Monthly Housing Market Update

Caleb's Perspective on the Market

The Victoria Real Estate Market remained slow in October, but signs of recovery may be starting to take shape. For example, even though the market is slower today than it was this time last year, the market has heated up compared to last month. Let's dive into the numbers below:

Sales
The number of residential sales in October (594) was down by 3.4% compared to the same time last year. However, sales are up compared to last month. This is atypical for October, as sales normally jump in September and continue lower each month through the end of the year. However, residential sales in October jumped by 12.7% from September, so this was a pleasant surprise to the upside on a seasonal perspective.

Residential Sales: 594
Down by 3.4%

Inventory
Unlike sales, the number of active residential listings for sale in Victoria is up year-over-year, but it is down month-over-month. For example, with 2,604 active residential listings, our inventory is currently 4.6% higher than October 2024, but 8.5% lower than it was at the end of September.

Median Condo Price: $535,000
Up by 4.1%

Market Gauge
With more sales and less inventory to choose from compared to September, the market picked up in October, even though it is slower than it was last year at this time. This means that we have moved closer to a seller's market than a buyer's market, which is not a normal trend for this time of year. In fact, residential months of inventory currently sits at 4.4, which puts us very close to a seller's market. Furthermore, the sales-to-new-list ratio is now at 58%, which also signals that we are nearly in seller's market territory. I was not expecting this given how slow it was at the end of last month, but this is not yet a trend; so far it is just a 1-month turnaround.

Median House Price: $1,162,500
Up by 1.8%

Prices
Prices have not moved in any meaningful direction this year. Instead, they have bounced around in 2025, up one month and then down the next. Then rinse and repeat. At the moment, the median price for SFD in Victoria is currently $1,162,500, which is up by 1.8% compared to October of 2024. The median price for a condo is $535,000, and this is up by 4.1% year-over-year. Not much to read into here, as we need a more sustained trend before making a call on median prices.

Months of Inventory = 4.4 (Balanced Market)

So overall, the market is slower than it was at this time last year. However, unlike normal seasonal trends, the market has heated up since the end of September. Will it hold? Will the market continue to heat up and move into seller's market territory? It is impossible to predict, but central banks (in Canada and around the world alike) have been lowering interest rates and more cuts appear to be coming. Interest rates aren't everything, but often lower rates do lead to hotter markets, so I will be keeping an eye on this as we move towards 2026 and beyond. Until then, have a great month and enjoy the cool weather!

A balanced Victoria real estate market continues to provide consumers with options

November 3, 2025  A total of 617 properties sold in the Victoria Real Estate Board region this October, 5.7 per cent fewer than the 654 properties sold in October 2024 and 11.4 per cent more than in September 2025. Sales of condominiums decreased by 15 per cent from October 2024 with 159 units sold. Sales of single family homes increased by 2.9 per cent from October 2024 with 350 sold.

"The local real estate market remains reasonably balanced," said 2025 Victoria Real Estate Board Chair Dirk VanderWal. "Single family homes are currently seeing the strongest demand, and this month we saw the highest number of October sales since 2020. However, condo sales were slightly more restrained than single family and townhome sales over the past month. We have not seen a significant decrease in prices as a result, but those shopping for condos will find a good variety to choose from with time to make decisions."

There were 3,423 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2025, a decrease of 7.3 per cent compared to the previous month of September and an 8.3 per cent increase from the 3,161 active listings for sale at the end of October 2024.

"The Bank of Canada made another interest rate cut late in October," notes Chair VanderWal. "It's too early to determine if this will affect demand, but consumers are likely watching and waiting to see what will happen to fixed and variable mortgage rates. As we move toward winter, the housing market tends to cool off with the weather. The Victoria real estate market is dynamic, and can change course depending on consumer activity. For assistance selling or buying, connect with your favourite Victoria REALTOR® who can help you understand the trends and how your property fits in the current market."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in October 2024 was $1,300,200. The benchmark value for the same home in October 2025 decreased by 1.8 per cent to $1,276,500, down from September's value of $1,294,800. The MLS® HPI benchmark value for a condominium in the Victoria Core area in October 2024 was $547,800, while the benchmark value for the same condominium in October 2025 increased by 0.6 percent to $551,000, up from the September value of $547,500.

View our press release and summary here.
View our complete statistical package here.

Notes for Interpreting Our Statistics

The use of sale price statistics can be useful in establishing trends when applied over a period of time, i.e. six months or longer. The Victoria Real Estate Board cautions, however, that such information does not indicate the actual value of any particular property. Those requiring specific information on property values should contact a REALTOR®.

The documents we link to on this page are stored in PDF format. If your browser already has a PDF plug-in like the Adobe Reader, you'll probably be able to simply click on the document you're interested in to view it here online. If not, you can download and install this popular, free software.

Courtesy of the Victoria Real Estate Board

Interpreting the Stats

I believe that one of the best indicators to gauge the current real estate market is the sales-to-active listings ratio. Instead of just focusing on the number of sales we have in a given month, the sales-to-active listings ratio expresses the number of sales as a percentage of the active listings that are currently available for sale. In other words, current levels of demand relative to current levels of supply. For example, if we had a sales-to-active ratio of 50% this would mean that in the entire Victoria Real Estate Market we would have just 2 months of inventory for sale. In other words, if this level of sales were to continue, it would take only 2 months to sell all of the remaining listings on the market.

What does this mean for prices? Well, generally, less than 4 months of inventory indicates a seller's market with prices increasing more the lower that this number goes. On the other hand, more than 6 months of inventory generally results in a buyer's market with prices dropping. The longer the trend remains, the stronger the correlation to price increases/decreases. Interest rates, new building starts, wages and the state of the economy all have an effect, but essentially it is the amount of demand relative to inventory available for sale that drives the market.

- Caleb Mickelson