What’s Happening on the Ground

Inventory climbed heading into spring. Active listings finished February at 2,903, up 10.6% from January and 10.4% higher than February 2025 — giving buyers noticeably more choice than this time last year.

Sales picked up month-over-month, but are still behind last year. A total of 465 properties sold in February, which is 37.2% more than January 2026, but 11.9% fewer than February 2025 — a sign that activity is improving seasonally while the overall pace remains calmer than last year.

February 2026 Market Overview

Active Listings: 2,903 Total Properties Sold: 465

Single‑Family Homes: 206 sold
Down 12.0% year-over-year. Detached remains the strongest segment by volume, and February showed a solid bounce from January as buyers start positioning for spring.

Townhouses: 66 sold
Up 11.9% year-over-year — the only major category that increased vs last February, suggesting steady demand for the “middle” product type.

Condominiums: 154 sold
Down 19.8% year-over-year — activity is softer here, which often points to more caution from first-time buyers and investors.

Benchmark Price – Single Family Homes : $1,199,000
Represents the value of a typical detached home in Greater Victoria using the MLS® Home Price Index. Detached homes remain the most valuable segment due to limited land supply and strong demand from families and move-up buyers.

Benchmark Price – Townhouses : $815,000
Reflects the typical townhouse price across the region. Townhomes remain a popular middle option for buyers seeking more space than a condo but at a lower price than a detached home.

Benchmark Price – Condos : $553,000
Represents the typical condo value in Greater Victoria. Condos remain the most affordable entry point into the market and attract many first-time buyers and investors.

What This Means for You

Thinking of selling?
Inventory has increased compared with last year, so pricing and presentation matter more than ever. Well-priced homes — especially detached homes and desirable townhouses — are still attracting buyers, but listings that miss the market on price may take longer to sell.

Looking to buy?
With more listings available and a balanced market, buyers have more choice and less pressure than in recent years. This gives you more time to evaluate properties and negotiate, especially as the spring market begins to build.

Investors & Developers?
Townhouses continue to show steady demand, while softer condo activity may create opportunities for long-term investors. With inventory rising and sales still below last year’s pace, keep an eye on properties that have been sitting on the market as potential value opportunities.

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.

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).

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.

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.