Victoria Real Estate Updates and Trends

October 2025 Market Snapshot: A Balanced Landscape in Greater Victoria

Written by • November 4, 2025

The real-estate market in Greater Victoria continues to find its footing, offering a mix of opportunity and stability for both buyers and sellers. According to the latest figures from the Victoria Real Estate Board, October saw a total of 617 properties sold — which is 5.7% fewer than the 654 sold in October 2024, but 11.4% higher than September 2025. d15k2d11r6t6rl.cloudfront.net+1

This data suggests a market that is active, though not overheated — so let’s dive deeper into the trends, what they mean for you, and how to leverage them.

Key Numbers & Trends

  1. Overall sales volume

  2. By property type

    • Single-family homes: 350 sold — an increase of 2.9% from October 2024. d15k2d11r6t6rl.cloudfront.net

    • Condominiums: 159 units sold — down about 15% from October 2024. d15k2d11r6t6rl.cloudfront.net
      The data clearly indicates single-family homes are experiencing stronger demand relative to condos at the moment.

  3. Active listings & supply

    • Active listings at end of October: 3,423 — down 7.3% from September 2025, but up 8.3% from October 2024 (which had 3,161 listings). d15k2d11r6t6rl.cloudfront.net
      A modest supply increase year-over-year, but a tightening month‐to-month, which suggests the market is moderately balanced.

  4. Price benchmarks (via MLS® Home Price Index, HPI)

    • For a single-family home in Victoria Core: benchmark value dropped 1.8% from October 2024 ($1,300,200) to October 2025 ($1,276,500). d15k2d11r6t6rl.cloudfront.net

    • For a condominium in Victoria Core: benchmark value increased 0.6% from $547,800 (Oct 2024) to $551,000 (Oct 2025). d15k2d11r6t6rl.cloudfront.net
      These relatively small changes in benchmark pricing suggest price stability rather than large swings.

  5. Market interpretation
    According to the Board, the “sales to active listings ratio” (i.e., number of sales divided by active listings) provides an indicator of market pressure:

    • Below ~17% ⇒ Buyers’ market (downward pressure on prices)

    • Above ~28% ⇒ Sellers’ market (upward pressure on prices)

    • Between ~17%–28% ⇒ Balanced market (little pressure either way) d15k2d11r6t6rl.cloudfront.net
      For October this year, the ratio falls within the balanced range — reinforcing the view that the market offers options and is not dominated by one side.

What This Means for Buyers & Sellers

For Buyers:

  • The fact that the single-family home segment is showing rising sales and that condo sales have softened may mean slightly more room for negotiation or choice in condominium markets.

  • With pricing largely stable, there’s less risk of a major surge in rates or price hikes in the short term — giving buyers some breathing room.

  • Active listings are down from the prior month, meaning the competition may rise slightly — but we’re not in a frenzied seller’s market.

For Sellers:

  • If you’re selling a single-family home, the modest uptick in sales in that segment is encouraging — demand is present.

  • For condo sellers, the market is a little quieter, and you may need to be more strategic with pricing, presentation or timing.

  • Since prices are stable rather than skyrocketing, it’s a good time to set realistic expectations and highlight value rather than counting on rapid appreciation.

For Both:

  • The November‐through‐winter period often sees a seasonal cooling in housing markets (shorter days, holiday mindset) — so timing, staging and marketing may matter more.

  • The recent rate cut by the Bank of Canada (late October) may influence buyer sentiment and mortgage rates in the coming months — worth keeping an eye on. d15k2d11r6t6rl.cloudfront.net

  • Work with a local REALTOR® who understands specific neighbourhoods, property types and current market dynamics in Greater Victoria — the generic “market” numbers are helpful but local variations matter.

Looking Ahead: What to Watch

  • Mortgage rates: With the Bank of Canada cutting rates late October, variable‐ and fixed‐rate mortgages may respond — which could boost demand or change timing of buyer decisions.

  • Condo vs. Single‐Family divergence: Will the condo market rebound or continue to show lower sales? Will single-family demand remain strong?

  • Active inventory shifts: If listings continue to decline month to month, supply may tighten and create more upward pressure.

  • Seasonal effects: As we move into late Fall/Winter, expect fewer showings, more cautious buyers, and possibly more negotiation room.

  • Local neighbourhood & property‐type micro-trends: Even within Greater Victoria, each community or property segment (e.g., townhomes, luxury homes) may behave differently — keep sight of those nuances.

Final Takeaway

The October 2025 market for the Victoria region is balanced — neither strongly tipped toward buyers nor sellers. For most participants, this means options: buyers have time to decide, sellers can market without fear of price collapses. But it also means that neither side should expect lightning‐fast moves. Strategic thinking, solid preparation, and timely action will pay dividends.

If you’re considering buying or selling (or simply curious about what’s happening in your specific neighbourhood), now is a good time to connect with a local expert who can interpret these headline numbers in the context of your property and goals.

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