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.
