It’s evident from the latest market statistics that sellers and buyers are advised to not obsess over the bidding wars of the past. That era is not now. As I mentioned in my video update (see below), the Victoria market has moved past the chaos and is now settling into a balanced, strategic pace. This is not a seller’s runaway market, nor is it a panic; it is a market defined by selection and due diligence.
Total sales in the Greater Victoria area hit 554 properties in September. That number is down about 3% year-over-year from 571 sales in September 2024. But here is the critical data point: listings are up. We ended the month with 3,694 active listings, a staggering 9.9% surge compared to the 3,361 available last year. That’s more inventory. That’s opportunity.
The market breakdown reveals deep nuances. You cannot treat all property types the same. Single-family homes, for example, saw their sales jump by 6.3% compared to last September; 289 of them sold. Townhomes also crushed it, with sales up a solid 9%. But the condo market is a different story entirely. We’ve all been hearing the noise from Vancouver and Toronto, and we are seeing that weakness locally: Victoria condo sales plummeted 18.5% year-over-year, settling at 154 units sold. That condo weakness is undeniable.
Pricing confirms this divergence. The Multiple Listing Service® Home Price Index (HPI) shows that single-family homes in the Victoria Core increased 1.2% over last year, still holding a benchmark value of $1,294,800. Townhomes are also up, with a 2.1% increase in price compared to a year ago.
Condos? Different story. The HPI benchmark value for condominiums dropped 1.1% from last year to $547,500. We are now seeing a clear separation: the detached and semi-detached market retains strength, while the condo sector softens.
Victoria Real Estate Board – VREB Chair Dirk VanderWal nailed the current conditions, stating, “Our current market is fairly balanced, with less pressure on both the buyers’ and the sellers’ sides. This means each party in the transaction has time to do their due diligence and make decisions.” This is the key. Time for due diligence. Time for strategy.
If you’re selling, your home must be well-presented and priced correctly. The days of listing low and watching a frenzy erupt are over. You need expert guidance on presentation and a razor-sharp pricing strategy. If you’re buying, you have selection. Now is the time to prioritize what you actually want and need, as options abound. You need a Realtor who understands the localized shifts between property types.
Call me. Text me. Email me. Whether you are buying or selling here in Greater Victoria, let’s turn this stable market into your strategic advantage. You can check the complete 30-page Victoria Real Estate Board stats package linked below for the raw data.