The Victoria real estate market ended the summer on a quiet but steady note. According to the Victoria Real Estate Board, 525 properties sold in August 2025—a 3.7% dip compared to August 2024 and 22.8% fewer than July 2025. While condo sales fell 16% year-over-year with 152 units sold, single-family home sales actually rose by 6.3% with 268 homes sold.
Inventory levels also shifted. There were 3,600 active listings at the end of August, down 2.8% from July but still 12.8% higher than August 2024. This increase in availability gives buyers and sellers more breathing room compared to the fast-paced market conditions of recent years.
Price trends remain relatively stable. In Victoria’s core, the benchmark price for a single-family home rose 1.6% year-over-year to $1,308,100 (down slightly from July’s $1,338,800). Condos in the core slipped 1.4% year-over-year to $551,300.
As Board Chair Dirk VanderWal explains:
“Consumers are adjusting their expectations for the time it takes to sell, how long they have to make a decision, and what competition they will encounter. The current market allows more time for planning and decision-making—important when making one of the biggest financial choices of your life.”
What This Means for Buyers
For buyers, today’s conditions present more flexibility than even six months ago. With stable pricing, more inventory, and slightly softer competition, you have more time to make thoughtful decisions instead of rushing. The recent Bank of Canada rate cut to 2.5% has also shifted the mortgage landscape. Variable rates are trending lower, while fixed rates are softening gradually. This creates an opportunity to explore different financing options that may not have been available just a few months back.
What This Means for Sellers
If you’re planning to list this fall, know that buyers have options and are moving carefully. Homes are still selling, but the pace is steadier, and pricing your home strategically will be key. Preparing your property now could help you capture attention as the market ramps up in the fall.
Mortgage Insights: Renewals, Refinances & Rate Trends
Dan Miller and Paul Macara at The Mortgage Group note a few important updates for homeowners and buyers:
Variable rates are trending lower following the Bank of Canada’s cut to 2.5%, though discounts are tightening.
Fixed rates are softening, though they tend to move down gradually.
Lenders are competing aggressively for renewals and switches, which is great news if your mortgage is coming up for renewal.
Refinance opportunities are worth exploring if you’re considering renovations, consolidating debt, or adjusting your financial plan.
With another Bank of Canada announcement possibly happening in October, now is a smart time to connect with a trusted mortgage broker to explore your options. Let me know if you want an introduction to them.
Final Thoughts
The Victoria market is balancing out—creating opportunities for both buyers and sellers to plan ahead instead of rushing. Whether you’re buying, selling, renewing, or refinancing, you don’t have to navigate this shift alone.
If you’d like to discuss your real estate plans this fall, or be connected with my mortgage partners at The Mortgage Group for expert advice on renewals and refinances, I’d love to help.
📩 Reach out today and let’s make a plan that works for you.
Jacqueline Ross, REALTOR®
Coldwell Banker Oceanside
(250) 415-5656
jac@yourvanislehome.com
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