete flooring in the main area, 10w x 10h overhead door and 2 parking spaces. The height of is over 22 feet high. This space is zoned (BT1) – Langford Business and Technology Park. Some possible uses include: electronic manufacturing, film production studios, gym & health establishments, light industrial uses, light manufacturing and assembly, professional offices, general contractor offices, printing, publishing & book binding, schools, universities, business collage and trade schools, retail stores, science and technological research facility just to name a few.

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I have sold a property at 1536 Earlston Ave in Saanich

I have sold a property at 1536 Earlston Ave in Saanich on Feb 10, 2025. See details here

This three-bedroom rancher, nestled at the end of a quiet cul-de-sac in the highly sought after McKenzie Corridor, presents a rare opportunity to invest in a prime location in the Shelbourne Valley. Close to schools, transportation and amenities, on a spacious, private lot with large fenced yard with shed and garden beds. The living room features coved ceilings, hardwood floors and a fireplace, a updated bathroom with heated floors and soaker tub, and an open kitchen and dining room, all with thermal windows. A well loved home for nearly 30 years, this property offers potential to personalize and make your own. Whether you choose to live in, rent, or eventually build or redevelop, the possibilities are endless. Priced below the assessment this is a rare chance to secure your place in an area where opportunities are unlimited. Don't miss out on this prime investment.

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I have sold a property at 104 3328 Radiant Way in Langford

I have sold a property at 104 3328 Radiant Way in Langford on Jul 17, 2023. See details here

Fantastic 3 bed, 3 bath townhouse in the sought after Piano development! This beautiful home, tucked away from the road, boasts an abundance of privacy as it backs on to the Galloping Goose. You will love the natural light that pours through, as well as the high ceilings! The primary bedroom is a tranquil retreat with a beautiful ensuite, walk-in closet, and amazing, spacious sundeck - perfect for relaxing and taking in the views. Some of many features of this incredible home include quartz countertops in kitchen and all bathrooms, stainless steel appliances, feature wall with fireplace, huge 5'9'' crawlspace, and an energy efficient heat pump! Great storage throughout as well as 2 parking spaces. Ideal location close to good schools, trails, and all amenities the Westshore has to offer.

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I have sold a property at 1503 845 Johnson St in Victoria

I have sold a property at 1503 845 Johnson St in Victoria on Jun 29, 2023. See details here

LIVE LIFE DOWNTOWN. VIVID at the Yates is a timely opportunity for entry level buyers to become home owners in a seemingly challenging market. For a short period of time, HOUSINGHUB is making it possible for QUALIFIED buyers to own CHARD built steel and concrete homes, just steps from all of Downtown's conveniences. 5% down payments and a clever 20% AHOP second mortgage program help ease you into an affordable, low payment home. These near new condos carry the balance of the new home 2-5-10 warranty, and the GST has already been paid. They are packed full of slick contemporary finishes, details and stainless steel appliances. The building offers plenty of communal features, outdoor areas and city/ocean views. Interior photos are of various units to depict varying floor plans, colour schemes and orientations. All measurements are approximate. Immediate possession. Purchasers must meet stringent income and residency requirements. Further details, photos and video at the link below.

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I have sold a property at 302 2843 Jacklin Rd in Langford

I have sold a property at 302 2843 Jacklin Rd in Langford on Jun 30, 2023. See details here

Fantastic opportunity to get into the market, right in the heart of Langford. Save the GST and move into this nearly new condo. For investors, this building offers a Rental program through Proline Management to make for a truly hands-free investment opportunity! A spacious closet in your entry way provides nice flow into the bright open concept living space. The kitchen is well thought out to include tons of storage and counter space, making it very user friendly. Your Bedroom, Bathroom and Laundry are off to the side to make your living space entirely usable! The spacious Bedroom with a big, beautiful window and plenty of storage makes for a lovely place to wake up in the morning! Enjoy the larger than typical balcony on the quiet side of the building.

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I have sold a property at 2768 Celestial Crt in Langford

I have sold a property at 2768 Celestial Crt in Langford on Jun 28, 2023. See details here

The Duplex homes at Westhills, with 4 bedrooms, 3½ bathrooms & media room, there is space for everyone. Upstairs you will find the master bedroom & ensuite with walk in tiled shower, 2 more bedrooms, a full bathroom & dedicated laundry room. The main floor is open concept with custom kitchen, living room, dining room & access to the back deck and yard. The lower level has a 4th bedroom, another full bathroom & media room, perfect for your teenager or homestay student. The Duplex is great value & quality. Fit & finish details you will love; full appliance package including a gas range with convection oven, natural gas fireplace & hot water on demand, calming color palettes, stone countertops & more. Westhills has all the amenities you crave, including brand new elementary & middle schools, & Belmont Secondary just down the road, all levels of education are within walking distance for your children. Visit the Westhills HomeStore today. Open daily from 12–4pm.

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MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.