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