Posts Tagged ‘Victoria real estate market’

Outdoor space in Greater Victoria homes carries real value because it affects how people live, not just how a property looks. In a region where mild weather, gardens, ocean air, trails, and neighbourhood walkability are part of daily life, a usable outdoor area can make a home feel larger, calmer, and more complete. For buyers, outdoor space is often more than a bonus. It can become the place where kids play, pets roam, friends gather, vegetables grow, and quiet mornings begin. For sellers, that means outdoor areas should not be treated as an afterthought. Outdoor Space Extends the Home One reason outdoor space matters so much is simple: it adds usable living area. A patio, deck, balcony, garden, or fenced yard can make a home feel larger without changing the square footage. This is especially important in Greater Victoria, where many buyers compare smaller homes, townhomes, and condos against higher price points. A well-designed outdoor area can offer: A second dining space A quiet reading area A place for pets Room for children to play Garden space Entertaining space A stronger connection to nature Even a smaller patio can add value if it feels private, sunny, and functional. Greater Victoria Buyers Care About Lifestyle Buyers in Greater Victoria often choose the area for lifestyle as much as location. They may be drawn to the climate, parks, beaches, trails, gardens, and slower pace compared with larger urban centres. Because of that, outdoor space often supports the reason they want to live here in the first place. A buyer may not just see a backyard. They may imagine summer dinners, morning coffee, raised garden beds, family time, or a quiet place to unwind after work. That emotional connection can make a property more memorable. Privacy Matters More Than Size Outdoor space does not need to be large to be valuable. In many cases, privacy matters more than size. A small, well-screened patio can feel more appealing than a larger yard that feels exposed. Mature hedges, fencing, trees, thoughtful landscaping, and good orientation can all make an outdoor area feel more comfortable. Buyers often respond well to outdoor spaces that feel: Private Easy to maintain Sunny or well-positioned Quiet Safe for pets or children Connected to the main living area A usable space usually beats a large space that feels awkward or neglected. Outdoor Space Helps Different Buyer Groups Outdoor space appeals to buyers for different reasons. For families, a fenced yard can be a major priority. Parents often want space for children, pets, play equipment, gardening, or family gatherings. For downsizers, a smaller patio or garden can offer the enjoyment of outdoor living without the burden of maintaining a large property. For condo buyers, a balcony or ground-level patio can make a unit feel less confined, especially if it has light, privacy, and room for seating. For investors, outdoor space may help a rental stand out, particularly when tenants value fresh air, pets, and flexible living areas. The value depends on the buyer, but the appeal is broad. Low-Maintenance Outdoor Space Is Often More Attractive Not every buyer wants a large yard. In fact, some buyers see a high-maintenance property as a burden. This is especially true for busy professionals, retirees, and downsizers. They may want outdoor space, but they do not necessarily want constant upkeep. That is why simple, practical outdoor design can be so effective. Features that often appeal include: Easy-care landscaping Defined patio areas Durable decking Raised garden beds Irrigation Storage for tools or bikes Clean fencing Clear pathways Native or drought-tolerant plants The best outdoor spaces feel enjoyable, not overwhelming. Orientation and Light Can Change Everything In Greater Victoria, light and exposure can make a major difference. A south-facing patio, sunny garden, or bright balcony can carry strong appeal. Buyers often notice how natural light moves through both the home and the outdoor space. However, full sun is not always the only advantage. Some buyers may prefer partial shade, especially for outdoor dining or gardening comfort. What matters most is whether the space feels usable throughout the year. Sellers should help buyers understand: Where the sun lands during the day Which areas are best for seating How the garden changes seasonally Whether the space works for entertaining, pets, or quiet use Small details can help buyers picture themselves living there. Outdoor Space Can Support Resale Value Outdoor space in Greater Victoria homes can also support long-term resale appeal. A home with a functional yard, private patio, usable balcony, or garden area may attract a wider range of future buyers. This can matter when it is time to sell. That does not mean every outdoor upgrade creates equal return. A highly personal design may not appeal to everyone. However, clean, flexible, and well-maintained outdoor areas usually help a property show better. Good resale-friendly improvements may include: Improving privacy Cleaning up overgrown landscaping Creating a defined seating area Repairing decks or railings Adding simple lighting Improving drainage Making the yard safer and easier to use The goal is not to overbuild. The goal is to make the space feel easy to enjoy. Sellers Should Stage Outdoor Areas Too Many sellers focus on the inside of the home and forget the exterior. That can be a missed opportunity. Outdoor areas should be prepared with the same care as kitchens, living rooms, and entryways. Before listing, sellers should consider: Power washing patios and walkways Cleaning outdoor furniture Trimming hedges and shrubs Removing clutter Refreshing planters Mowing and edging lawns Repairing loose boards or railings Adding simple seating where appropriate Buyers should not have to work hard to understand how the space can be used. Final Thoughts Outdoor space in Greater Victoria homes carries value because it supports the way people want to live here. It offers more than extra room. It creates privacy, flexibility, comfort, and connection to the natural setting that makes this region so appealing. For buyers, the key is to look beyond size and consider usability, privacy, light, upkeep, and long-term fit. For sellers, the opportunity is to make outdoor space feel intentional, cared for, and easy to imagine using. If you are buying or selling a home in Greater Victoria and want advice on how outdoor space affects value, contact Faber Real Estate Group for local guidance. Annie R., 5-Star Review, via Google “Vanessa Wood is the best realtor I've ever worked with. We had an excellent accepted offer within 11 days of listing! Vanessa is a great communicator and salesperson, organized and very hard working. She's also warm and was incredibly helpful as I was selling the house in Victoria while living on the Sunshine Coast. She and the Faber Group team went the extra mile on more than one occasion! I highly recommend Vanessa and her team.” Faber Real Estate GroupRoyal LePage Coast Capital Realty📞 250-244-3430📧 [email protected]ℹ️ Scott Faber Personal Real Estate Corporationℹ️ Cal Faber Personal Real Estate CorporationVanessa Wood, Zachary Parsons, and Sophie Taylor “Building Lasting Relationships, One Home at a Time.”

Waiving conditions in real estate can make an offer look stronger, but it can also create serious risk for buyers. In a competitive market, buyers may feel pressure to remove subjects so their offer stands out. That may help win the home, but it can also leave less room to confirm financing, review documents, inspect the property, or walk away safely. A subject-free offer is not always a bad idea. However, it should never be treated casually. The better question is not, “Will waiving conditions help me win?” The better question is, “What risk am I accepting if I remove this protection?” What Does Waiving Conditions Mean? In a real estate offer, conditions are clauses that must be satisfied before the buyer becomes fully committed to completing the purchase. Common buyer conditions include: Financing approval Home inspection Insurance confirmation Strata document review Title review Sale of the buyer’s current home Legal review Property disclosure review Once a buyer waives conditions, or writes an offer with no subjects, the offer becomes firmer from the beginning. That can appeal to a seller because it reduces uncertainty. For the buyer, it may also reduce options if a problem appears later. Why Buyers Waive Conditions Buyers usually waive conditions because of competition. If several buyers want the same property, a seller may prefer a cleaner offer with fewer conditions, even if another offer is close in price. A subject-free offer can feel faster, simpler, and less likely to collapse. Buyers may consider waiving conditions when: The market is competitive There are multiple offers The property is rare Due diligence has already been completed Financing is strong The buyer understands the risk However, pressure is not the same as preparation. A buyer should not waive conditions simply because they are tired of losing offers. The Financing Risk The financing condition is one of the most important protections in an offer. A mortgage pre-approval is helpful, but it is not final approval for a specific property. Lenders still need to review the home, appraisal, borrower details, insurance, and other risk factors. If a buyer waives financing and the lender later declines the file, lowers the approved amount, or raises concerns about the property, the buyer may still be expected to complete the purchase. That can lead to: Losing the deposit Being sued for seller losses Needing emergency financing Paying higher borrowing costs Being unable to complete on time Before waiving a financing condition, buyers should speak with their mortgage broker or lender about the exact property and the full risk. The Inspection Risk A home inspection condition gives buyers time to understand the physical condition of the property. Without that condition, buyers may accept unknown issues. This matters because even well-presented homes can have hidden problems behind walls, below grade, or in older systems. Inspection concerns may include: Roof age Drainage issues Electrical concerns Plumbing problems Moisture or mould Heating system age Oil tank risk Structural issues Unpermitted renovations In Greater Victoria, many homes have been renovated, expanded, or updated over several decades. A home can look beautiful and still carry expensive repair risk. The Strata Document Risk For condos and townhomes, waiving conditions before reviewing strata documents can be risky. Strata documents can reveal issues that a showing cannot, including: Depreciation reports Insurance concerns Special levies Building repairs Bylaws Financial statements Contingency reserve fund levels Litigation or major building concerns Pet, rental, smoking, parking, and storage rules If buyers waive the strata document condition too early, they may later discover issues that affect affordability, lifestyle, or resale value. The Insurance Risk Insurance is easy to overlook, but it matters. Some properties may be harder or more expensive to insure because of age, condition, location, prior claims, building systems, or strata insurance issues. For detached homes, buyers may need to confirm coverage for older wiring, oil tanks, wood stoves, water damage history, roofing condition, or rural and waterfront exposure. For strata properties, buyers should understand both the strata corporation’s insurance and their own unit owner’s policy. If insurance cannot be secured, financing may also be affected. The Title and Legal Risk Title review helps buyers understand whether anything is registered against the property. These may include: Easements Covenants Rights of way Building schemes Encroachments Charges Access issues Some items may be minor. Others can affect future renovations, development plans, property use, or enjoyment of the home. The Home Buyer Rescission Period Is Not a Replacement for Conditions In BC, the Home Buyer Rescission Period gives buyers a limited right to rescind many residential purchase contracts within three business days after acceptance. However, it is not the same as having normal buyer conditions. If a buyer uses the rescission right, they must pay the seller a rescission fee equal to 0.25% of the purchase price. On a $900,000 purchase, that fee would be $2,250. The rescission period may provide limited time to reconsider, but it does not replace proper due diligence. It also may not apply to every type of transaction, so buyers should confirm the rules before relying on it. When Waiving Conditions May Be More Reasonable Waiving conditions may be less risky when the buyer has already completed meaningful preparation. For example: Financing has been reviewed in detail The lender understands the property type A pre-inspection has been completed Strata documents have already been reviewed Insurance has been confirmed Title has been checked The buyer has cash reserves The risks have been clearly discussed Even then, risk remains. The goal is not to eliminate risk completely. The goal is to avoid making a blind decision. When Buyers Should Be Very Cautious Waiving conditions can be especially risky when: The home is older There is visible deferred maintenance The buyer is close to their maximum budget Financing is high-ratio The property has unauthorized work The property is tenanted The home is rural, waterfront, or on septic There may be an oil tank Strata documents are not available The purchase depends on selling another property Winning the property is not the same as making a smart purchase. Strong Offers Do Not Always Mean No Conditions A buyer can still write a strong offer with conditions. Strength can also come from: A fair price A larger deposit Short but realistic condition dates Flexible completion and possession dates Clear communication Pre-approved financing A clean contract Strong supporting documentation Sometimes the best strategy is not to waive everything. It is to keep the right conditions and make the rest of the offer as clean as possible. Questions to Ask Before Waiving Conditions Before writing a subject-free offer, buyers should ask: Have we spoken with our mortgage broker about this exact property? Do we understand the appraisal risk? Have we reviewed the strata documents? Have we confirmed insurance availability? Do we understand the likely repair risks? Have we reviewed title or key documents? Do we have enough cash if something unexpected appears? Can we still complete if financing changes? Are we making this decision because it is smart, or because we feel pressured? If the answer is unclear, the buyer may not be ready to waive conditions. Final Thoughts Waiving conditions in real estate can help a buyer compete, but it should never be treated as a simple offer tactic. Conditions exist for a reason. They give buyers time to confirm that the property, financing, documents, insurance, and legal details are acceptable before becoming fully committed. The goal is not just to win the home. The goal is to win the right home on terms you understand. If you are thinking about waiving conditions or writing a competitive offer in Greater Victoria, contact Faber Real Estate Group for guidance before you take on unnecessary risk. Lena N., 5-Star Review, via Google “I have worked with Scott and Zach on my listing and it has been a pleasure to work with both diligent and professional agents. They have been communicative and friendly. Hope to do more collaboration and deals with you both in the near future!” Faber Real Estate GroupRoyal LePage Coast Capital Realty📞 250-244-3430📧 [email protected]ℹ️ Scott Faber Personal Real Estate Corporationℹ️ Cal Faber Personal Real Estate CorporationVanessa Wood, Zachary Parsons, and Sophie Taylor “Building Lasting Relationships, One Home at a Time.”

Moving from Vancouver to Victoria often starts as a lifestyle decision, but it quickly becomes a real estate decision. Buyers may come for the slower pace, ocean access, shorter commutes, and community feel, yet the first few home tours usually reveal a more practical truth: Victoria is not simply a smaller version of Vancouver. The housing stock feels different. The neighbourhoods behave differently. The pace is calmer in some ways, but the market still rewards buyers who understand value, location, and timing. The Pace Feels Different One of the first things Vancouver buyers notice is the pace of daily life. Victoria still has traffic, busy corridors, and competitive neighbourhoods, but the rhythm feels more manageable. For many buyers, this is the emotional draw. The idea of reclaiming time matters. A shorter commute, easier access to parks, and the ability to cross town without planning your entire day around traffic can change how a home feels. However, slower does not mean simple. Victoria has many small micro-markets. A home in Fairfield, Oak Bay, Saanich, Langford, Sidney, or View Royal may attract a very different buyer pool. That is why local context matters so much when comparing options. Detached Homes May Feel More Within Reach Many buyers moving from Vancouver to Victoria notice the price difference first. Victoria is still an expensive market, but compared with Metro Vancouver, some buyers find more realistic detached, townhome, or larger condo options. For example, Greater Vancouver REALTORS® reported a March 2026 detached benchmark price of $1,854,800, while the Victoria Real Estate Board reported an April 2026 Victoria Core single family benchmark value of $1,339,100. Condo values also differ, with Metro Vancouver apartments at $706,700 in March 2026 compared with Victoria Core condominiums at $558,300 in April 2026. That difference does not mean every Victoria home is a deal. Instead, it means buyers may have different tradeoffs. Some can shift from a condo search to a townhome search. Others can move from a busy urban setting to a quieter residential street. The key is understanding what the price difference actually buys. The Homes Often Have More Character Victoria’s housing stock can feel very different from Vancouver’s. Buyers often notice older homes, unique layouts, mature gardens, smaller character properties, and neighbourhoods with a less uniform feel. That can be a strength, but it also requires a careful eye. Character homes may come with older plumbing, electrical updates, oil tanks, perimeter drain considerations, or renovation history that needs proper review. For buyers used to newer condo towers or denser urban development, Victoria homes may feel warmer and more personal. They may also require more due diligence. Neighbourhood Choice Matters More Than Expected Vancouver buyers often arrive with a clear idea of price and property type. Then they start touring and realize lifestyle can matter just as much as square footage. A buyer looking for walkability may prefer Fairfield, James Bay, Fernwood, Oak Bay, or parts of Saanich. A buyer focused on space and newer construction may look closer at Langford, Colwood, View Royal, or Sooke. A buyer planning for retirement or a quieter coastal lifestyle may consider Sidney, North Saanich, or Central Saanich. Victoria rewards buyers who compare neighbourhoods by lifestyle, not just price. The right area depends on how you want to live day to day. Condos and Strata Documents Need Attention Many Vancouver buyers already understand strata living, but Victoria’s condo and townhome market still needs careful review. Strata fees, depreciation reports, insurance, bylaws, rental rules, pet rules, parking, storage, and upcoming projects can affect long-term value. This is especially important for buyers moving from a larger city who may assume all strata buildings operate in a similar way. They do not. A well-run strata can offer comfort and predictability. A poorly planned one can create stress, special levies, and resale challenges. The Market Can Feel Balanced, But Local Conditions Still Vary Victoria’s spring 2026 market has offered buyers more choice. VREB reported 3,710 active listings at the end of April 2026, up 8.3% from April 2025, while describing the overall market as balanced. That balance gives buyers room to think, compare, and complete due diligence. Still, strong properties in desirable areas can move quickly. Buyers should not assume more inventory means every seller will negotiate heavily. The better approach is to understand each listing on its own terms: price, condition, location, competition, days on market, and seller motivation. The Lifestyle Shift Is Real For many buyers, moving from Vancouver to Victoria is not just about the home. It is about weekends, work-life balance, outdoor access, and a different relationship with the city. Victoria offers oceanfront walks, established neighbourhoods, local shops, cycling routes, parks, beaches, marinas, schools, and community hubs within a relatively compact region. That can make daily life feel more connected. The tradeoff is that Victoria is still a smaller city. Buyers should think carefully about employment, ferry travel, airport access, specialized amenities, and family logistics before choosing a neighbourhood. What Buyers Should Do Before Making the Move Before moving from Vancouver to Victoria, buyers should spend time comparing areas in person. Online research helps, but it cannot replace walking the neighbourhood, driving the commute, visiting local shops, and seeing how different areas feel at different times of day. A smart plan includes: Comparing lifestyle first, then price Reviewing local market data by area and property type Understanding strata documents before removing conditions Budgeting for moving costs, property transfer tax, insurance, and maintenance Working with a local real estate team that understands Greater Victoria’s micro-markets Moving from Vancouver to Victoria can be an excellent step, but the best decisions come from clarity. When buyers understand the differences early, they can move with more confidence and fewer surprises. For guidance on neighbourhoods, property types, and what your Vancouver budget may look like in Greater Victoria, contact Faber Real Estate Group for advice before you start your search. Darlene S., 5-Star Review, via Google “Great team! Scott and Cal were extremely helpful in navigating a difficult sale. Their knowledge and strategies brought a quick offer to the table. I truly appreciated their on-going communications and generosity. Have already recommended them to friends and neighbours.” Faber Real Estate GroupRoyal LePage Coast Capital Realty📞 250-244-3430📧 [email protected]ℹ️ Scott Faber Personal Real Estate Corporationℹ️ Cal Faber Personal Real Estate CorporationVanessa Wood, Zachary Parsons, and Sophie Taylor “Building Lasting Relationships, One Home at a Time.”

Investment opportunities in Victoria remain strong because the city combines lifestyle demand with long-term housing pressure. Buyers are not just purchasing property. They are building income flexibility and future security. Victoria benefits from government employment, post-secondary institutions, and steady in-migration. As a result, rental demand stays consistent even when sales volume shifts. Therefore, investors who focus on structure and cash flow often find durable returns. Secondary Suites: Built-In Income One of the most practical investment opportunities in Victoria is purchasing a home with a legal or conforming secondary suite. Suites offer: Mortgage support through rental income Higher qualification potential with lender-recognized income Flexibility for future family use Strong tenant demand However, zoning and municipal compliance matter. Before purchasing, confirm suite legality, ceiling height, fire separation, and parking requirements. In addition, review operating costs carefully. Insurance, utilities, and maintenance influence net return more than gross rent alone. Purpose Rentals and Long-Term Tenancies Some buyers focus strictly on rental property. Victoria’s rental market has experienced tight vacancy conditions for years. Although vacancy rates fluctuate, demand remains steady due to limited land supply and strong population stability. Investors typically consider: Condominiums near employment centres Townhomes appealing to families Detached homes with multiple rental streams Cash flow depends on purchase price, down payment, and financing structure. Therefore, investors should evaluate cap rate, maintenance reserves, and long-term appreciation potential before committing. A strong rental strategy balances income today with growth tomorrow. Multi-Generational Homes: Strategic Flexibility Another growing segment of investment opportunities in Victoria involves multi-generational homes. These properties support: Parents and adult children living together Shared mortgage responsibility Reduced childcare costs Long-term estate planning Unlike traditional rental models, multi-generational purchases often prioritize flexibility over maximum yield. Buyers may convert space later into a suite or separate living quarters. Because housing affordability remains a challenge in Greater Victoria, shared living arrangements continue to increase. As a result, homes with separate entrances, additional kitchens, or carriage-house potential often command strong interest. Key Considerations Before Investing Before pursuing investment opportunities in Victoria, ask: Is your priority cash flow or appreciation? Are you comfortable managing tenants? How stable is your financing structure if rates shift? Does the property allow future adaptability? Investing without a defined objective creates unnecessary risk. Clear strategy reduces emotional decisions. Long-Term Outlook Victoria remains land-constrained. Ocean boundaries and protected green space limit outward expansion. Consequently, supply growth stays measured. That constraint supports long-term value retention. However, investors must remain realistic. Short-term appreciation cycles vary. Rental regulations evolve. Financing costs shift. Successful investors plan for ten years, not twelve months. Final Thoughts Investment opportunities in Victoria extend beyond traditional rental condos. Suites, income properties, and multi-generational homes create layered strategies that combine lifestyle and financial planning. If you are evaluating an income property, start with a written objective. Then run realistic cash flow projections. Finally, compare long-term flexibility across property types. When strategy leads the purchase, Victoria continues to present compelling options. Doug F., 5-Star Review, via Google “I want to be honest with this evaluation: The way the sale/transaction/personal service of this Firm is 100%. They returned calls promptly, got me information when asked and even helped me move heavy furniture with a smile.” 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.”

James Bay remains one of Victoria’s most desirable waterfront neighbourhoods. In 2026, balanced market conditions have created increased buyer leverage, particularly in the condo segment. For buyers focused on lifestyle, walkability, and long-term value, James Bay real estate continues to present timely opportunities. Condo Opportunities in James Bay Condos dominate the James Bay housing mix, making this neighbourhood especially attractive to downsizers, retirees, and urban-focused buyers. Current conditions favour buyers: Increased condo inventory compared to peak years Reduced competition on well-priced units More room for negotiation on price, terms, and conditions Older buildings with solid strata management often offer the best value, especially for buyers willing to modernize interiors. Waterfront Lifestyle Appeal James Bay’s lifestyle remains its strongest draw. Residents enjoy: Immediate access to the Dallas Road waterfront Walkable proximity to downtown, Beacon Hill Park, and the Inner Harbour A quieter, residential feel compared to other downtown-adjacent areas This combination supports consistent long-term demand, even as short-term market conditions shift. Buyer Leverage in Today’s Market In 2026, James Bay real estate reflects a balanced environment rather than a seller-driven market. What this means for buyers: Longer days on market for condos Fewer multiple-offer scenarios Greater flexibility around possession dates and conditions Well-informed buyers who understand strata documents and building histories can capitalize on this leverage. Who James Bay Works Best For James Bay continues to attract: Downsizers seeking walkability and lower maintenance Retirees prioritizing waterfront access Buyers relocating from higher-priced core neighbourhoods Investors remain selective, but strong rental demand supports long-term holding strategies for well-located units. What Sellers Should Know While pricing remains important, homes that are well-presented and realistically priced continue to sell. Overpriced condos tend to sit longer, reinforcing the importance of accurate market positioning. Final Thoughts James Bay real estate offers a rare blend of waterfront lifestyle and urban convenience. In 2026, condo opportunities and buyer leverage make this neighbourhood especially compelling for purchasers prepared to act strategically.

Fairfield is widely regarded as one of Victoria’s most walkable neighbourhoods. Its compact layout, strong community amenities, and proximity to downtown make it especially appealing for buyers who want convenience without sacrificing character. Fairfield walkable neighbourhood living supports an active, connected lifestyle. Everyday Amenities Close to Home Residents can walk to grocery stores, cafes, schools, and local shops along Fairfield Road and Cook Street Village. Daily errands rarely require a car, which adds to the neighbourhood’s appeal for all ages. Proximity to Downtown and the Ocean Fairfield sits just minutes from downtown Victoria while offering quick access to Dallas Road, Beacon Hill Park, and coastal walking paths. This balance of urban access and outdoor space defines Fairfield walkable neighbourhood living. Sidewalks, Green Spaces, and Safe Streets Tree lined streets, consistent sidewalks, and traffic calmed roads make walking comfortable and safe. Parks and open spaces are woven throughout the neighbourhood, encouraging daily movement and outdoor time. Strong Community Feel Fairfield’s walkability supports local businesses and creates natural opportunities for connection. Residents often run into neighbours while walking, reinforcing the area’s strong sense of community. For buyers prioritizing convenience, lifestyle, and long term livability, Fairfield continues to stand out as one of Victoria’s most walkable neighbourhoods.   Yemi E., 5-Star Review, via Google “Scott has been very receptive and sincere with my family since we’ve been on the island 2 years ago. The fountain of knowledge mixed with the love of the island truly shows. I recommend this agent cause he actually listens to your needs.” 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.”

Monthly real estate headlines often focus on average prices or sales counts, but those numbers rarely tell the full story. When we look more closely at the Victoria Core vs Westshore real estate market, clear differences emerge in pricing, buyer behaviour, and overall momentum. November’s single-family home statistics highlight why understanding sub-markets matters more than ever for both buyers and sellers. Sales Activity: Two Markets Moving at Different Speeds In November, the Victoria Core continued to show steady but cautious activity. Single-family home sales remained consistent, supported by limited inventory and ongoing demand for established neighbourhoods close to downtown, schools, and employment centers. Buyers in this area tend to be move-up purchasers and long-term homeowners who are less sensitive to short-term rate fluctuations. The Westshore, by contrast, saw stronger sales momentum. Communities such as Langford, Colwood, and Sooke benefited from relative affordability and a growing supply of newer homes. First-time buyers and young families were more active here, particularly in neighbourhoods offering newer construction and flexible floor plans. Pricing Trends: Stability vs Opportunity Single-family home prices in the Victoria Core remained relatively stable through November. Limited supply continues to support values, even as buyers take more time to make decisions. Well located homes that are priced appropriately and presented well are still selling, but unrealistic pricing is being met with resistance. The Westshore continues to offer more pricing flexibility. While prices have increased over the long term, November data shows that buyers still have opportunities, particularly in areas with higher inventory levels. Sellers who understand current market conditions and price strategically are seeing solid results, while overpriced listings are taking longer to sell. Days on Market and Buyer Behaviour Days on market remain shorter in the Victoria Core compared to the Westshore, reflecting the ongoing demand for central locations. Buyers here are selective, often focusing on homes that require minimal work or offer unique lot value. In the Westshore, average days on market are slightly longer, giving buyers more negotiating power. Conditions, financing terms, and inspection clauses are more common, which is a notable shift from the peak market years. This environment rewards well-prepared sellers who address deferred maintenance and present homes clearly. Inventory Levels and What They Signal Inventory in the Victoria Core remains constrained, particularly for detached homes under common price thresholds. This continues to limit choice for buyers but supports price stability for sellers. The Westshore has seen a healthier level of new listings, especially in newer subdivisions. This added selection is helping balance the market and reduce pressure on buyers, while still maintaining steady overall activity. What This Means for Buyers and Sellers For buyers, November’s data reinforces the importance of location specific strategy. The Victoria Core requires decisiveness and preparation, while the Westshore allows for more comparison shopping and negotiation. For sellers, understanding your micro market is critical. A pricing strategy that works in Fairfield or Oak Bay may not translate directly to Langford or Colwood. Tailoring your approach to local conditions is key to achieving strong results.

When buying a home in Greater Victoria, it is easy to focus on the mortgage payment and overlook additional ownership costs. Two of the most important expenses to understand are property taxes and, for condos or townhomes, strata fees. Knowing how these costs work helps buyers budget accurately and avoid surprises after possession. Property Taxes Explained Property taxes are annual fees paid to municipalities and school districts based on the assessed value of a property. In Greater Victoria, these taxes support essential services such as schools, road maintenance, parks, and emergency services. Tax amounts vary depending on location, property type, and assessed value. For example, homes in areas like Oak Bay or Cadboro Bay often carry higher property taxes than those in Langford or Colwood, largely due to differences in assessed values and municipal budgets. Many homeowners choose to pay property taxes through automatic payments or include them with their mortgage to simplify budgeting. Understanding expected taxes upfront helps ensure homeownership costs remain manageable. Understanding Strata Fees Buyers considering a condo or townhome will also need to factor in monthly strata fees. These fees contribute to shared expenses within the building or community and typically include: Maintenance of common areas Building insurance Contributions to the reserve fund for future repairs Utilities in some cases Strata fees vary widely. Buildings with amenities such as gyms, elevators, or rooftop spaces often have higher fees. Older buildings may have lower monthly fees but can face larger repair projects over time. Buyers should also be aware of special assessments, which are one time charges for major or unexpected repairs. Reviewing the strata minutes and depreciation report before purchasing provides valuable insight into the building’s financial health. Budgeting for the Full Cost of Ownership Property taxes and strata fees play a significant role in overall affordability. Detached homes typically carry higher property taxes but no strata fees. Condos and townhomes may offer lower purchase prices, but monthly strata fees can meaningfully impact long term costs. We always encourage buyers to look beyond the mortgage payment and consider total monthly and annual expenses when comparing properties. Final Thoughts Understanding property taxes and strata fees is essential when buying a home in Greater Victoria. These costs are part of responsible homeownership and support well maintained communities and shared services. With the right guidance and preparation, buyers can make confident decisions and choose a home that fits both their lifestyle and long term budget.   Lou N., 5-Star Review, via Google “Scott is a knowledgeable, professional, dedicated and thorough expert in his field. Excellent at what he does and we couldn't have found a better realtor to guide us through one of the most important decisions in our lives.” 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.”

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.”

How Affordable Is Housing in Victoria? A Smart, Honest Look at Today’s Market When people talk about Victoria, they talk about charm: tree-lined neighborhoods, ocean breezes, heritage character, and a lifestyle that feels a little bit magical. But there’s another conversation happening just as often: Is housing in Victoria still affordable? As real estate professionals immersed in this market every day, our goal is to bring clarity to a topic that naturally sparks confusion, frustration, and sometimes hope. Housing affordability in Victoria isn’t a simple yes or no question. It’s a mix of economics, supply and demand, demographics, and long-term trends that shape how people live and invest here. Let’s break it down, intelligently and honestly. Understanding Victoria’s Affordability Problem: It Starts With Supply Victoria is small. Hemmed in by the ocean, strict zoning, and limited land, our region has one of the tightest supplies of housing in the country. Even when demand cools, the underlying shortage keeps prices resilient. A low supply doesn’t just mean fewer homes for sale, it also impacts rental inventory. Victoria’s rental vacancy rate typically sits well below 2%, which is far below the 3–5% considered “healthy.” A tight rental market naturally pushes people to consider buying sooner, which adds pressure to the ownership market as well. When supply is constrained, and demand remains steady or grows, prices stay elevated. That is exactly what we’ve seen over the last decade. Demand Isn’t Just Local Victoria isn’t a city that grows accidentally; people move here on purpose. The region attracts: Retirees seeking a mild climate Professionals relocating for government and tech jobs Nurses, remote workers, and families looking for balance Investors recognizing the stability of the Vancouver Island market This diverse demand base keeps competition strong across all housing types. Even when interest rates rise, Victoria typically sees delayed moderation because the local buyer pool is not the only buyer pool. For affordability, this means locals are not just competing with locals — they’re competing with national and sometimes international interests. Understanding these buyer dynamics is key to understanding why prices stay high. Is Victoria Affordable? It Depends on Who You Ask Here’s where the conversation becomes nuanced. For First-Time Buyers:Affordability is the biggest challenge. Detached homes often feel out of reach, which is why demand has surged for condos, townhomes, and “missing middle” housing. Creative solutions like shared ownership, entering the market with a condo first, or purchasing in emerging neighbourhoods have become essential strategies. For Move-Up Buyers:Those who already own property may find Victoria quite manageable, thanks to equity gains. Many homeowners are leveraging strong appreciation from the past five to ten years to move into their next property with confidence. For Investors:Victoria remains one of the most stable rental markets in Canada due to extremely low vacancy rates and strong tenant demand. From a cash-flow perspective, investors must run numbers carefully, but from a security standpoint, the market is very attractive. The Real Question: Is Victoria’s Market Sustainable? Affordability challenges don’t disappear overnight, but we are starting to see shifts: More inventory is coming online than we’ve seen in years The city’s housing strategy continues to push for higher-density and missing-middle projects Changing interest rates are moderating rapid price increases These factors work slowly, but they do work. Victoria is unlikely to become “cheap,” but there's a real possibility it will become more balanced, giving more people a fair opportunity to enter the market. Victoria May Be Expensive, But It’s Also Worth Understanding Affordability is a challenge, yes. But knowledge is power. When you understand why Victoria’s market looks the way it does, you can make smarter, more strategic decisions whether you’re buying, selling, investing, or simply planning ahead. Our role is to help you navigate this complex landscape with clarity, confidence, and a strategy that aligns with your goals. Victoria may not be the cheapest market in Canada, but with the right guidance, it can absolutely be one of the most rewarding. If you ever want to explore your options, compare neighbourhoods, or understand current trends, we’re always here to help you make the smartest move possible. 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."