Market Insight Series - December 2025

sasha540
2 days ago
4 min read

What does the current Victoria real estate market look like?

As part of our monthly Market Insight Series, I’m excited to continue bringing you fresh updates on the Victoria and Vancouver Island real estate landscape—so you can make smarter, more confident buying and selling decisions. Below, we’ll break down the most important market numbers, clarify key terminology, and share additional resources if you want to dive deeper into the data. If you missed last month’s Market Insight, click here.

Ladies and gentlemen, let’s jump into the latest facts and figures coming straight from the Victoria Real Estate Board as of November 2025. And I’ve got to be honest—this month tells a really interesting story.

In November 2025, we saw 451 total property sales across the Victoria Real Estate Board region. That’s 18.1% fewer sales than the 551 properties sold in November 2024, and a 26.9% drop compared to October 2025. Breaking it down by property type:

Condo sales fell sharply, down 36% year-over-year with 119 units sold.
Single-family home sales dipped 8.4%, totaling 241 homes sold compared to November 2024.

But before we jump to conclusions, let’s zoom out and look at the bigger trends.

According to VREB Chair Dirk VanderWal, this year’s activity looks very different from last year’s. While 2025 had a busier-than-normal spring market, 2024’s sales surge came later in the year—a pattern that isn’t typical. So although this November looks softer year-over-year, we’re actually lining up right where we’d expect when compared to the previous four years. In fact, both 2022 and 2023 posted fewer than 400 November sales, meaning this year’s numbers are still relatively strong.

Now let’s turn our attention to inventory—one of the biggest forces shaping the market right now.

At the end of November 2025, there were 3,152 active listings on the Multiple Listing Service®. That’s 7.9% fewer listings than in October 2025, but still an 11.1% increase from the 2,836 active listings in November 2024. More inventory equals more choice, and that’s exactly what we’re seeing.

Chair VanderWal summed it up perfectly: the tone of the market right now is one of patience. Buyers have more selection and more time to make decisions. Sellers, on the other hand, know that well-priced, well-presented homes will still move, but the frenetic pace of the early 2020s is long gone. Overall, the market sits in a balanced position—but depending on the neighborhood and property type, individual listings may lean more toward either a buyers’ or sellers’ market. If you’re unsure where your home sits on that spectrum, your REALTOR® can help you navigate the nuances.

Next up—let’s talk prices.

The MLS® Home Price Index benchmark value for a single-family home in the Victoria Core was $1,313,900 in November 2024. One year later, that benchmark dropped 2.8%, landing at $1,276,700 in November 2025—a slight dip from October’s $1,280,100.

Condos tell a different story.The benchmark condo value in November 2024 was $542,100. By November 2025, that number rose 2% to $553,100, up from October’s value of $549,000. A small but meaningful upward trend for the condo segment.

A Massive Buying Opportunity

Now let’s talk strategy—because right now presents a unique window of opportunity, especially for sharp, motivated buyers.

While most people obsess over active listings, many ignore the enormous volume of expired, canceled, and withdrawn listings. These off-market properties still have owners—many of whom still want to sell. And with slower demand and higher interest rates keeping most buyers on the sidelines, you have a rare chance to secure an incredible deal.

If you're looking for properties $50,000–$150,000 below asking, this is the time to start writing offers.When everyone else hesitates, the bold move ahead—and win.

But hey, the real estate market is a complex beast, and it's influenced by many factors, so if you're thinking about buying or selling in 2024, you know the drill—get in touch with me for a game plan tailored just for you.

Get in Touch

But remember: the real estate market is complex. Interest rates, seasonal patterns, and inventory shifts all play major roles. So if you’re planning to buy or sell in 2026, reach out and let’s create a personalized game plan that fits your goals.

Opportunities still exist—especially for first-time buyers and families looking to move up into something better. It takes diligence… and ideally the guidance of a committed agent watching the market every day.

Conclusion

The goal is to give you insight into what the overall market view looks like in Victoria and Vancouver Island. I have included more Resources below so that you can dive in and read more at your leisure. I will also make sure to include a new Glossary Term each month, and define it to add to your knowledge of common industry terms.

Feel free to contact me if you want to learn more or if you have any questions about the broader market trends.

Talk To Me Now

Glossary Term

Depreciation.

Depreciation is a standard accounting method that lets businesses divide the upfront cost of physical assets—from delivery trucks to data centers—across the number of years they expect to use them.

https://www.investopedia.com/terms/d/depreciation.asp