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.”