The Blog

Victoria’s real estate market is known for its year-round activity, but summer brings a unique rhythm—and a lot of opportunity for both buyers and sellers. With longer days, lush landscapes, and balanced market conditions, this season can offer some of the smoothest and most strategic timing for making a move.

☀️ Why Summer is a Smart Time to Sell

Your Home Looks Its Best
Landscaping is in full bloom, patios and decks feel like extra living space, and natural light floods every room. These details make for beautiful listing photos and strong first impressions during showings.

Buyers Are Motivated
Many buyers aim to move before the fall, especially families trying to settle in before the new school year. That sense of urgency can work in your favour.

More Eyes on Your Listing
With longer days, open houses and evening showings are easier to schedule. People are also more likely to browse online listings during the relaxed pace of summer holidays.

Balanced Market Conditions
This year, we’re seeing a healthy supply of new listings, giving buyers more choice—and sellers a real shot at finding serious, qualified buyers without the chaos of bidding wars.

🏡 Why Summer Works for Buyers Too

Inventory Is High
According to the May 2025 stats, we’ve seen the highest number of new listings since May 2008. That’s a big deal—it means more options, less pressure, and a greater chance of finding your ideal match.

Interest Rates Are Holding Steady
With rate hikes off the table (for now), buyers have a clearer picture of what they can afford—and more predictability when budgeting for the long term.

Less Competition in Some Areas
While popular family neighbourhoods may still see strong demand, other micro-markets—like downtown condos or rural properties—may have softer activity, which could create room to negotiate.

You Can Take Your Time
More daylight, fewer weather-related delays, and flexible summer schedules make it easier to book showings, walk the neighbourhood, and really feel into a home before you buy.

🛠 Pro Tip: Know Your Micro-Market

Whether you’re buying or selling, it's important to remember: Victoria isn’t one market—it’s many. Your experience in Fairfield will be different than in Langford, and a downtown condo plays by different rules than a family home in Cordova Bay.

As I’m a REALTOR® who lives and works here, I can help you understand your exact slice of the market, and build a strategy that makes sense for your goals.

🌿 Thinking of Making a Move This Summer?

I’d love to help you navigate this season with confidence and clarity. Whether you’re planning to list soon, casually exploring what’s out there, or just want to stay informed, let’s chat about what makes sense for you.

📩 Reach out anytime for a personalized summer market snapshot.

Jacqueline Ross, REALTOR® 
Coldwell Banker Oceanside
(250) 415-5656
jac@yourvanislehome.com
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Summer is officially here—and whether you’re enjoying your forever home or planning to list later this year, now’s the time to give your space a seasonal refresh. Staying on top of maintenance not only protects your home’s value but also helps you enjoy it more fully during the sunny months.

Here are five essential tasks to consider this June:

🧽 1. Power wash outdoor surfaces
Decks, patios, siding, and even walkways benefit from a fresh blast to remove moss, pollen, and dirt. Don’t forget to check your driveway for oil stains or grime buildup.

🍃 2. Clean out your gutters
Even in summer, clogged gutters can cause trouble during unexpected downpours. If you’re not up for the ladder work, many local services offer quick cleanings.

🔨 3. Inspect your roof
A sunny day is ideal for a quick look at your roof—missing or cracked shingles, worn flashing, or signs of moss should be addressed now before the fall.

🌼 4. Refresh your garden beds & mulch
Trim back overgrowth, add a pop of colour with new annuals, and top up your mulch to conserve water during drier weeks.

💧 5. Tune up your irrigation system
Sprinkler or drip system? Ensure everything is working efficiently—leaks and uneven coverage can lead to high bills or stressed plants.

🌸 Bonus Section: Living in a Condo or Townhouse? Here's Your Spring/Summer Checklist

Even if your strata handles exterior maintenance, there are a few smart seasonal tasks you can take on to keep your unit in tip-top shape:

🪟 Check and clean your windows & screens
Use a mild detergent and a soft cloth to remove dirt and dust buildup. Fresh screens let in the breeze without the bugs.

🌬 Service your HVAC or A/C units
If your unit has in-suite heating/cooling, book a filter replacement or maintenance check before the hottest days arrive.

🧺 Clean your dryer vent
Lint buildup is a serious fire hazard and can reduce your dryer’s efficiency—ask your strata if you’re unsure where the exterior vent is.

🪴 Add summer life to your balcony or patio
Container plants, herbs, or a cozy chair go a long way in making your outdoor space feel like a seasonal retreat.

✨ Thinking of selling this year?

Buyers notice the little things. Seasonal maintenance and fresh curb appeal (yes, even for townhomes and condos) can help your home stand out in photos and showings. Want a personalized list to get ready? Just reply or send me a message—I'd be happy to help.

Jacqueline Ross, REALTOR® 
Coldwell Banker Oceanside
(250) 415-5656
jac@yourvanislehome.com
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The crocuses are blooming, the days are getting longer, and "For Sale" signs are popping up everywhere. Welcome to the spring housing market! While the warmer weather and increased inventory make it an exciting time for first-time home buyers, it's also traditionally the busiest and most competitive season in Victoria.

But don't let that deter you! With the right preparation and strategy, you can navigate the buzz and land your dream home. Here's what first-time home buyers should focus on to stay ahead and get the house they want this spring.

1. Get Pre-Approved, Not Just Pre-Qualified (and Do It NOW!)

This is the golden rule for spring market success. A mortgage pre-approval is miles ahead of a pre-qualification. A pre-qualification is a quick estimate of what you might be able to borrow, while a pre-approval means a lender has verified your financial information, credit score, and income, and committed to lending you a specific amount.

Why this matters in spring:

• Shows you're serious: In a competitive market, sellers and their agents prioritize offers from pre-approved buyers. It signals you're financially ready and reduces the risk of the deal falling through.

• Know your true budget: You'll have a clear understanding of exactly how much you can afford, saving you time and preventing you from falling in love with homes out of your price range.

• Act fast: When that perfect home appears, you'll be ready to make a strong offer without delay. Homes in the spring can sell in days, even hours!

2. Understand Victoria's Market Dynamics

While the overall Victoria market has seen some shifts, the spring market still brings a surge in listings and buyer activity.

• More inventory, more competition: You'll have more homes to choose from, but so will everyone else.

• Be prepared for quick decisions: Desirable properties, especially in prime locations, will move very fast.

• Monitor local trends: Work closely with me as your real estate agent to understand the specific dynamics of your desired neighbourhood. Are bidding wars common? Are prices holding steady or declining?

3. Define Your "Must-Haves" vs "Nice-to-Haves"

Before you even step into your first open house, sit down and make a comprehensive list.

• Must-haves: These are non-negotiable features (e.g., number of bedrooms, specific school district, attached garage).

• Nice-to-haves: These are features you'd love but could compromise on (e.g., granite countertops, a specific type of flooring, a large backyard).

• Deal-breakers: What absolutely won't work for you (e.g., on a busy road, needs major structural repairs).

Having this clarity will help you filter listings efficiently and make confident decisions when you're under pressure.

4. Assemble Your Dream Team

You wouldn't build a house without an architect and a contractor, so don't buy one without the right professionals!

• Experienced Real Estate Agent: I’m a local agent who truly understands the spring market in your desired area is invaluable. I’ll give you early access to listings, help you craft competitive offers, and navigate negotiations.

• Mortgage Broker: While banks offer their own products, a mortgage broker shops around with multiple lenders to find you the best rates and terms. They can explain different mortgage types (fixed vs. variable) and help you understand your options. I can recommend great professionals to work with.

• Home Inspector: Even in a fast-paced market, do not skip the home inspection. Spring weather can reveal issues that might be hidden in winter. A professional inspection can uncover potential problems and save you from costly surprises down the road. Need one? I’ve got you!

5. Be Ready to Make a Strong, Strategic Offer

In a competitive spring market, your offer needs to stand out.

• Competitive Price: As your agent, I’ll help you determine a fair and competitive offer based on recent comparable sales. In some areas, offering slightly over asking might be necessary.

• Limit Contingencies (Carefully!): While contingencies (like financing or inspection clauses) protect you, too many can make your offer less attractive to a seller. We’ll discuss which ones you can safely reduce or waive, especially if you have a solid pre-approval.

• Flexible Closing Date: Accommodating the seller's preferred closing date can give you an edge, even if your price isn't the absolute highest.

• Personalized Letter (Optional but Powerful): A heartfelt letter to the sellers, explaining why you love their home and envision your life there, can sometimes create an emotional connection that sways their decision.

6. Budget Beyond the Purchase Price

Many first-time buyers focus solely on the down payment and mortgage, but there are other significant costs to factor in:

• Closing Costs: These include legal fees, property transfer tax, title insurance, appraisal fees, and more. They typically range from 1.5% to 4% of the purchase price in Victoria.

• Property Taxes: Don't forget these ongoing costs!

• Home Insurance: A mandatory expense when you have a mortgage.

• Moving Expenses & Initial Repairs: Factor in costs for movers, new appliances, or any immediate fixes.

The spring market offers a fantastic opportunity for first-time home buyers in Victoria, with more choices and potentially easing prices in some segments. By being prepared, proactive, and working with the right professionals, you can confidently enter the market and achieve your homeownership dreams this season.

Don't just dream about your first home – make it a reality this spring! Start your pre-approval process today and connect with me, your trusted local real estate agent, to get a head start.

Jacqueline Ross, REALTOR® 
Coldwell Banker Oceanside
(250) 415-5656
jac@yourvanislehome.com
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I’m here to help you understand the latest in our market, influenced by both recent federal developments and local trends.

Federal Election Impact on Housing & Mortgages: A Quick Look

Following the recent federal election where the Liberal Party secured a minority government, several housing-related promises are on the horizon. Key proposals include potential GST removal on new homes under $1 million for first-time buyers and significant investment in homebuilding, particularly for rental and affordable units.

While interest rates may see further easing later this year, economic uncertainties remain. The full impact of these policies will become clearer with the upcoming federal budget.

Victoria Real Estate Market: April 2025 in Review

April saw a total of 642 properties sold in the Victoria region, a slight decrease year-over-year but an increase from March. Condominium sales decreased, while single-family home sales remained relatively stable. VREB Chair Dirk VanderWal noted that federal election uncertainty and broader US economic concerns likely tempered the spring market, yet the local market showed "continued stability" with steady pricing and inventory.

Active listings rose to 3,425, indicating a balanced market with more options for buyers. While single-family homes in certain price ranges are in demand and may see multiple offers, the condo market has a larger supply. The benchmark price for a single-family home in the Victoria Core was $1,344,800 (a 3.3% annual increase), and for a condo, it was $566,100 (a 0.9% annual increase).

What This Means for Buyers

• More inventory provides greater choice.

• Price growth is relatively stable, though some competition exists for single-family homes.

• Potential GST savings for first-time buyers on new homes are worth monitoring.

• Explore various property types, as the condo market offers more options.

What This Means for Sellers

• Strategic pricing and presentation are key in a balanced market.

• Well-priced single-family homes in desirable areas can still see strong interest.

• The condo market requires competitive pricing to attract buyers.

• Be mindful of broader economic and political influences on buyer sentiment.

Navigating Your Real Estate Future:

Understanding the nuances of interest rate decisions and their potential impact on your real estate plans is crucial. Whether you're considering buying your first home, looking to sell your current property, I'm here to provide clarity and expert guidance.

And speaking of expert guidance, navigating the mortgage landscape can feel overwhelming. If you're looking for assistance with a mortgage renewal or are considering a purchase and need trusted advice, I highly recommend connecting with Paul Macara and Dan Miller of The Mortgage Group. They are seasoned professionals who can help you understand your best options in this evolving economic environment.

Don't hesitate to reach out with any questions you may have. I'm always happy to help you make informed decisions and achieve your real estate goals right here in beautiful Victoria!

Jacqueline Ross, REALTOR® 
Coldwell Banker Oceanside
(250) 415-5656
jac@yourvanislehome.com
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Hello Victoria! I’m bringing you the latest insights into how the Bank of Canada's recent announcement might affect your real estate journey.

After an unprecedented series of seven consecutive interest rate cuts, the Bank of Canada has today decided to hold its key policy rate at 2.75%. This marks a pause in the rate-cutting cycle we've experienced since last summer, and it naturally brings questions for both current homeowners and those looking to buy or sell in our vibrant Victoria market.

So, what does this hold mean for you?

• For Variable-Rate Mortgage Holders: The good news is that your interest rate and mortgage payments will remain unchanged for now. If your mortgage fluctuates with the prime rate, you can expect continued stability until the Bank of Canada's next announcement.

• For Fixed-Rate Mortgage Holders: While there's no immediate impact on your current payments, this pause suggests that future rate decreases, should they occur, could translate to lower rates when it's time for your mortgage renewal.

• For Those with Lines of Credit or Other Prime-Linked Loans: You'll see your interest charges remain steady, as the prime rate is expected to hold at 4.95% at most lenders, with TD Bank's mortgage prime rate staying at 5.10%.

Looking Ahead:

All eyes are now on June 4, 2025, the date of the next Bank of Canada rate decision. Economists will be closely analyzing upcoming economic data and inflation trends to gauge whether this pause is temporary or signals a longer-term shift in monetary policy.

Navigating Your Real Estate Future:

Understanding the nuances of interest rate decisions and their potential impact on your real estate plans is crucial. Whether you're considering buying your first home, looking to sell your current property, or simply want to explore your options in light of this announcement, I'm here to provide clarity and expert guidance.

And speaking of expert guidance, navigating the mortgage landscape can feel overwhelming. If you're looking for assistance with a mortgage renewal or are considering a purchase and need trusted advice, ask me to introduce you to the fantastic Paul Macara. He's a seasoned professional who can help you understand your best options in this evolving economic environment.

Don't hesitate to reach out with any questions you may have. I'm always happy to help you make informed decisions and achieve your real estate goals right here in beautiful Victoria!

Jacqueline Ross, REALTOR® 
Coldwell Banker Oceanside
(250) 415-5656
jac@yourvanislehome.com
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Victoria Real Estate Market Stable in the Face of Uncertainty
The Victoria real estate market demonstrated resilience in March 2025, maintaining a stable and balanced state despite ongoing global economic uncertainties. According to the Victoria Real Estate Board, a total of 613 properties changed hands in the region this past March, marking a 4.3 per cent increase compared to the 588 sales recorded in March 2024 and a significant 16.1% jump from February 2025.

Here's a quick look at the average prices in the Victoria Core:
* Single Family Detached Homes: $1,283,842
* Townhomes: $804,796
* Condos: $642,059

Breaking down the sales by property type, condominiums saw a notable surge in activity, with 202 units sold, representing a 14.1% increase from March of the previous year. The single-family home market also experienced positive growth, with 292 sales, a 2.1% rise compared to March 2024.

"The economic uncertainty the world faces right now certainly colours our local real estate market," commented 2025 Victoria Real Estate Board Chair Dirk VanderWal. "In spite of this, our market remains as it has in recent months - stable and balanced. Inventory levels this past month held steady at over three thousand listings, which meant that there was a good amount of selection for buyers, while relatively flat pricing meant more predictability for sellers and buyers."

The number of active listings on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2025 stood at 3,023. This represents a substantial increase of 14.9% from the 2,631 listings in February and a 14.2 per cent rise from the 2,647 active listings available at the end of March 2024.

Chair VanderWal further noted, "As in past months, the balanced market in March softened the demand-side pressures of markets we've seen in recent years. There is more time for decision making, which is a positive aspect for both sellers and buyers. Thoughtfully priced and presented homes are selling well and we do see instances of multiple offers, which is often a hallmark of the spring market. For the best outcomes in your property search or sale, connect with your favourite local REALTOR® to navigate the current market."

Looking at benchmark pricing in the Victoria Core, the Multiple Listing Service® Home Price Index benchmark value for a single-family home in March 2025 reached $1,335,300, a 3.6% increase from the $1,288,400 recorded in March 2024 and up from February's $1,309,500. The benchmark value for a condominium in the Victoria Core area saw a more modest increase, reaching $560,400 in March 2025, a 0.4% rise from $558,200 in March 2024 and an increase from February's $551,900.

Local Market Activity
Across southern Vancouver Island, we've seen great turnouts at open houses for single-family detached and townhomes in the $900,000 to $1.3 million range. Many of these sales were competitive due to multiple bids on listings. The recent decrease in interest rates has made this segment of the market very attractive to buyers, especially for properties that could provide rental income.

Navigating the Victoria Real Estate Market
The current stability of the Victoria real estate market presents both opportunities and considerations for buyers and sellers. With a healthy inventory and more balanced conditions, now is an opportune time to make informed decisions. 

Whether you're looking to buy your dream home or sell your property for the best possible price, having expert guidance is crucial. Contact me today to discuss your real estate goals and navigate the Victoria market with confidence.

Jacqueline Ross, REALTOR® 
Coldwell Banker Oceanside
(250) 415-5656
jac@yourvanislehome.com
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Buying a strata property can be an exciting step towards homeownership. However, it's crucial to remember that along with your mortgage payment, property taxes, and utilities, you'll also have monthly strata fees. These fees cover a range of expenses related to the upkeep and maintenance of the building and common areas. Failing to factor in these fees can significantly impact your monthly budget and potentially strain your finances.

What are Strata Fees and What Do They Cover?

Strata fees are a recurring monthly charge levied on each strata lot owner within a strata corporation. These fees contribute towards various expenses, including:

• Building maintenance: This includes routine maintenance tasks such as landscaping, cleaning common areas, and repairs to the building structure.

• Insurance: Strata fees often cover building insurance, which protects the building and common areas from damage or loss.

• Amenities: If your building has amenities like a gym, pool, or party room, the fees will contribute to their maintenance and upkeep.

• Reserve fund contributions: A portion of your strata fees goes towards a reserve fund, which is used for major repairs and replacements, such as roof replacements or elevator upgrades.

• Property management: If your building has a property manager, their salary and administrative costs are typically covered by strata fees.

Why are Strata Fees Important for Your Budget?

Strata fees can vary significantly depending on the size of the building, the age of the building, the amenities offered, and the quality of building management. It's essential to consider these fees as a non-negotiable part of your monthly housing costs.

Here's a simple breakdown of how to factor strata fees into your budget:

1. Estimate your monthly mortgage payment: Use an online mortgage calculator to determine your estimated monthly mortgage payment based on the purchase price, interest rate, and loan term.

2. Calculate property taxes: Research property tax rates in the area and estimate your annual property taxes. Divide this by 12 to get your monthly property tax payment.

3. Estimate utilities: Consider your estimated monthly costs for electricity, gas, water, and internet.

4. Factor in strata fees: Obtain a copy of the strata corporation's financial statements to get an accurate estimate of the monthly strata fees.

5. Create a monthly budget: Add up your estimated mortgage payment, property taxes, utilities, and strata fees to determine your total monthly housing costs.

6. Factor in other expenses: Don't forget to include other essential living expenses such as groceries, transportation, and entertainment in your overall budget.

Tips for Budgeting Effectively:

• Review your strata corporation's financial statements: This will give you a better understanding of how your strata fees are being used and whether there are any upcoming major expenses.

• Consider the long-term implications: Keep in mind that strata fees can increase over time due to factors such as inflation and the need for major repairs.

• Build an emergency fund: Having an emergency fund can help you cover unexpected expenses related to your strata property, such as special assessments or unexpected repairs.

By carefully considering strata fees and incorporating them into your monthly budget, you can make an informed decision about whether strata living is the right choice for you and ensure that you can comfortably afford your housing costs.

Ready to start your condo search? Contact me today for a personalized consultation and let's find the perfect home for you.

Jacqueline Ross 
REALTOR®
Coldwell Banker Oceanside
250.415.5656
YourVanIsleHome.com
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