Victoria Real Estate Market Update – July 2025

The Victoria real estate market continued to show stability and opportunity this July, with moderate activity and steady pricing that offered both buyers and sellers a chance to make smart moves.

According to the Victoria Real Estate Board (VREB), 680 properties sold in July, which is up 4.6% from July 2024 but down from the busier spring pace in June 2025. Condo sales rose by 5.6% year-over-year, while single-family home sales dipped slightly by 0.3%.

So what does this mean if you’re planning a move?

For Buyers: A Stable Summer with Solid Choice

July’s numbers signal a great environment for buyers who are looking for selection and time to decide. With 3,703 active listings on the market, inventory has increased by over 10% compared to this time last year, giving buyers more breathing room and less urgency than in a competitive spring market.

Although some homes are still seeing multiple offers, the overall pace allows you to shop smarter, particularly if you're a first-time buyer or downsizing into a condo. Plus, condo prices remain slightly lower than last year—great news for affordability seekers.

For Sellers: Balanced Conditions, Motivated Buyers

While the spring rush has passed, summer buyers are still active—especially those relocating, upsizing, or timing a move around the school year. With stable pricing and solid demand, this is still a strong time to list, particularly if your home shows well in warm weather.

Benchmark prices in the Victoria Core reflect steady growth:

• Single-family homes are up 3.3% year-over-year to $1,338,800

• Condos saw a slight dip, down 0.8% to $563,300

If you're planning to sell, this market offers you the advantage of active buyers combined with predictable pricing—a recipe for realistic expectations and solid outcomes.

What’s Next for Late Summer and Fall?

The VREB notes that while the spring market has officially wrapped, we often see a pickup in sales as we move into the fall. With inventory levels remaining higher than in past years, and economic conditions settling, both buyers and sellers can enter the next season with confidence.

If you’re considering a move before the end of 2025, now is the time to get a strategy in place—before fall momentum builds and competition heats up again.

🔎 Thinking of buying or selling soon?
Let’s connect for a quick consult to review your goals and explore what makes sense based on today’s numbers.

Jacqueline Ross, REALTOR® 
Coldwell Banker Oceanside
(250) 415-5656
jac@yourvanislehome.com
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The Bank of Canada may have held its key interest rate steady at 2.75% for the third consecutive time, but don’t let that lull you into a false sense of financial security—especially if you're carrying high-interest debt.

Many Canadians are feeling the pressure of high borrowing costs, and one trend that continues to grow? More people are carrying credit card balances longer, often maxing them out. This can silently sabotage your chances of getting approved for your next mortgage—even if you’re making all your payments on time.

Why Your Credit Card Balance Matters to Lenders

Mortgage lenders aren’t just checking whether you pay your bills—they’re looking at how much credit you're using. Known as “credit utilization,” this is a major factor in your credit score.

If your credit card balance is regularly over 50% of your limit, your score could take a serious hit—even if you’ve never missed a payment. Why? Because credit bureaus take a snapshot of your balance at a moment in time. If it’s high on that day, it might look like you’re stretched thin financially, which can trigger red flags for lenders.

According to credit expert Richard Moxley, one maxed-out credit card can drop your score by 30 points or more, enough to affect your mortgage rate or even result in a decline.

What You Can Do if You’re a Homeowner

If you’re already a homeowner in Victoria and you’ve built up some equity, there may be a smart path forward: refinancing your mortgage to consolidate high-interest debt.

This could:

• Lower your monthly payments

• Improve your cash flow

• Help boost your credit score within a few months

Debt consolidation through refinancing isn’t for everyone, but in the right situation, it can be a game-changer—especially in a market where borrowing conditions are tightening.

Want to explore your options or get a credit check-up? Connect with our trusted mortgage broker at The Mortgage Group:

📞 Contact: Paul Macara – Mortgage Professional
📧 paul@macaramortgages.com | 📱 (250) 857-4741

What the Bank of Canada Rate Hold Means for Buyers & Sellers in Victoria, BC

In its July 30 announcement, the Bank of Canada once again held rates at 2.75%, citing ongoing trade tensions with the U.S., weaker GDP, and inflation driven by high shelter costs (especially rent).

Here’s what this means for you:

For Buyers:

• Good news: The pause in rate hikes gives buyers a window of opportunity to lock in better rates than earlier this year.

• But caution: High credit card balances could still block approvals or result in higher mortgage rates—even if the Bank hasn’t raised theirs.

If you’re thinking about buying, now’s the time to get your finances in check, review your credit utilization, and consider getting pre-approved.

For Sellers:

• Buyer confidence may return, especially among those who’ve been waiting for rates to settle.

• If you’re planning to list soon, this could be the start of more activity—but buyers will remain cautious, especially in the face of inflation and uncertain economic forecasts.

Final Thoughts: Stability Doesn’t Mean Simplicity

While a steady interest rate can be reassuring, your personal finances—including how you manage credit—can have a much bigger impact on your mortgage options.

Whether you're looking to buy, sell, refinance, or consolidate, having a plan and understanding the broader economic context can help you make your next move with confidence.

Need help navigating your next steps? Reach out to discuss a plan tailored to you.

Jacqueline Ross, REALTOR® 
Coldwell Banker Oceanside
(250) 415-5656
jac@yourvanislehome.com
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The summer market is officially here—and Victoria’s real estate scene is showing steady strength with all signs pointing toward balance and long-term confidence.

According to the Victoria Real Estate Board, 761 properties sold in June 2025, a 15.1% increase compared to June 2024, and slightly higher than May of this year. Both single-family homes and condominiums saw solid gains year-over-year, showing that buyers are active—and options are growing.

Key June Highlights:

• Single-family home sales jumped 17.5% from June 2024 with 402 units sold.

• Condo sales surged 23.3% with 249 units sold—a noteworthy rebound after a quieter spring.

• Active listings reached 3,778, a 9.2% increase from last June and the highest inventory levels in a decade.

• The benchmark price for a single-family home in the Victoria Core rose 2.3% to $1,325,400 compared to this time last year.

• The benchmark price for a condo in the Victoria Core dropped slightly to $562,800, down 0.9% year-over-year.

🗣️ "We observed a fairly robust real estate market in the month of June,” said VREB Chair Dirk VanderWal. “We’ve transitioned from a pandemic-driven market to more conventional patterns. Despite broader economic uncertainty, Victoria continues to show resilient fundamentals.”

What This Market Means for You

Thinking of Buying?

More listings = more choice. With the highest inventory we’ve seen in over a decade and condo prices showing some softness, this is a great time to:

• Find the right fit without rushing

• Negotiate with more confidence

• Take advantage of rate holds and expert mortgage strategies

Condo buyers especially may find more flexibility this summer—but the renewed activity in June suggests that window may not stay open for long.

Thinking of Selling?

A balanced market means serious buyers are out there—and homes that are priced and presented well are selling. If you’re considering listing this fall:

• Start prepping now to get ahead of the back-to-school wave

• Tidy up curb appeal and take advantage of summer light

• Book a market evaluation to see where your property stands today

Whether you're moving up, downsizing, or cashing in on your equity, the current market offers stability—and opportunity.

Let's Talk About Your Next Move

No matter your timeline, I’m here to guide you through the market with clarity, strategy, and real talk. Let’s make sure your next move aligns with your goals, your lifestyle, and today’s reality.

📌 Reach out anytime for a no-pressure chat—I’m always happy to help.

Jacqueline Ross, REALTOR® 
Coldwell Banker Oceanside
(250) 415-5656
jac@yourvanislehome.com
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Everywhere you look, mortgage rates are front and centre—but the fine print behind those low numbers can cost you more than you think. This month, our trusted mortgage broker, Paul Macara, with Macara Mortgages, has some thoughts on why it’s not always about the rate.

We get it, mortgage rates are everywhere. You see them on ads, in your inbox, and all over comparison websites. And it’s tempting to chase the lowest number on the board.

But here’s the thing: the mortgage with the lowest rate isn’t always the cheapest in the long run.

Whether you’re renewing, refinancing, or switching lenders, it’s important to look beyond the headline rate and ask a few smart questions before signing on the dotted line.

Not all mortgages are created equal

Some lenders offer teaser rates that jump sharply after the intro period. Others offer “no frills” mortgages that take away basic features like prepayments or portability just to offer a slightly lower rate.

And here’s something many borrowers don’t realize: the lowest mortgage rates are often reserved for insured mortgages—typically those with down payments under 20%. These loans carry less risk for the lender, which is why they get better pricing. So, even if a rock-bottom rate catches your eye, it may not be available to you unless your mortgage qualifies.

Before you choose, here are 10 questions you should be asking:

1. Is this rate only available on insured mortgages?
   If you have more than 20% equity, you may not qualify for the rate you saw advertised.
   

2. Can I make lump-sum payments or increase my monthly payment?
   Flexibility matters if you want to pay down your mortgage faster.
   

3. What’s the penalty if I break this mortgage?
   Life happens. Make sure you understand the cost of ending the term early. And be aware that prepayment penalties can vary widely between lenders.
   

4. Is this a short-term teaser rate?
   If the rate only lasts 6 months and then resets much higher, your long-term cost could be greater.
   

5. Is this a no-frills mortgage?
   Lower-rate products often remove useful features, which could limit your ability to refinance with other lenders, make prepayments, or move the mortgage with you if you buy a new home.
   

6. Can I transfer this mortgage to a new property?
   If you move, a non-portable mortgage could mean thousands or even tens of thousands in prepayment penalties.
   

7. Is this a fixed or variable rate?
   Fixed gives payment stability, while variable rates move with the market. What fits your risk tolerance?
   

8. How is the fixed-rate penalty calculated?
   Not all lenders’ penalty calculations are created equal Some use harsher comparison rates in their IRD (interest rate differential) formula, which can make breaking your mortgage more costly.
   

9. What’s the lender’s reputation?
   A low rate won’t mean much if service is poor or approvals are rigid.
   

10. What’s the total cost over the term?
    Ensure you know the total cost, not just the rate.

A better mortgage is about the full picture
Choosing the right mortgage is about more than rate. It’s about flexibility, protection, and making sure your mortgage fits your life…not just your budget.

Have questions or want a personal mortgage referral? I’m always happy to connect you with trusted pros like Paul—just reach out anytime.

Jacqueline Ross, REALTOR® 
Coldwell Banker Oceanside
(250) 415-5656
jac@yourvanislehome.com
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If you’re looking for a dining experience that combines exceptional food with breathtaking views, Vista 18 Restaurant + Lounge in downtown Victoria is a must-visit. Located at 740 Burdett Ave, this charming spot is perfect for any occasion—whether you're celebrating a special event or simply enjoying a meal with family.

I’ve had the pleasure of dining here multiple times, especially when we have family visiting or when celebrating birthdays. The panoramic view from the restaurant is truly spectacular—it offers a rare and stunning glimpse of all of Victoria’s beauty, from the city’s skyline to the surrounding waters and mountains. It’s the kind of view that turns an ordinary meal into something truly memorable.

When it comes to the food, Vista 18 never disappoints. On my recent visit, we enjoyed the flank steak, calamari, seared ahi tuna, and a burger. Each dish was expertly prepared and packed with flavor. My personal favorite, though, has to be the rich and authentic raspberry sorbet—it's the perfect, refreshing way to end a meal.

The service at Vista 18 is impeccable. We were attentively looked after by the staff, who provided friendly service with a keen eye for detail. Every need was anticipated, making the experience that much more enjoyable.

I highly recommend Vista 18 for anyone looking to enjoy a delicious meal in an unforgettable setting. Whether you’re celebrating a milestone or just want a great dining experience, this is a place you’ll want to return to. Learn more and plan your visit by heading over to their website.

Need more dining recommendations? Contact me today and I’ll introduce you to more great places to eat, shop, and play in Victoria and around southern Vancouver Island.

Jacqueline Ross, REALTOR® 
Coldwell Banker Oceanside
(250) 415-5656
jac@yourvanislehome.com
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