Posts Tagged ‘Victoria home prices’

The Victoria fall real estate market 2026 is shaping up to be active but balanced. August sales were stronger than a year ago, inventory remains healthy, and buyers continue to have enough choice to be selective. That combination matters. We are seeing more activity, but not the conditions that would suggest a return to the highly competitive market of a few years ago. If current trends continue, this fall could create opportunities on both sides: buyers should continue to have selection, while properly priced and well-presented homes can still attract strong interest. What Are Current Victoria Real Estate Trends Telling Us? According to the Victoria Real Estate Board’s August 2026 market report, 591 properties sold across Greater Victoria in August, 12.6% more than August 2025. Single-family home sales increased 15.3% year over year, while condominium sales increased 15.1%. At the same time, there were 3,662 active listings at the end of August. That was 1.7% more than a year earlier, even after inventory declined 4.8% from July. VREB described current conditions as a stable, balanced market. The important part is the combination: Sales are stronger than last year Inventory remains relatively healthy Buyers still have choices Good properties are selling Overpriced listings can still sit That gives us a useful starting point for what the fall market may look like. Will the Victoria Fall Real Estate Market 2026 Be Busier? We expect September and October to remain active, particularly if the momentum from August carries forward. Fall often brings buyers and sellers back into the market after summer travel and vacations. This year, that seasonal shift is starting from a stronger sales base than we saw at the same time last year. However, stronger activity does not automatically mean a seller's market. With more than 3,600 active listings at the end of August, buyers still have alternatives. That means the better description may be: More activity, without widespread urgency. Earlier this summer, we looked at this decision from the buyer's perspective in Should Victoria Buyers Buy Now or Wait Until Fall?. The same principle still applies: waiting only makes sense if something about your personal situation or the available market is likely to improve. Buyers Should Still Have Good Selection Inventory has been one of the defining features of the 2026 Victoria market. Buyers have considerably more opportunity to compare properties than they did during the extremely tight markets of previous years. That means buyers can spend more time comparing: Location Price Property condition Floor plan Strata fees Parking and storage Renovation requirements Days on market Recent comparable sales More inventory does not mean every property is negotiable. However, it does mean buyers often have an alternative if one seller's price or terms do not make sense. For buyers trying to establish a realistic budget before shopping this fall, our guide on how much income you need to buy a home in Victoria breaks down several common Greater Victoria price points and mortgage qualification scenarios. Well-Priced Homes Could Still Sell Quickly One of the biggest misconceptions about a balanced market is that everything sells slowly. That is not what we are seeing. A well-priced home in a desirable location can still generate strong activity, particularly when it compares favourably with competing listings. Consider two similar properties. One launches at a price supported by recent comparable sales, is professionally presented, and is easy for buyers to view. The other enters the market above recent sales because the seller wants to "leave room to negotiate." Buyers now have enough inventory to recognize the difference. Instead of negotiating with the overpriced seller, they may simply buy the better-valued property. This is why the Victoria fall real estate market 2026 could feel competitive for some sellers and slow for others at exactly the same time. Do We Expect Victoria Home Prices to Rise This Fall? A major short-term price increase is not the trend we would plan around. Current conditions point more toward relative price stability than either a rapid increase or significant correction. Healthy inventory limits some of the pressure that normally drives prices quickly higher. At the same time, stronger year-over-year sales suggest there is still meaningful demand in the market. That creates a middle ground. Rather than focusing on whether "Victoria prices" are moving up or down, buyers and sellers should pay closer attention to their specific segment. A detached home in Oak Bay can behave differently from: A downtown Victoria condo A Langford townhouse A new-build condo A family home in Colwood An older Saanich property requiring renovations Greater Victoria is not one market. It is a collection of smaller markets that can behave differently at the same time. Could Condos See More Activity This Fall? Condos are one segment worth watching closely. VREB reported 175 condominium sales in August, up 15.1% from August 2025. That does not guarantee the condo market will strengthen throughout the fall, but the year-over-year improvement is encouraging. Condo buyers are still able to compare similar listings based on factors such as: Strata fees Building condition Depreciation reports Parking Storage Orientation Floor plan Building age Upcoming assessments Location As a result, individual units can perform very differently even within the same building. A good floor plan, desirable exposure, parking, storage, reasonable strata fees, and competitive pricing can matter more than broad condo-market headlines. What Do Interest Rates Mean for the Fall Market? Interest rates remain another important piece of the fall outlook. On September 2, the Bank of Canada held its policy interest rate at 2.25%. The rate has remained at that level since late 2025. For buyers, that provides more stability than a market where borrowing costs are changing rapidly. However, economic uncertainty has not disappeared. The Bank of Canada continues to monitor inflation, economic growth, tariffs, energy prices, and broader global conditions. That means buyers should be careful about building their purchase strategy around predictions of significantly lower mortgage rates. A better approach is to buy based on a monthly payment you can comfortably manage today. What Does BCREA Expect From the B.C. Housing Market? The broader provincial outlook also supports the idea of a gradual market recovery rather than a dramatic surge. In its 2026 Third Quarter Housing Forecast, the British Columbia Real Estate Association forecast B.C. MLS® residential sales to decline 1.2% overall in 2026 before increasing 7.5% in 2027. That forecast reinforces an important point. The market does not need to boom for conditions to improve. A period of stable prices, healthy inventory and gradually improving sales activity can create a healthier environment for both buyers and sellers. Expect More Negotiation on Listings That Have Been Sitting Fall could provide good negotiating opportunities, but buyers need to know where to look. A new listing that is priced correctly may leave very little room for negotiation. A property that has been on the market for 40, 60 or 90 days may be a different conversation. Buyers should look for: Longer days on market Previous price reductions Vacant properties Sellers with specific timing needs Listings competing against several similar homes Properties requiring renovations or updates Price is also not the only part of an offer worth negotiating. Our guide to what buyers should negotiate beyond the purchase price looks at deposits, subjects, possession dates, included items, due diligence periods and other terms that can materially affect a purchase. What Could Change the Victoria Fall Real Estate Market 2026? There are three major trends we will be watching throughout the fall. 1. Inventory If sales remain strong while fewer new listings reach the market, conditions could gradually become more competitive. Inventory also typically declines as we move toward winter, so the relationship between new listings and sales will matter more than either number on its own. 2. Interest Rates Mortgage affordability will continue to influence buyer purchasing power. Even modest changes in mortgage rates can affect monthly payments and the price range buyers are comfortable considering. 3. Buyer Confidence Real estate decisions are not based on numbers alone. Employment, economic uncertainty, trade conditions, inflation and consumer confidence can all affect whether buyers decide to move forward or wait. These forces are one reason we prefer using current market evidence rather than making aggressive predictions about where prices will be several months from now. What Should Buyers Expect This Fall? For buyers, this fall could offer a useful balance between selection and activity. There should still be opportunities to compare listings, conduct proper due diligence and negotiate when a property has been sitting. However, buyers should not assume every listing will eventually reduce its price. When a well-priced home appears in a desirable location, being prepared matters. Before actively shopping, buyers should ideally have: Financing organized A comfortable monthly budget established Target neighbourhoods identified Clear priorities An understanding of recent comparable sales A strategy for writing an offer if the right property appears You can also explore our current Greater Victoria developments if new construction or pre-sale opportunities are part of your search. What Should Sellers Expect This Fall? Sellers may benefit from increased fall activity, but buyers are unlikely to overlook poor positioning simply because more people are searching. Before listing, sellers should understand: What is currently for sale nearby What recently sold Which competing listings reduced their prices How their home compares in condition Which price range reaches the largest buyer pool Whether similar homes are selling or sitting The first few weeks of a listing remain extremely important. A seller who starts too high may spend the strongest period of buyer attention chasing the market downward later. Our Victoria Fall Real Estate Market 2026 Outlook Based on the trends available today, we expect the fall market to be characterized by: Steady sales activity Healthy buyer selection Relatively stable prices Continued buyer selectiveness Strong activity around well-priced homes More negotiating power on stale or overpriced listings Gradually declining inventory as winter approaches Significant differences between neighbourhoods and property types The strongest signal from the current market is not that buyers or sellers clearly have the upper hand. Instead, the advantage increasingly belongs to whoever understands the specific property and micro-market better. Planning a Move in Greater Victoria This Fall? Market statistics are a useful starting point, but they do not tell you whether a specific home in Langford, Saanich, Oak Bay, Victoria, Colwood or View Royal is priced correctly. If you are considering buying or selling this fall, our team can break the market down by neighbourhood, property type, price range, recent comparable sales and current competition. You can also learn more about our approach on our Buy With Us page or Sell With Us page. The fall market may create opportunities, but the best strategy is not trying to predict every move the market will make. It is understanding today's conditions well enough to recognize a good decision when it appears.   Cammie J., 5-Star Review, via Google “I can’t say enough good things about working with Scott and Sophie at Faber Real Estate Group. Their communication was fantastic from start to finish, and they patiently worked with us for six months while we looked for a very specific type of house in a specific area of town. We found our perfect house because Scott knew it was coming on the market, which speaks to their experience and local knowledge. They were professional, responsive, informed, and always followed through. They also continued to support us after the sale, helping with contacts, moving-day details, paperwork, and making sure everything went smoothly. They made the whole experience feel positive and well supported. I cannot recommend Scott and Sophie enough.!”   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.”

Understanding how tariffs affect Victoria real estate starts with recognizing that tariffs do not directly determine home prices. Instead, they can influence the cost of building and renovating homes, inflation, interest rates, consumer confidence, and ultimately how much housing gets built. That distinction matters following Canada's latest round of counter-tariffs, which took effect September 8, 2026. Canada has imposed tariffs of 15%, 25%, and 50% on approximately $27.6 billion of U.S. imports in response to new U.S. trade measures. The affected categories include steel, aluminum, appliances, electronics, and other products that can intersect directly with residential construction and renovation. For Greater Victoria, the biggest question is not whether tariffs will immediately push resale prices higher or lower. It is how these additional costs and economic uncertainty could affect buyers, builders, and future housing supply. How Could Tariffs Affect Victoria Real Estate? The short answer is that tariffs could create upward pressure on construction costs while simultaneously creating downward pressure on housing demand. That means their effect on real estate is not necessarily one-directional. Potential impacts include: Higher costs for some construction materials More expensive appliances and building components Increased renovation costs Greater uncertainty for developers Possible delays or cancellations of new projects Additional inflation pressure Mortgage-rate uncertainty More cautious buyers and businesses The result depends on which of these forces becomes strongest. 1. New Homes Could Become More Expensive to Build This is probably the most direct connection between tariffs and housing. Canada's newest counter-tariffs include various steel and aluminum products, as well as appliances and electronics. Some steel and aluminum products used in structures, windows, doors, framing components, and other building applications are subject to tariffs as high as 50%. See Canada's September 2026 counter-tariff measures Builders do not necessarily absorb those costs themselves. Over time, higher material and equipment costs can be reflected through: Higher new-home prices Changes to finishing packages Reduced developer margins Project redesigns Longer construction timelines Fewer projects moving forward That is particularly relevant in Langford, Colwood, Saanich, Victoria, and other growing parts of Greater Victoria, where new condominiums and townhomes play an important role in increasing housing supply. Buyers interested in new construction can also explore our current Greater Victoria developments to compare new-build opportunities already available in the region. 2. Construction Costs Were Already Rising Tariffs are arriving in a construction environment where costs have already been moving higher. Statistics Canada reported that residential building construction costs across 15 Canadian metropolitan areas increased 0.5% during the second quarter of 2026 and 2.3% year over year. Statistics Canada also specifically identified retaliatory tariffs, supply-chain disruption, fuel costs, and trade uncertainty as pressures affecting builders. Statistics Canada: Building Construction Price Indexes, Q2 2026 The September tariffs therefore do not create the construction-cost issue from scratch. They add another layer of uncertainty to an industry already dealing with elevated labour, financing, transportation, and material costs. 3. Renovations Could Cost More Too The effect is not limited to brand-new developments. Homeowners planning renovations could also see higher costs for certain: Appliances Windows and doors Metal products Electrical components Fixtures Construction equipment Imported building materials This may change the calculation for both buyers and sellers. For example, buyers comparing a renovated home with a property requiring $100,000 in improvements may place greater value on the move-in-ready option if renovation costs become harder to predict. We have already seen Greater Victoria buyers becoming more selective about property condition. That makes understanding how maintenance and upgrades affect home value increasingly important. 4. Could Tariffs Push Mortgage Rates Higher? This is where the effect becomes less predictable. Tariffs can increase the cost of imported goods, which can contribute to inflation. Higher or persistent inflation can make it harder for the Bank of Canada to lower interest rates. On September 2, 2026, the Bank of Canada held its policy rate at 2.25%. The Bank specifically warned that new U.S. tariffs and Canadian counter-tariffs could raise business costs and eventually feed into consumer prices. Bank of Canada September 2026 interest-rate decision However, tariffs can also weaken economic growth. If businesses invest less, hiring slows, or consumers become more cautious, weaker economic conditions can create pressure in the opposite direction. That creates an unusual situation: tariffs can be inflationary while also slowing economic growth. For real estate buyers, that means trying to predict mortgage rates solely from tariff headlines is unlikely to be useful. Instead, focus on what you can afford under current financing conditions. Our guide on how much income you need to buy a home in Victoria provides a useful starting point. 5. Tariffs Could Slow New Housing Supply One of the more important long-term questions is whether higher development costs result in fewer homes being built. Canada Mortgage and Housing Corporation already expects new housing construction to weaken, particularly in British Columbia and Ontario, due to high construction costs, weaker demand, and unsold inventory. CMHC's summer 2026 outlook expects housing starts to decline further as developers respond to these conditions. CMHC Summer 2026 Housing Market Outlook Tariffs could add another hurdle. If the cost of completing a project rises while buyers remain price-sensitive, fewer developments may meet the financial thresholds developers need to proceed. That matters because reducing construction today can create a supply issue several years from now. 6. Will Tariffs Cause Victoria Home Prices to Rise? Not necessarily. This is one of the most important points when discussing how tariffs affect Victoria real estate. Higher construction costs can support higher replacement costs for housing, but that does not automatically mean resale prices rise. Home prices are also affected by: Mortgage rates Employment Household income Population growth Available inventory Buyer confidence Housing supply Local demand Greater Victoria currently has substantially more choice than buyers experienced during the pandemic-era market. The Victoria Real Estate Board reported 591 sales during August 2026, up 12.6% from August 2025. At the same time, there were 3,662 active listings, 1.7% more than a year earlier. VREB described current conditions as stable and balanced. Victoria Real Estate Board August 2026 statistics That means tariffs are entering a market that currently has reasonable inventory and more buyer choice, rather than an extremely supply-constrained seller's market. For more local context, read our Victoria Real Estate Market Outlook. Could Move-In-Ready Homes Become More Attractive? Potentially. If renovation and material costs continue increasing, buyers may become even more conscious of the cost of improving a property after possession. Imagine comparing two homes: Home A: $950,000 and recently renovated. Home B: $875,000 but requires a kitchen, windows, appliances, flooring, and other improvements. The $75,000 price difference may initially make Home B appear like the better value. However, if renovation costs increase or become difficult to estimate, the financial advantage may disappear quickly. The better question is not simply which home costs less today. It is which home offers the better total cost of ownership over the next several years. Buyers should also remember that price is only one part of an offer. Our guide to what buyers should negotiate beyond the purchase price explains some of the other terms that can matter. What Should Victoria Buyers Do? Buyers should avoid making major decisions based on tariff headlines alone. Instead: Understand your current financing Compare new construction with resale Get realistic estimates before buying a renovation project Consider the age and condition of major systems and appliances Maintain additional room in your budget for unexpected costs Evaluate properties based on current market value rather than predicted future appreciation A well-priced property that fits your budget and long-term plans can still make sense regardless of short-term trade policy. What Should Victoria Sellers Do? Sellers should pay close attention to property condition. If renovation costs rise, buyers may become more sensitive to homes requiring substantial work. That does not mean every seller needs to renovate before listing. In many cases, spending heavily before selling is unnecessary. Instead, sellers should understand which improvements are likely to influence buyer perception and which projects are unlikely to provide an adequate return. Pricing remains especially important in a balanced market where buyers have alternatives. What Should Buyers of New Construction Watch? People buying new construction or pre-sales should pay particular attention to: Developer track record Construction timelines Disclosure statements Contract provisions Deposit schedules Completion estimates Financing at completion Included appliances and finishes Potential changes permitted under the contract Rising construction costs do not mean every development will experience problems. However, they make understanding the financial strength of the project and the purchase agreement even more important. What Tariffs Mean for Victoria Real Estate Going Forward The biggest mistake would be assuming tariffs automatically mean Victoria home prices are heading higher. The relationship is more complicated. When considering how tariffs affect Victoria real estate, watch three areas closely: Construction costs: Are materials and appliances becoming meaningfully more expensive? Mortgage rates: Does tariff-related inflation make further rate reductions more difficult? Housing supply: Do higher development costs result in fewer new projects moving forward? Those factors will tell us far more than any single tariff announcement. Greater Victoria entered this latest period of trade uncertainty with relatively healthy inventory and balanced market conditions. That gives buyers more room to compare options, while sellers need to remain realistic about price, condition, and competition. Making a Real Estate Decision in an Uncertain Market Tariffs are another variable buyers and sellers need to understand, but they should not become the entire strategy. Real estate remains highly local. A well-priced home in Oak Bay may respond differently from a new condo in Langford, a townhouse in Colwood, or a renovation property in Saanich. If you are considering buying, selling, or purchasing new construction in Greater Victoria, we can help you look beyond the headlines and compare current inventory, recent sales, financing considerations, and local market conditions before you make a decision.   Debbie J., 5-Star Review, via Google “We recently purchased a new condo in Langford with help from Scott Faber @ Faber Real Estate Group/Royal LePage! Scott was very knowledgeable & helpful! Making a smooth transition from beginning to completion! He is always quick to respond with all our inquiries & continues to be available for us! We are loving our new home! We would recommend reaching out to Scott for all your real estate needs! Thank you Scott!” 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.”

If you are wondering how much income you need to buy a home in Victoria, BC, the short answer is that a household income of roughly $105,000 could support a $550,000 condo, while a $1 million home may require closer to $180,000 in household income under the assumptions used below. However, income is only one part of mortgage qualification. Your down payment, existing debt, credit, property taxes, strata fees, mortgage rate and amortization can all change how much you qualify to borrow. How Much Income Do You Need to Buy a Home in Victoria? Here is a useful starting point. These examples assume: 20% down payment 25-year amortization No significant additional monthly debt An illustrative 4.09% mortgage rate Qualification at approximately 6.09% under Canada's mortgage stress test Property taxes and heating costs included 50% of estimated strata fees included where applicable Purchase Price Example Property Type Approx. Household Income Needed $550,000 Condo $105,000 to $110,000 $750,000 Townhouse $135,000 to $145,000 $1,000,000 Detached or larger townhouse $175,000 to $185,000 $1,311,000 Victoria Core benchmark detached home Approximately $230,000 These are illustrative estimates, not mortgage pre-approvals. A lender or mortgage broker needs to review your individual financial situation. Why These Price Points Matter in Victoria The Victoria Real Estate Board reported that the July 2026 benchmark price for a condominium in the Victoria Core was $548,600. For a single-family home in the Victoria Core, the benchmark was considerably higher at $1,311,000. That creates a large affordability gap between property types. A buyer who qualifies comfortably for a condo may need significantly more household income, a larger down payment or additional equity to move into a detached home in the Victoria Core. It is also why looking outside the Core can change the equation. Langford, Colwood, View Royal, Sooke and other Greater Victoria communities may provide different property types at the same budget. How Does the Mortgage Stress Test Affect What You Can Afford? Canadian buyers generally cannot qualify based only on the mortgage rate they will actually pay. Federally regulated lenders use a mortgage stress test. The qualifying rate is currently the greater of: Your mortgage contract rate plus 2% 5.25% For example, if your mortgage rate were 4.09%, you could be required to qualify as though the rate were approximately 6.09%. That difference can significantly affect purchasing power. At the time of writing in August 2026, advertised five-year fixed mortgage rates in BC were available around 4.09%, although the rate available to an individual borrower can be different. How Much of Your Income Can Go Toward Housing? Mortgage lenders look closely at debt-service ratios. The Financial Consumer Agency of Canada explains that total monthly housing costs generally should not exceed 39% of gross household income. Housing costs can include: Mortgage principal and interest Property taxes Heating 50% of condominium fees, when applicable Your overall debt load generally should not exceed 44% of gross income. That calculation can also include car payments, credit cards, lines of credit, student loans and other obligations. This is why two households earning $150,000 per year may qualify for very different mortgage amounts. How Much Income Might You Need for a $550,000 Condo in Victoria? With 20% down, a $550,000 condo would leave an approximately $440,000 mortgage. Using the assumptions above, a household may need roughly $105,000 to $110,000 in gross annual income. However, strata fees matter. A condo with a $350 monthly strata fee will affect qualification differently from a similar condo with a $750 fee because lenders generally include 50% of the strata fee in the housing-cost calculation. That is one reason purchase price alone does not tell you which condo is actually more affordable. Related: Why Monthly Payment Matters More Than Purchase Price How Much Income Might You Need for a $750,000 Home? At $750,000 with 20% down, the mortgage would be approximately $600,000. Under our example assumptions, a household income around $135,000 to $145,000 could be required. At this price point, buyers may be comparing: Townhouses in Victoria or Saanich Newer townhomes in the Westshore Older detached homes in some Greater Victoria areas Larger condos in central locations The important question becomes less about your maximum approval and more about where that budget creates the best combination of home, location and monthly cost. How Much Income Might You Need for a $1 Million Home in Victoria? With a 20% down payment, a $1 million purchase leaves an $800,000 mortgage. Using our assumptions, the approximate household income requirement rises to around $175,000 to $185,000. Existing debt can push that number considerably higher. For example, a car payment or large line-of-credit balance reduces the amount of income available for housing under a lender's debt-service calculation. On the other hand, a larger down payment can reduce the mortgage and therefore reduce the income needed to qualify. How Much Income Do You Need for the Benchmark Victoria Detached Home? The July 2026 MLS® HPI benchmark value for a single-family home in the Victoria Core was $1,311,000. With 20% down, that would mean a mortgage of approximately $1.05 million before other considerations. Under the same illustrative assumptions, household income could need to be around $230,000 per year. That number helps explain why many Greater Victoria buyers are adjusting one or more parts of their search: Looking farther from the Victoria Core Choosing a townhouse instead of detached Increasing their down payment Buying with a partner Considering a property with a secondary suite Choosing a smaller or older home Prioritizing monthly affordability over maximum purchase price Does a Bigger Down Payment Reduce the Income You Need? Yes. The less money you borrow, the smaller the mortgage payment used in your debt-service calculation. For example, a buyer purchasing an $800,000 property with $300,000 down has a very different qualification profile from someone purchasing the same property with $100,000 down. A larger down payment can therefore be just as important as household income when determining purchasing power. It is also important to remember that 20% is not always the minimum required down payment. For insured mortgages, Canada's minimum down payment rules currently start at 5% on the first $500,000 and 10% on the portion between $500,000 and $1.5 million. Homes priced at $1.5 million or more require at least 20% down. Can Two Buyers Combine Their Income? Yes. Mortgage qualification generally considers the combined qualifying income of the borrowers applying for the mortgage. This is why household income is often more useful than individual income when discussing Victoria affordability. A couple earning $90,000 each has a household income of $180,000, but their actual buying power will still depend on debts, credit, down payment and the specific property. Does Buying a Home With a Suite Help You Qualify? Potentially. Depending on the property and lender, some rental income from a legal or eligible secondary suite may be considered during mortgage qualification. CMHC provides methods for incorporating rental income into debt-service calculations, although the amount and treatment depend on the mortgage and property. This can make suite properties particularly important for some Greater Victoria buyers. However, buyers should confirm the suite's status and speak with their mortgage professional before assuming a certain amount of rent will be included. Pre-Approval and Comfortable Budget Are Not the Same Thing There is another number buyers should calculate: How much do you actually want to spend each month? A lender may approve you for a certain purchase price. That does not automatically mean spending the maximum will fit comfortably with your lifestyle. Remember to account for costs beyond the mortgage, including: Property taxes Home insurance Strata fees Utilities Maintenance Repairs Parking Property Transfer Tax Legal fees Moving costs Our guide to Beyond the Mortgage: Hidden Costs Buyers Forget to Budget For looks more closely at these expenses. The income needed to buy a home in Victoria is therefore only the first question. The better question is: What purchase price allows you to own the right home while still feeling comfortable financially? Frequently Asked Questions Can you buy a home in Victoria with a $100,000 household income? Potentially. Depending on your down payment, debt and other expenses, a household earning around $100,000 may be able to qualify for some condos or lower-priced properties in Greater Victoria. A mortgage pre-approval will provide a more accurate budget. Is $150,000 household income enough to buy in Victoria? It can be. Under the assumptions used in this article, a household earning around $150,000 could potentially consider properties around the mid-$700,000 range or higher, depending heavily on down payment, debt and property expenses. How much income do you need for a $1 million home in Victoria? With 20% down, no significant debt and the assumptions used above, approximately $175,000 to $185,000 in household income may be required. Do strata fees affect mortgage qualification? Yes. Lenders generally include 50% of condo fees when calculating housing costs for debt-service purposes. Find Out What Your Budget Actually Buys in Greater Victoria A pre-approval tells you how much you may be able to borrow. The next step is understanding what that budget buys in Victoria, Saanich, Langford, Colwood, View Royal and the surrounding communities. If you know your approximate purchase price, we can compare current listings and recent sales across Greater Victoria to show you where your budget goes further, which property types fit and what compromises may actually be worth making. Liam Grigg, 5-Star Review, via Google “The real estate market felt daunting, especially when it was our first time entering it. But, working with Scott made the whole process so much easier. He was really excellent at asking questions, showing us a variety of places, and helping us narrow down exactly what we were looking for. Scott was flexible, never pushy, and I really felt supported by him throughout! He made a big difference in helping us find THE place and we couldn’t do it without him. I can’t wait to work with Scott again in the future.” 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 mortgage and income examples in this article are for general educational purposes only and are not financial or lending advice. Mortgage qualification varies by lender, borrower and property. Speak with a qualified mortgage professional for advice specific to your circumstances.

The Victoria real estate market in August 2026 is entering the second half of summer with plenty of inventory, steady buyer activity, and more room for negotiation in certain parts of the market. July gave us a useful starting point. A total of 673 properties sold across the Victoria Real Estate Board region, while 3,847 active listings remained available at the end of the month. Sales slowed slightly from June, but buyers remained active. So, what could August bring? The most likely scenario is not a dramatic market shift. Instead, we expect many of the trends seen through early summer to continue: buyers remaining selective, inventory gradually tightening, and properly priced homes continuing to outperform listings that miss the market. August Market Outlook at a Glance Based on July's market conditions, August could bring: Slightly fewer new listings as summer continues Continued selection for buyers across many property types More negotiation opportunities on homes that have been sitting Stronger activity around well-priced and well-presented properties Continued competition among condo sellers Relatively stable financing conditions heading into September August is also likely to remain highly dependent on the individual neighbourhood, property type, and price range. Inventory Could Begin to Tighten One number worth watching closely is inventory. Greater Victoria ended July with 3,847 active listings, down from the 4,054 listings available at the end of June. That does not mean buyers are suddenly running out of options. However, it may signal the beginning of the normal late-summer shift as fewer homeowners choose to launch listings during vacation season. If new listings slow while buyers remain active, some of the best properties could face stronger competition. For buyers waiting for significantly more selection later in August, there is no guarantee that will happen. Buyers May Continue to Have Negotiating Room More inventory has changed the way many buyers approach the market. Rather than feeling pressure to make an offer simply because a suitable home becomes available, buyers can often compare multiple properties and determine where the strongest value exists. That can create opportunities to negotiate beyond the purchase price, including: Possession dates Included items Repairs Subject periods Deposits Closing timelines However, negotiation power depends heavily on the property. A home that has been sitting for several weeks with limited activity may offer considerably more flexibility than a well-priced property that has just reached the market. Internal link: What Buyers Should Negotiate Beyond the Purchase Price The Best Homes Could Still Sell Quickly More inventory does not automatically mean every home will sit on the market. One of the clearest patterns we continue to see is the difference between properties that are positioned properly and those that are not. Buyers have more choices, which means they can quickly compare price, condition, location, layout, and overall value. Homes that check several of those boxes can still generate strong interest. Meanwhile, an overpriced property may sit even when similar homes nearby are selling. Condo Sellers May Face More Competition The condo market remains one area worth watching closely in August. July saw 209 condo sales, down 7.1% from July 2025. By comparison, single-family home sales increased year over year. That difference does not mean condos are performing poorly everywhere. Instead, buyers often have more comparable options available within the same building, neighbourhood, or price range. For condo sellers, small differences can matter. Floor plan, orientation, parking, storage, strata condition, fees, building reputation, and asking price can all influence which unit a buyer chooses. Internal link: Why Condos Are Facing More Competition in Victoria Right Now Prices Are Likely to Remain Relatively Stable The Victoria Core benchmark price for a single-family home was $1,311,000 in July, down from $1,326,500 in June. The benchmark condo price reached $548,600, compared with $549,200 in June. Those movements point toward a market experiencing some price pressure rather than a sharp correction. For August, buyers and sellers should pay more attention to recent comparable sales than broad regional headlines. Greater Victoria is made up of many smaller markets. A detached home in Saanich East can behave differently from a condo in downtown Victoria or a townhouse in Langford. Interest Rates Should Provide Some Stability Financing will continue to influence buyer confidence. The Bank of Canada held its policy interest rate at 2.25% on July 15, and there is no scheduled rate announcement during August. The next decision is scheduled for September 2, 2026. That does not mean mortgage rates cannot change during August, since fixed mortgage rates are influenced by bond markets rather than directly following the Bank of Canada overnight rate. Still, the absence of a Bank of Canada decision during the month removes one potential source of uncertainty for buyers actively shopping now. What August Means for Buyers August could be a useful window for buyers who are prepared but patient. There is still enough inventory in many parts of Greater Victoria to compare options, while some sellers who listed earlier in the summer may become more open to negotiating. The key is separating a genuine opportunity from a property that is simply priced poorly. Before making an offer, look at: Recent comparable sales Current competing listings Days on market Previous price adjustments Property condition Monthly ownership costs Potential upcoming repairs Long-term resale considerations The goal is not simply to get a discount. It is to buy the right property at terms that make sense. What August Means for Sellers For sellers, August is less about waiting for the market to do the work and more about positioning your property correctly. Buyers currently have enough selection to recognize when something feels overpriced. A strong August listing strategy should consider the homes currently competing for the same buyer, not simply what similar properties sold for several months ago. Presentation also matters. When buyers have choices, photography, condition, floor plan, maintenance, staging, and pricing all contribute to the first impression. Should You Buy or Sell in August? There is no universal answer. August may make sense for a buyer who finds the right property and has room to negotiate. It may also be a strong time for a seller whose home faces limited direct competition. For someone with flexibility, waiting for the fall market may offer different opportunities as more buyers and sellers return after summer. The better question is not whether August is a good month for real estate. It is whether current conditions are favourable for your particular property, price range, neighbourhood, and goals. Internal link: Should Victoria Buyers Act Now or Wait for the Fall Market? Planning a Move This August? If you are considering buying or selling in Greater Victoria this month, we can look beyond the regional numbers and break down what is happening in your specific market. Whether you are comparing listings, deciding when to make an offer, or trying to determine how your home should be positioned against current competition, having current neighbourhood-level information can make the decision much clearer.   Darcy M., 5-Star Review, via Google ⭐⭐⭐⭐⭐ “I highly recommend the Faber Group and particularly Zach Parsons to anyone looking to buy or sell a home in the Victoria area. Over the past year, Zach has helped my wife and I purchase two homes, and both experiences were exceptional from start to finish. Zach is obviously knowledgeable about the Greater Victoria area, and his knowledge of the Victoria real estate market is a testament to dedication to his job and his clients." 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 Victoria real estate market in July 2026 continued to give buyers plenty of choice while still producing a solid level of sales activity. A total of 673 properties sold across the Victoria Real Estate Board region in July, just 1% fewer than July 2025 and 6.4% fewer than June. At the same time, 3,847 active listings remained on the market at month-end - 3.9% more than one year earlier. (Victoria Real Estate Board) The takeaway is not that Greater Victoria has suddenly become a slow market. Instead, buyers have more options, sellers have more competition, and individual properties are behaving very differently depending on location, property type, condition, and price. July 2026 Market at a Glance According to the Victoria Real Estate Board: 673 total sales - down 1% year over year 331 single-family home sales - up 4.1% year over year 209 condo sales - down 7.1% year over year 82 townhouse sales - down 15.5% year over year 3,847 active listings - up 3.9% year over year, but down 5.1% from June Victoria Core single-family benchmark: $1,311,000 Victoria Core condo benchmark: $548,600 Victoria Core townhouse benchmark: $857,300 VREB also noted that July sales finished above the five-year average for the month, despite the greater amount of inventory available to buyers. (Victoria Real Estate Board) More Choice Is Changing Buyer Behaviour The biggest story continues to be selection. While active inventory eased from June, buyers still had more properties available than they did at the same point last year. That gives many buyers more time to compare homes rather than feeling pressured to act immediately. However, more inventory does not mean every seller is highly negotiable. Well-priced homes in desirable locations can still attract attention quickly. The difference is that buyers now have more alternatives when a property feels overpriced, needs substantial work, or does not compare favourably with competing listings. This is especially noticeable in the condo market. Condo sales fell 7.1% from July 2025, while detached home sales actually increased 4.1%. That difference reinforces why looking at Greater Victoria as one single market can be misleading. (Victoria Real Estate Board) For a closer look at this segment, read Why Condos Are Facing More Competition in Victoria Right Now. Read the condo market article Prices Continued to Soften in the Victoria Core The MLS® HPI benchmark for a single-family home in the Victoria Core reached $1,311,000 in July, down 2.8% from $1,348,400 one year earlier and down from $1,326,500 in June. For condos, the July benchmark was $548,600, down 2.2% year over year and only slightly below June's $549,200 benchmark. (Victoria Real Estate Board) These numbers suggest some price pressure, but they should not be interpreted as meaning every home has dropped by the same amount. A renovated family home in Saanich, a downtown condo, an Oak Bay character home, and a newer Langford townhouse can all face very different levels of competition. That is why understanding your specific micro-market matters more than relying on one regional number. Why Greater Victoria Real Estate Is So Micro-Market Specific What July's Market Means for Buyers For buyers, the Victoria real estate market in July 2026 offered something valuable: time to compare. In many segments, buyers can look more closely at: Recent comparable sales Competing active listings Property condition and upcoming maintenance Strata documents and financials Monthly ownership costs Days on market Price reductions Offer terms and possession dates Long-term resale potential The opportunity is not simply to negotiate the lowest price. It is to use the additional selection to find the property offering the strongest combination of price, condition, location, and long-term fit. What July's Market Means for Sellers For sellers, additional inventory means your home needs a clear reason for buyers to choose it. Pricing based solely on what a neighbour sold for six months ago can create problems. Today's buyers are comparing your property with what else they can purchase right now. Strong results are still possible, but three factors matter considerably: 1. Pricing Your asking price needs to reflect current competing inventory and recent sales. 2. Presentation When buyers have several options, condition, photography, maintenance, layout, cleanliness, and overall presentation can influence which homes make the shortlist. 3. Positioning Every property has different strengths. The goal is to understand which buyer is most likely to value those strengths and build the marketing strategy around them. The Bottom Line July was not an inactive month. 673 sales and activity above the five-year July average show that buyers are still making moves. What has changed is how much choice they have while making those decisions. (Victoria Real Estate Board) For buyers, that can create better opportunities to compare, complete due diligence, and make thoughtful decisions. For sellers, it raises the importance of competitive pricing and strong presentation from the moment the property reaches the market. Most importantly, Greater Victoria remains a collection of individual micro-markets. Whether conditions favour you depends far more on your neighbourhood, property type, price range, and competition than on a single regional headline. Wondering What July's Market Means for Your Move? If you are considering buying or selling in Greater Victoria, we can break the July numbers down to the level that actually matters - your neighbourhood, property type, price range, and current competition. Contact Faber Real Estate Group for a current market analysis and a strategy based on the homes buyers and sellers are competing with today. Nicholas D., 5-Star Review, via Google ⭐⭐⭐⭐⭐ “Scott is an awesome realtor and real estate advisor. He got me all the information I needed incredibly quick and helped me make an informed buying decision. Couldn’t have done it without him and 10/10 will be recommending him to my friends and family! There are thousands of realtors on the island, but Scott and his team are by far the best” 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.” Market statistics sourced from the Victoria Real Estate Board's August 4, 2026 July market report. VREB cautions that market statistics show broader trends and do not establish the value of an individual property. (Victoria Real Estate Board)  

The Spring 2026 Greater Victoria real estate market is teaching buyers and sellers the same lesson from different angles: more choice does not remove the need for strategy. Buyers have more room to compare. Sellers have more competition. But the market has not become simple. Good homes still attract attention, overpriced listings still struggle, and broad headlines still miss the details that matter most. In April 2026, the Victoria Real Estate Board reported 643 property sales, almost unchanged from 642 sales in April 2025, and up 11.1% from March 2026. Active listings reached 3,710 at month-end, up 13.8% from March and 8.3% from April 2025. More Listings Are Giving Buyers Breathing Room The biggest shift this spring is choice. Buyers are seeing more homes come to market, which can reduce some of the pressure that comes with rushed decisions. Instead of feeling forced to act on every suitable listing, buyers can compare more carefully. That extra choice can help buyers: Review condition more thoughtfully Compare neighbourhoods more clearly Ask better questions Include appropriate conditions Think through long-term costs Avoid panic-based decisions This does not mean every buyer has strong negotiating power. It means buyers have more room to make informed decisions, especially in property segments with more available inventory. Stable Demand Still Matters More listings do not automatically mean prices fall quickly. Spring 2026 has shown that buyer demand is still present. Sales increased from March to April, and April sales were almost identical to the same month last year. That suggests buyers have not disappeared. They are simply being more selective. This is important for both sides. Buyers should not assume every seller will accept a major discount. Sellers should not assume that demand alone will carry an overpriced listing. The market is active, but more careful. Prices Are Moving Differently by Segment The Spring 2026 Greater Victoria real estate market also shows why local details matter. In the Victoria Core, the single-family benchmark price was $1,339,100 in April 2026, down 1.2% from April 2025 but up from March 2026. The condo benchmark was $558,300, down 0.8% year-over-year. Those are not dramatic year-over-year changes. They point to a market where pricing has softened in some areas, but not collapsed. This is why buyers and sellers should be careful with broad statements like “prices are dropping” or “the market is strong.” Both can be true in different pockets. Buyers Are Learning to Be Patient, Not Passive Spring 2026 is teaching buyers that patience can be useful, but passivity can be costly. A buyer who waits thoughtfully may avoid overpaying or choosing the wrong home. But a buyer who assumes better options will always appear may miss a property that fits their budget, lifestyle, and long-term needs. The better approach is to be prepared. Buyers should know: Their financing range Their ideal neighbourhoods Their non-negotiables Their flexible items Their comfort level with repairs Their monthly carrying costs Their offer strategy before the right home appears More choice helps most when buyers already know what they are looking for. Sellers Are Learning That Presentation Matters When buyers have more options, listing presentation becomes more important. A home that is clean, well-prepared, properly priced, and easy to understand has a better chance of standing out. A home with poor photos, unclear value, deferred maintenance, or an ambitious price may sit longer. Spring 2026 is reminding sellers that the launch matters. Before listing, sellers should think carefully about: Pricing strategy Competing listings Showing condition Repairs and touch-ups Professional photography Listing copy Floor plans Storage and decluttering Curb appeal Buyer objections Presentation is not about pretending a home is perfect. It is about reducing buyer hesitation. Sellers Are Also Learning to Listen Faster In a market with more listings, feedback becomes more valuable. If showings are low, the market may be rejecting the price, presentation, or marketing. If showings are strong but offers are not coming, buyers may like the home but see risk, condition issues, or better value elsewhere. Sellers do not need to react emotionally to every comment. But they should look for patterns. Useful questions include: Are buyers comparing this home to stronger options? Is the price aligned with current competition? Are the photos creating enough interest? Are showings producing consistent objections? Is the home easy to access? Does the property feel move-in ready for the price? The faster sellers understand the feedback, the easier it is to adjust strategically. Micro-Markets Still Matter Most Greater Victoria is not one market. A condo in downtown Victoria, a family home in Saanich, a townhouse in Langford, a downsizer property in Sidney, and a character home near Cook Street Village can all behave differently in the same season. Spring 2026 is reinforcing that buyers and sellers need property-specific advice, not just market headlines. The right strategy depends on: Municipality Neighbourhood Property type Price range Condition Strata health Lot size Walkability School catchment Buyer pool This is where broad statistics become a starting point, not the final answer. What Buyers Should Take From Spring 2026 For buyers, the lesson is simple: use the extra choice well. That means slowing down enough to compare, but staying ready enough to act when the right home appears. A strong buyer strategy includes: Reviewing new listings regularly Understanding fair market value Comparing total monthly costs Reading strata and title details carefully Keeping financing up to date Avoiding emotional overreaction Writing offers that match the property and market The best buyers this spring are not necessarily the most aggressive. They are the most prepared. What Sellers Should Take From Spring 2026 For sellers, the lesson is equally clear: the market will reward clarity. A listing needs to make sense from the first online impression through the showing and negotiation process. A strong seller strategy includes: Pricing with current competition in mind Preparing the home before launch Removing unnecessary buyer objections Marketing the property clearly Tracking showing activity Responding to feedback Adjusting before the listing feels stale Sellers can still do well in this market. But strategy matters more when buyers have options. The Bottom Line The Spring 2026 Greater Victoria real estate market is balanced, active, and more selective. Buyers have more choice, but not unlimited leverage. Sellers still have opportunity, but they need stronger pricing, preparation, and presentation. This spring is not teaching buyers and sellers to wait on the sidelines. It is teaching them to make better decisions. For advice on buying or selling in Greater Victoria’s current market, contact Faber Real Estate Group for clear, local guidance before making your next move.   Gigi S., 5-Star Review, via Google Scott and his team are a highly professional group . Scott is a very friendly person , cares for needs and requirements of his client . He makes sure that the property you are buying is your dream place and where you would like to see yourself staying forever. I'm glad that we found such a great realtor. 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.”

How to read the Victoria market without overreacting to headlines starts with one simple idea: national housing stories and local real estate decisions are not the same thing. It is easy to see a dramatic headline about falling sales, rising uncertainty, or interest rate risk and assume the same conclusion applies directly to Greater Victoria. However, the local market has its own mix of inventory, buyer demand, price behaviour, and micro-markets. In March 2026, the Victoria Real Estate Board reported 579 sales, which was 24.5 per cent higher than February, while active listings climbed to 3,261, up 7.9 per cent from March 2025. That is not a frozen market. It is a more balanced one. (vreb.org) That distinction matters. Nationally, CREA reported that Canadian home sales activity in March 2026 was virtually unchanged month over month, and Reuters reported that CREA also downgraded its 2026 forecast amid higher mortgage costs and wider uncertainty. At the same time, the Bank of Canada held its policy rate at 2.25 per cent on March 18, 2026. Those are useful signals, but they are not a substitute for local interpretation. (crea.ca; bankofcanada.ca; (Reuters)) Headline Risk Comes From Oversimplifying the Story Most headlines are built to compress a complicated market into one emotion. That emotion might be fear, urgency, optimism, or caution. The problem is that real estate decisions are rarely improved by emotional compression. A headline might say sales are down, but that does not tell you whether inventory is up, whether pricing is stable in your segment, whether one property type is outperforming another, or whether your neighbourhood is behaving differently from the broader region. VREB said current conditions in Greater Victoria are creating fewer high-pressure transactions and giving both buyers and sellers more time for due diligence. That is a much more useful insight than a broad headline suggesting the sky is falling. (vreb.org) Start With Inventory, Not Emotion If you want to understand what is really happening, start by asking how much choice buyers have. At the end of March 2026, there were 3,261 active listings in the VREB region. That was up 12.3 per cent from February and up 7.9 per cent from March 2025. More inventory usually means more competition for sellers and more leverage for buyers. It also means buyers can be more selective, which tends to stretch timelines and reduce panic-driven decisions. (vreb.org) This is why one negative sales headline can be misleading. If listings are up but prices are relatively stable, that is a different market story from a true downturn driven by weak demand and collapsing values. Then Look at Property Type The Victoria market is not one market. It is a collection of smaller markets. CREA’s Victoria market conditions data for the first quarter of 2026 shows different timelines by property type: single-family homes: 26 median days on market townhouses: 31 median days on market condominiums: 30 median days on market (creastats.crea.ca) It also shows higher months of inventory across all three major categories compared with a year earlier. Single-family inventory was 4.3 months in Q1 2026, townhouse inventory was 3.7 months, and condominium inventory was 5.3 months. (creastats.crea.ca) So if a headline says “the market is slowing,” the better question is: which part of the market? Price Changes Need Context Too Another common mistake is reacting to one price stat without asking what it actually measures. VREB’s March 2026 benchmark for a Victoria Core single-family home was $1,330,200, down 1.1 per cent from March 2025 but up from February 2026. The benchmark for a Victoria Core condominium was $553,800, down 0.8 per cent year over year and also up from February. (vreb.org) That is a more nuanced story than a dramatic “prices are falling” headline. In plain terms, some values are softer than a year ago, but the month-to-month trend into spring improved. That is exactly why broad headlines can distort what is actually happening on the ground. Pay Attention to Timing, Not Just Direction A lot of headlines miss the seasonal rhythm of Victoria real estate. VREB noted that March 2026 followed a fairly typical spring pattern, with both sales and listings increasing from the previous month and the market generally building toward a peak in May or June. (vreb.org) That matters because a temporary slowdown in January or February can look dramatic in a headline while still being completely normal in a seasonal market cycle. Without context, people mistake rhythm for risk. Use Headlines as Prompts, Not Conclusions Good market headlines can still be useful. They just should not be treated as your final interpretation. A better process is: read the headline check whether it is national, provincial, or local compare sales, inventory, and benchmark prices break the market down by property type ask what is happening in your actual neighbourhood and price band That approach is slower, but it leads to better decisions. What Buyers and Sellers Should Really Watch Instead of reacting to every market story, buyers and sellers in Victoria should focus on the indicators that affect strategy most directly: active listings and months of inventory median days on market by property type benchmark price movement over time competition in your exact neighbourhood and price segment whether your goals depend on speed, price, or flexibility For example, someone buying a condo in the core should not interpret the market the same way as someone selling a detached home in a tightly held neighbourhood. The Bigger Lesson The Victoria market rarely rewards people for being the most emotional person in the room. It usually rewards people who understand local conditions, compare the right numbers, and avoid making big decisions based on broad narratives. Headlines are designed to get attention. Strategy is designed to get results. Final Thought If you want to read the Victoria market without overreacting to headlines, focus less on noise and more on what the local data is actually saying. Inventory is higher, buyers have more room to think, and different segments are moving at different speeds. That is not a reason to panic. It is a reason to be more strategic. If you want help interpreting what the current market means for your next move, contact Faber Real Estate Group for grounded local advice tailored to your situation.     Brandon S., 5-Star Review, via Google “My wife and I sold our condo in View Royal and bought a place in Esquimalt with the help of The Faber Group. Scott helped us to find and buy the perfect home for our growing family in a very competitive market. He got to know our wants and needs and worked within our schedule with a small baby. Once we found the perfect place Scott helped us to get it for under the asking price and sold our condo in one day on the market with multiple offers over asking! We are so grateful that Scott helped us through this process, answering our many questions and alleviating our concerns. Thank you for helping us sell our first home and buy a beautiful house for our family.” 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.”

As realtors who have worked through hot cycles, slowdowns, and everything in between, we can confidently say that Greater Victoria is currently a balanced market. Not the runaway bidding wars of 2021-2022, and not the ultra-cautious environment immediately after the interest rate hikes. Instead, we’re in a middle ground where good properties sell, and buyers have room to think. Inventory and Sales Pressure The clearest indicator of balance is inventory relative to demand. At the end of October 2025, the Victoria Real Estate Board recorded 3,423 active listings across Greater Victoria. That’s well above the extremely low inventory levels of the pandemic boom, but it isn’t oversupply. It allows buyers to compare options without forcing sellers to slash prices. The sales-to-active-listings ratio sits around 18-20 percent. Industry standards consider roughly 12-16 percent a buyer’s market and 20-28 percent a seller’s market. The mid-to-high teens is the territory we call balanced. In practice, this means neither side has full leverage: buyers can negotiate, and sellers can still get fair results when priced correctly. What Prices Are Doing Prices in 2025 are steady overall, though the behavior varies by product type. The benchmark price for a single-family home in the Victoria core is approximately $1,276,500. That is down about 1.8 percent from 2024. The drop is far from a crash; it’s more of a normalization after years of outsized growth. Condominiums are holding firm. The benchmark condo price in the core is just over $551,000, up roughly 0.6 percent year-over-year. This segment benefits from affordability pressures and downsizers returning to the city. Townhomes sit in between. Average sales this year hover around $815,000, with a median around $794,500. They offer more space than a condo without the single-family price tag, and they remain attractive to young families. Across all property types, homes are selling close to listing price. Most transactions land in the 97-98 percent of asking range, which is another sign of equilibrium. When a market favors sellers, you see multiple offers and over-asking. In a soft market, homes sell well below list. Right now, neither extreme is dominant. How This Feels on the Ground If you’re a buyer, you can breathe. You’re no longer racing through 15-minute showings only to hear the home sold before you’ve reached your car. You can walk through several properties, compare finishes and layouts, and analyze monthly costs. You still need pre-approval and a strategic approach, but you have the luxury of choice. If you’re a seller, strategy matters more than ever. A well-priced home in a core neighbourhood like Fairfield, Oak Bay, or East Saanich still attracts strong attention. Listings that land above the comparable range or need too much work for today’s buyers will sit. Presentation, staging, and timing have become essential strategies again rather than optional add-ons. Why Balanced Markets Are Often the Best Balanced markets tend to be healthier and more sustainable. In an overheated market, buyers stretch beyond comfort, waive due diligence, and often regret the decisions that follow. In a weak market, sellers feel trapped or discouraged. Balance creates clarity. It allows everyone involved to act rationally, negotiate fairly, and make informed decisions. The Greater Victoria market is dynamic by nature. It reacts to interest rates, lifestyle migration, limited land supply, and the value people place on this region. But right now, the numbers and the day-to-day experience line up: this is not a market tilted heavily toward either party. It is one in which preparation and proper advice matter more than brute force. Justine Dancey, 5-Star Review, via Google “Cal and Scott treated us like family. We had only 5 days to find a home and Cal cleared his schedule to make himself available to us. Cal guided us in the purchase of our home, as if we were a member of his family asking for advice. I knew we could trust Cal. His service to us did not stop with the purchase of our home…he helped us find trades people and provided information about rental incomes in the area. We were new to the Island and I honestly felt that Cal adopted us and has made sure we had everything we needed. We did not just gain a realtor, but a friend. If you are looking for a realtor you can TRUST, and will look out for YOUR interests— then Cal and Scott are IT!!!” 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 “Building Lasting Relationships, One Home at a Time.”