Market Insight Series - November 2025
- sasha540
- Nov 4
- 4 min read
Updated: Nov 4
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 consistent updates on Victoria and Vancouver Island’s real estate trends. My goal is to help you stay informed so you can make smarter, more confident buying and selling decisions.
Below, I’ll walk you through this month’s most important market numbers, highlight the key shifts worth noting, and wrap up with insights you can use right now. If you’d like to look back at the previous month’s market breakdown, click here.
Alright, folks — let’s dive into what’s been happening in the Victoria Real Estate Board region as of October 2025!
Market Overview – October 2025
In October 2025, a total of 617 properties changed hands across the Victoria Real Estate Board region. That’s 5.7% fewer than the 654 properties sold in October 2024, but an 11.4% increase compared to September 2025 — a solid rise as we entered the fall season.
Breaking it down by property type:
Condominium sales saw a 15% decrease from October 2024, with 159 units sold.
Single-family home sales rose by 2.9% year-over-year, totaling 350 homes sold.
A Balanced Market With Steady Demand
“The local real estate market remains reasonably balanced,” said 2025 Victoria Real Estate Board Chair, Dirk VanderWal.
He noted that single-family homes are seeing the strongest demand at the moment, with October marking the highest number of sales for that month since 2020.
“Condo sales were slightly more restrained than single-family and townhome sales over the past month,” VanderWal explained. “We haven’t seen a significant drop in prices as a result, but condo buyers will find a solid variety of listings to choose from — and the time to make thoughtful decisions.”
That’s a clear signal that while demand for detached homes remains firm, condo buyers have regained some negotiation power — a shift we haven’t seen much of in recent years.
Inventory Update – Fewer Listings, but Still Healthy
At the end of October 2025, there were 3,423 active listings on the Victoria Real Estate Board Multiple Listing Service® (MLS®).
That represents a 7.3% decrease from September’s inventory, but still an 8.3% increase year-over-year compared to the 3,161 listings available in October 2024.
In short — inventory is holding at healthy levels, providing balance to the market, even as we transition into the quieter winter months.
Home Prices – Modest Shifts and Seasonal Cooling
Let’s get into the numbers that matter most: prices.
The MLS® Home Price Index benchmark value for a single-family home in the Victoria Core was $1,300,200 in October 2024, and as of October 2025, that figure dipped by 1.8% to $1,276,500, slightly down from September’s $1,294,800.
Meanwhile, condominiums in the Victoria Core saw a 0.6% increase year-over-year, with the benchmark price rising from $547,800 in October 2024 to $551,000 in October 2025, also up a touch from September’s $547,500.
These modest changes reflect a market in seasonal balance, with pricing adjusting gently rather than swinging dramatically — a welcome trend after the volatility of past years.
Interest Rates and Market Sentiment
Another key headline this month was the Bank of Canada’s late October rate cut — a move that caught many buyers’ attention.
“It’s too early to determine if this will affect demand,” said Chair VanderWal. “But consumers are watching closely to see how fixed and variable mortgage rates respond.”
Historically, lower borrowing costs tend to spur activity, but we’re also entering the time of year when the market naturally cools alongside the weather. This means some buyers may hold off until early 2026, while others could seize the opportunity to make a move before competition heats up again.
So, there you have it — the Victoria real estate market in October 2025 continues to demonstrate balance, stability, and healthy seasonal trends.
Opportunities for ordinary people looking to get into their first home, or move up into an affordable nicer home are still out there, it just takes a bit of diligence, and ideally the support of a committed agent.
Conclusion
Inventory remains strong, pricing is adjusting modestly, and with the Bank of Canada cutting rates, we may see renewed energy in the market heading into 2026.
If you’re planning a move — whether it’s buying your first home, upgrading, or preparing to sell — now’s the time to start building your game plan.
Stay informed, stay strategic, and remember: the best opportunities often arise when others are waiting on the sidelines.
Glossary Term
Mortgage Default:
A default happens when a borrower is unable to repay a debt. Defaulting on a mortgage means a homeowner fails to meet the terms of their loan agreement, most commonly by not making payments, but also by failing to pay property taxes or maintain insurance. This is a serious breach of mortgage contract that gives the lender the right to take legal action, which can lead to foreclosure and the seizure and sale of the property to recover the debt.
Read More:
Resources
1. VREB Insight:
2. Mortgage Calculator:
3. Mortgage Rate By Bank:
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