Posts Tagged ‘Greater Victoria real estate trends’

Greater Victoria historical home appreciation shows clear patterns across different neighbourhoods and housing types. Over the past decade, Westshore communities such as Langford and Colwood have led many recent price gains, while established luxury markets such as Oak Bay and North Saanich have maintained strong premium status. Understanding these trends helps buyers and sellers evaluate both growth potential and long-term stability when choosing where to invest or live. Westshore Growth: Langford Leading Expansion Langford has consistently ranked among the fastest growing municipalities in Greater Victoria. Over the past 15 to 20 years, population growth, infrastructure development, and new housing construction have helped drive strong appreciation. Many buyers have been drawn to Langford because of comparatively attainable pricing, newer housing stock, and access to recreation amenities. The combination of new schools, retail development, and transportation improvements has supported steady buyer demand. As more families and professionals moved into the Westshore, home values increased alongside community expansion. Langford’s appreciation has often been driven by growth and accessibility rather than luxury positioning. This has allowed the area to attract first-time buyers, move-up buyers, and investors seeking long-term equity potential. Colwood’s Rising Demand and Waterfront Appeal Colwood has followed a similar growth trajectory while offering additional lifestyle benefits through waterfront access and established neighbourhood charm. As development expanded westward, Colwood became increasingly attractive to buyers seeking balance between affordability and proximity to central Victoria. Recent appreciation trends in Colwood have been supported by new master-planned communities, infrastructure investment, and continued interest from families relocating from more expensive core neighbourhoods. The municipality continues to benefit from spillover demand from Langford and downtown Victoria buyers searching for larger homes and improved lifestyle options. Oak Bay’s Long-Term Premium Stability Oak Bay has historically maintained one of the highest average home values in Greater Victoria. Unlike high-growth municipalities, Oak Bay’s appreciation pattern has been shaped by limited housing supply, established neighbourhood prestige, and consistent luxury buyer demand. Waterfront properties, heritage homes, and walkable village centres continue to support Oak Bay’s premium status. Price growth in Oak Bay tends to occur gradually, with less volatility compared to emerging markets. Buyers often view Oak Bay as a long-term lifestyle investment rather than a rapid appreciation opportunity. North Saanich and Estate-Level Market Strength North Saanich has also maintained strong historical value due to larger estate properties, oceanfront homes, and rural lifestyle appeal. The municipality attracts buyers seeking privacy, acreage, and luxury waterfront living. Limited developable land and strict zoning contribute to constrained inventory, which helps preserve property values over time. While sales activity can fluctuate based on luxury market cycles, long-term pricing trends continue to reflect strong demand for unique properties and coastal living. Growth Markets vs Established Premium Markets Greater Victoria historical home appreciation highlights two common real estate patterns. Growth markets such as Langford and Colwood often experience stronger percentage-based gains during expansion periods. Premium markets such as Oak Bay and North Saanich typically demonstrate slower but highly stable appreciation. Both market types offer value depending on buyer goals. Growth areas may provide stronger entry-level appreciation opportunities, while premium neighbourhoods often deliver long-term value retention and lifestyle benefits. What Buyers and Sellers Can Learn From Historical Trends Historical appreciation patterns can help guide real estate decisions, but they should not be used as guarantees of future performance. Economic conditions, interest rates, population trends, and housing supply all influence pricing cycles across Greater Victoria. Buyers should evaluate neighbourhoods based on lifestyle needs, long-term goals, and financial comfort rather than relying solely on past appreciation rates. Sellers can benefit from understanding how their neighbourhood fits into broader regional trends when pricing and marketing their homes. Greater Victoria historical home appreciation demonstrates the diversity of housing opportunities across the region. Whether buyers prioritize growth potential or premium stability, understanding neighbourhood trends can support more confident decision-making. If you are considering buying or selling in Langford, Colwood, Oak Bay, North Saanich, or anywhere in Greater Victoria, reach out to our team to discuss your options and create a strategy that fits your long-term real estate goals.   Courtenay C., 5-Star Review, via Google “Scott and the team are exceptional to work with! They are knowledgeable, professional, and go above and beyond for their clients :) Scott made our move easy all around. Highly recommend!” Faber Real Estate Group Royal LePage Coast Capital Realty 📞 250-244-3430 📧[email protected] ℹ️ Scott Faber Personal Real Estate Corporation ℹ️ Cal Faber Personal Real Estate Corporation Vanessa Wood, Zachary Parsons, and Sophie Taylor “Building Lasting Relationships, One Home at a Time.”

In late 2025, the Victoria condo market showed a significant divergence between condominium activity and other housing segments. Sales of condos in the Victoria Real Estate Board region were down 21.5 per cent year-over-year in December 2025, while single family home sales dipped just 2.6 per cent and overall market sales remained relatively stable. For buyers unsure whether to enter the market, understanding the forces behind this lag and what it signals for 2026 can help shape smart decisions. A Noticeable Slowdown in Condo Transactions December 2025 data showed only 106 condominiums sold, against a backdrop of broader market stability. This contrasts sharply with earlier segments of the market and highlights a notable trend: condos slowed more meaningfully than detached homes as year-end activity tapered. Part of this pattern reflects typical seasonal slowdown, as buyers often delay decisions during winter holidays. However, the depth of the condo decline — over 20 percent year-over-year — suggests other dynamics at play. Why Condos Lagged More Than Detached Homes A few factors contributed to the relative weakness in the condo segment: Increased Inventory and Buyer Choice Inventory levels in late 2025 were healthier than in previous tight-market years, with active listings up notably year-over-year. More choice gives buyers time to compare options and reduces urgency, particularly in slower market segments like condos. Buyer Preferences Shift Many buyers prioritize space, outdoor access, and layout features that are often easier to find in townhomes and detached homes. This preference can dampen condo demand when interest rates and financing costs remain higher than in prior low-rate periods. Lifestyle and Hybrid Work Patterns Remote and hybrid work has kept interest strong for larger homes, which can reduce pressure on small urban condos as primary residences. Instead, condos may appeal more to downsizers, investors, or niche buyers, moderating sales volume. Prices Flat But Not Falling Despite slower activity, condo prices in the Victoria Core were largely stable in late 2025. The MLS® Home Price Index showed benchmark condo values slightly higher year-over-year — approximately $549,900 in December 2025 compared with $546,100 in December 2024 — but effectively flat month-to-month. Flat values in the face of lower sales can be a positive sign: it indicates underlying demand remains, even if buyers are taking more time to transact. Prices holding steady — rather than declining sharply — suggests a balanced market rather than a distressed segment. What This Means for 2026 Buyers For buyers considering condos in 2026, the late 2025 patterns point to opportunity and patience: Opportunity in Negotiation Slower sales often translate into less competition and more room for negotiation. Well-priced condos in desirable buildings or locations may attract strong interest, but buyers are not facing multiple offers at peak premiums. Balanced Market Dynamics With prices relatively stable and inventory higher than in recent tight markets, buyers can take time for thorough due diligence without rushing. This is a marked contrast to earlier periods of extreme competition. Segment-Specific Strategy Matters Not all condos are the same: walkable urban core units with strong rental appeal or features that meet modern lifestyle preferences (like flexible workspaces) remain attractive. Buyers looking for lifestyle value — not just entry-level ownership — may find compelling options without paying a steep premium. Timing and Seasonal Trends Entrants in early 2026 can benefit from usually quieter winter and early spring activity before peak buying season arrives. Education, financial readiness, and clear criteria will position buyers to act when good value appears. Final Thoughts The 21.5 per cent year-over-year drop in condo sales late in 2025 reflects a mix of seasonal patterns, broader buyer preferences, and improved inventory levels. Meanwhile, flat condo values suggest that underlying demand has not evaporated — it’s just evolving. For 2026 buyers, this environment offers more choice, time to negotiate, and opportunities to find good value in the condo segment, especially for those prioritising urban lifestyle, rental potential, or long-term ownership goals. If you’re considering a condo purchase in Victoria this year, contact our team to review current options and develop a strategy tailored to today’s market realities.   Andy M., 5-Star Review, via Google “Thank you so much to Faber group for their amazing customer service. Cal and Scott were there for us every step of the way and we couldn’t be more pleased with our sale and purchase.” Faber Real Estate Group Royal LePage Coast Capital Realty 📞 250-244-3430 📧[email protected] ℹ️ Scott Faber Personal Real Estate Corporation ℹ️ Cal Faber Personal Real Estate Corporation Vanessa Wood, Zachary Parsons, and Sophie Taylor “Building Lasting Relationships, One Home at a Time.”

The Short-Term Rental Accommodations Act Victoria BC introduced major regulatory changes on May 1, 2024, with the goal of increasing long term housing supply. Since implementation, the legislation has influenced investment strategies, rental inventory, and buyer behaviour across Greater Victoria. From a local real estate perspective, the effects are measurable, but they are also part of a broader housing market shift rather than a single defining factor. What the Legislation Changed for Victoria Homeowners and Investors The Short-Term Rental Accommodations Act Victoria BC limits most short-term rentals to a property owner’s principal residence. In many cases, owners can only operate short-term rentals within their main home or a secondary suite or accessory dwelling on the same property. For investors who previously relied on non-owner-occupied vacation rentals, this created a significant shift. Some owners transitioned their properties into long-term rentals, while others chose to sell investment units that no longer aligned with their income goals. Increase in Long-Term Rental Supply Since the Act’s introduction, Victoria has seen signs of increased long-term rental availability. Some previously short-term rental properties have returned to the traditional rental pool. This change has contributed to slightly higher vacancy rates compared to the extremely tight rental conditions seen prior to 2024. From a realtor’s perspective, this shift has created new opportunities for tenants searching for stable housing. Buyers who plan to hold properties as long-term rentals are also seeing more available inventory in certain condominium segments. Changing Investment Buyer Behaviour The Short-Term Rental Accommodations Act Victoria BC has reshaped investor demand. Before 2024, many buyers targeted properties that allowed flexible short-term rental use. Since the regulation took effect, investors are focusing more on: Properties with legal secondary suites • Principal residence plus rental configurations • Long-term rental income stability • Properties located in municipalities or strata buildings that still permit short-term rentals This shift has created a more cautious investment environment. Buyers are spending more time reviewing zoning, strata bylaws, and municipal regulations before making purchase decisions. Impact on Condominium and Downtown Markets In Victoria’s downtown core, where short-term rental activity was historically concentrated, the Act contributed to a modest increase in resale listings during parts of 2024 and early 2025. Some investor-owned units entered the resale market after short-term rental restrictions reduced projected revenue. While this added inventory temporarily increased buyer choice, pricing impacts have varied depending on building type, location, and rental flexibility. Well-managed buildings with strong long-term rental demand continue to perform steadily. Limited Impact on Detached Housing Demand Detached homes in Victoria have generally experienced less direct impact from the Short-Term Rental Accommodations Act Victoria BC. Many single family homes were already owner-occupied or operated with legal suites that remain compliant under current rules. Demand for detached homes remains driven by lifestyle, school catchments, and neighbourhood appeal rather than short-term rental income potential. Market Stability and Long-Term Outlook Early patterns suggest the legislation has helped shift some housing units back toward long-term residential use. However, housing supply, interest rates, population growth, and construction levels continue to play major roles in overall market conditions. From a local real estate perspective, Victoria remains a supply-constrained market. While the Act has influenced investor activity, it represents one component of a complex housing system rather than a single solution to affordability challenges. What Buyers and Sellers Should Consider Moving Forward Buyers considering rental or investment properties should carefully review municipal regulations, provincial registration requirements, and strata bylaws. Sellers who previously marketed properties based on short-term rental income may need to adjust pricing and marketing strategies to reflect current regulations. The Short-Term Rental Accommodations Act Victoria BC continues to shape investment planning and housing availability. As enforcement and registration requirements evolve, market patterns may continue to adjust. If you are considering buying, selling, or investing in Victoria real estate, contact our team to discuss how current regulations may influence your options and long-term strategy.   Brett H., 5-Star Review, via Google “I can’t suggest how to make Fabers better at being good realtors. They’re already congenial, trustworthy, informed, experienced, and thorough. Cal listened and advised, and somewhere in the middle he said what the condo would sell for and he was right on. Thanks!” Faber Real Estate Group Royal LePage Coast Capital Realty 📞 250-244-3430 📧[email protected] ℹ️ Scott Faber Personal Real Estate Corporation ℹ️ Cal Faber Personal Real Estate Corporation Vanessa Wood, Zachary Parsons, and Sophie Taylor “Building Lasting Relationships, One Home at a Time.”

Victoria real estate myths can mislead both buyers and sellers. As we move into 2026 in Victoria, British Columbia, market conditions have shifted from the frenzy of earlier years. Here, we address common misconceptions with up-to-date data and practical insights. Myth 1: Prices Always Rise A pervasive belief is that real estate prices in Victoria will only go up. While long-term demographic demand and limited land supply support overall value retention, benchmark prices have not consistently climbed in 2025. Data from late 2025 shows single-family home benchmark prices slightly down year-over-year in the Victoria core and sales slowing, even as detached values remain relatively high. This reflects a stable or mildly softening market rather than unchecked price growth. Pricing is now more balanced, influenced by interest rates, inventory levels and buyers’ ability to act. Expect modest movement rather than guaranteed annual increases in 2026. Myth 2: Condominiums Are Always a Bad Investment Another common idea is that condos are poor investments in Victoria. The condo market did experience significant sales declines in 2025, especially compared to detached homes, and some downtown inventory softened. However, benchmark condo prices have shown mild appreciation in late 2025. Market niche, building quality, location and rental demand all matter for investment outcomes. Victoria’s condo segment can still offer opportunities, particularly where rental returns and future demand align with investor goals. Myth 3: You’ll Always Get Multiple Offers The extreme multiple-offer situations of the early 2020s have largely vanished. In balanced conditions, competitive offers occur but are no longer the norm. Accurate pricing, presentation and a strategic listing approach now drive stronger outcomes — not simply list-and-watch offers flood in. Myth 4: Real Estate Agents Aren’t Needed Anymore With abundant online data, some believe professional representation is optional. In a balanced and nuanced market, expert guidance remains critical for pricing strategy, negotiation and risk management — particularly in Victoria where micro-market variations can be significant. Myth 5: Rental Demand Always Sustains Values The link between rental demand and investment value is not automatic. Broader Canadian trends show rents softening into late 2025 and early 2026, which can temper yield expectations for investors. Conclusion Victoria’s real estate landscape in 2026 is defined by stability and balance, not runaway growth or universal downturns. Dispelling myths with current data helps buyers and investors make informed decisions rather than relying on assumptions rooted in past market behaviour.   Raman B., 5-Star Review, via Google “Faber group is a power house team with motivation, drive and a desire to exceed your needs. This family based business excels in the Victoria real estate market and goes to great lengths to find the perfect property that suits you. I would highly recommend them, 5 out of 5 stars!!” Faber Real Estate Group Royal LePage Coast Capital Realty 📞 250-244-3430 📧[email protected] ℹ️ Scott Faber Personal Real Estate Corporation ℹ️ Cal Faber Personal Real Estate Corporation Vanessa Wood, Zachary Parsons, and Sophie Taylor “Building Lasting Relationships, One Home at a Time.”

Across Canada multi‑generational living is becoming more than just a trend. Families are increasingly choosing homes that can accommodate multiple generations under one roof or on one property. This shift reflects both economic realities and evolving lifestyle preferences. What Is a Multi‑Generational Home? A multi‑generational home is a residence where two or more adult generations, such as grandparents, parents, and children  live together. This arrangement can take the form of a single large dwelling, a main house with a secondary suite, or adjacent units like a laneway home or coach house, offering both shared and private spaces. Growing Numbers Across Canada Multigenerational households are among the fastest‑growing household types in Canada. According to census data, the number of multi‑generational households has risen significantly over recent decades, growing faster than other household types and reflecting an increase in families choosing to share living space.  Why the Trend Is Taking Hold Several key factors are driving the rise of multi‑generational homes in Greater Victoria and beyond: Affordability and Shared Costs High home prices and rising costs in Greater Victoria make homeownership a challenge for many families, particularly younger buyers. Multi‑generational living allows families to pool financial resources, share mortgage costs, and spread living expenses across more adults. This shared approach can make it easier to own a quality home in the region. Supportive Family Networks Living together can strengthen family support systems. Grandparents can help with childcare, while adult children can assist aging parents. This arrangement can reduce the cost of external services like daycare or long‑term care and foster deeper family connections. Flexible Home Design and Zoning Changes British Columbia has introduced legislative changes that make it easier for municipalities to allow secondary suites, laneway homes, and other small‑scale multi‑unit housing on single‑family lots, supporting families seeking flexible living spaces. Cultural and Lifestyle Preferences Multi‑generational living is common in many cultures and offers social and emotional benefits. Families value the opportunity to maintain close bonds while having private areas within the home, a balance between independence and togetherness. What This Means for Greater Victoria’s Real Estate The demand for multi‑generational homes is influencing both renovations and new construction in the region: Renovations and Secondary Suites: Homeowners are increasingly renovating to add in‑law suites, separate entrances, and flexible living spaces that accommodate extended family members.  Laneway and Backyard Homes: Property owners are exploring laneway or coach homes on their lots, creating nearby living space for adult children or older parents while maintaining a degree of independence.  Larger Family Homes: Properties with additional bedrooms, separate living areas, or adaptable floor plans often attract multi‑generational buyers, which can influence pricing and demand in certain segments of the market.  Looking Ahead As housing costs and family dynamics continue to shape how people live, multi‑generational homes are likely to remain a meaningful part of the Greater Victoria real estate landscape. Whether driven by financial strategy, caregiving needs, or a desire for close family connections, this trend supports diverse housing needs and reflects how families are adapting to today’s market conditions. If you are considering purchasing, renovating, or designing a home for multi‑generational living, consulting with a local real estate professional can help you understand options that meet your family’s needs and maximize long‑term comfort and investment value.   Shandy B., 5-Star Review, via Google “Cal and Scott are exceptional realtors. We sold our beloved home with their help. They helped us price competitively and fairly, leading to a fast house sale in a slower market, as well as receiving more than we had hoped for the sale of our home. They were accommodating and respectful of our family needs, and helped us show our home in the best way possible. We felt like a priority every step of the way. The are honest and trustworthy! All the stars for the Faber group” Faber Real Estate Group Royal LePage Coast Capital Realty 📞 250-244-3430 📧[email protected] ℹ️ Scott Faber Personal Real Estate Corporation ℹ️ Cal Faber Personal Real Estate Corporation Vanessa Wood, Zachary Parsons, and Sophie Taylor “Building Lasting Relationships, One Home at a Time.”