Greater Victoria & Nanaimo

The fall market on Vancouver Island continues to show slower activity, even with the Bank of Canada’s most recent interest-rate reduction. While many hoped the rate cut would bring a surge of buyers back into the market, the data shows that consumer confidence is still weak, and affordability pressures remain high. Inventory is building, sales are soft, and pricing is correcting across several segments.

Victoria is experiencing a sharp slowdown in new listings and buyer activity. Fewer homes are entering the market, yet sales have dropped even faster, which indicates continued buyer hesitation despite improved borrowing conditions. Homes are now taking nearly two full months to sell.

Victoria has shifted into a buyers' market at 6+ months of inventory.

Single-family homes have seen a noticeable correction, while townhomes appear to be holding better—likely due to more downsizers and first-time buyers shifting into the mid-range segment where affordability is more manageable.

Nanaimo is also cooling, though the slowdown is more moderate than in Victoria. New listings have dropped sharply, and buyers remain cautious. Days-to-sell rising again shows reduced urgency among buyers.

Nanaimo also sits firmly in buyers’ market territory. Single-family homes saw an unusual bump, likely due to a few higher-end sales rather than broad appreciation. Townhouse and condo segments reflect the overall provincial trend toward softer pricing.

Many buyers believe further price corrections are coming, so they are holding back instead of jumping in. And with new BC housing policies, high taxes, and uncertain STR regulations, many investors have exited the market or are waiting for clearer long-term direction.

However, the market is also feeling the effects of new questions around how fee-simple lands will be addressed in BC moving forward. Here in Greater Victoria and Nanaimo, most of our residential areas fall under the historical Douglas Treaties negotiated by James Douglas, which offer greater certainty and stability compared to many other regions of the province. - 1850 Douglas Treaties This positions our region for greater stability and potentially a more favourable market as we head into the New Year.

Xmas is just around the corner, sales will be even slower. Focus is more on the Holiday Season.

Overall Assessment — November 2025

Both markets show:

• Lower sales

• Longer days on market

• Higher inventory( with new pre-sale condos hitting the market)

• Softening prices in most segments

• A cautious buyer pool despite lower interest rates

This is consistent with a market that is resetting, not rebounding—at least not yet.

For sellers, pricing strategically is critical if you are in the position to sell.

For buyers, no time is better than now, this is the best negotiating window we’ve seen in several years.

Right now, I’m working quietly with a retired couple who know exactly what they want and what they’re comfortable spending. My goal is simply to help them feel confident and supported as they navigate their options, especially when it comes to older stratas, which can be complex.

Over the past couple of months, I’ve had the privilege of helping two buyers secure homes they truly loved—even in multiple-offer situations. We moved quickly, but only when they felt ready and comfortable with the approach.

I also recently handled an exclusive, off-market sale for a seller who already had a private buyer. We were able to reach the price they were hoping for without listing on MLS.

One of those clients came to me with the property marketed strictly “as-is,” assumed to be a teardown. After reviewing it together, we found that the home had a solid foundation, updated mechanicals, and had been well maintained. It didn’t need to be demolished—just refreshed. With a few improvements, the home’s value and potential became clear. (Photos below.)

If someone comes to mind who could use this kind of guidance, feel free to connect me—gently, no pressure. Their comfort always comes first.

few small things can make a home feel warmer and healthier during these cold months:

•  Check window seals and door sweeps - even tiny gaps let cold air sneak in.

• Clear your dryer vent to improve safty and efficiency.

• Let closed rooms breathe to prevent moisture buildup.

• If you have a heat pump, give the filters a quick clean or replace.

• Run ceiling fans on low reverse to gently push warm air downward, if you have them.

Little habits go a long way towards comfort.

 October showed a noticeable pickup in sales activity, even as we move into the fall season. While new listings dropped 27% from last month — bringing total active listings to 3,286 — buyer confidence remained steady, with 610 homes sold. Serious buyers are still out there; they’re just taking a bit more time to decide, with the average days to sell holding at 52.

Prices for single-family homes climbed slightly to $1.37 million, while townhomes and condos softened a touch, averaging $817K and $612K respectively. Overall inventory sits at 5.4 months, suggesting a balanced market that continues to favour buyers in some segments but remains stable for sellers who price strategically.

What stands out this month is how Victoria continues to outperform many parts of Vancouver and the Lower Mainland — both in market stability and buyer demand. Our region remains a strong, desirable market with consistent activity and steady values.

The Greater Victoria real estate market in March 2025 continued to show strong momentum. New listings jumped significantly to 1,487, marking a 20% increase from last month and 11% more than the same time last year. Active listings also rose to 3023, up 10% month-over-month and a notable 20% year-over-year, indicating more choices for buyers entering the spring market. There were 613 properties sold during the month—an increase of 10% from February, and slightly above the 600 homes sold in March 2024.

Homes in Victoria are now taking an average of 37 days to sell, a bit longer than the 45 days reported last month but unchanged from a year ago. Pricing remained solid overall. Single-family homes averaged $1,332,588, a modest increase from both last month and last year. Townhomes saw the strongest growth, reaching an average of $910,000—up considerably from $842,710 in February and $829,259 last March. Condo prices dipped slightly to $645,500, though they remain higher than they were a year ago. With inventory climbing to 4.9 months, up from 3.6 in February 2024, Victoria is heading toward a more balanced market, though prices suggest demand is still healthy.