Navigating the Buyer's Market in Victoria, BC
Many fantastic condos in Victoria, BC are for sale at incredible prices
Homebuyers, is the wind finally shifting in your favour in Victoria?
Sept 22, 2025
With rising inventory, flattening price growth, and more options on the table, signs point toward a more balanced market—and perhaps even a buyer’s edge in certain segments. But don’t assume the revolution has fully arrived. Let’s unpack what “buyer’s market” really means, how Victoria stacks up in 2025, and whether now might be the right time for you to buy.
Covered Here:
What defines a buyer’s market
Key metrics to watch
Market snapshot: Victoria BC in 2025
Which property types favour buyers now
Where sellers still hold leverage
Pros and cons for homebuyers
Strategies for buying smart in this climate
Forecast: What to expect in the next 12-24 months
Local nuances and risks to consider
Conclusion
1. What Defines a Buyer’s Market
A buyer’s market occurs when supply outweighs demand, giving purchasers more negotiating power. Some typical features:
Higher inventory: many homes listed relative to how many are being sold
Longer days on market: properties stay listed longer before offers arrive
Flat or declining prices, or at least slower rates of increase
More seller concessions: covering repairs, closing costs, or being more flexible with dates
Reduced competition: fewer multiple offers, less bidding wars
But it isn’t binary. Plenty of real estate markets are “balanced”—meaning neither buyers nor sellers dominate entirely. Most of Victoria appears to be in that zone between seller’s market and buyer’s market right now.
2. Key Metrics to Watch (and Why They Matter)
Several key metrics reveal whether market conditions favour buyers or sellers:
Active Listings / Inventory
What it measures: the number of homes currently listed for sale.
Buyer’s signal: high or rising inventory means more choice and greater leverage.Sales Volume
What it measures: how many properties are selling over time.
Buyer’s signal: when sales slow compared to the number of listings, negotiating power shifts toward buyers.Sales-to-Active Listings Ratio / Months of Inventory
What it measures: the pace at which homes are selling, or how long it would take to sell all current inventory at today’s rate.
Buyer’s signal: a higher months-of-inventory figure or lower sales-to-listings ratio typically indicates more favourable conditions for buyers.Benchmark / Median Prices
What it measures: the trend in prices for a “typical” home.
Buyer’s signal: flat or declining prices are a good sign for buyers; sharp increases favour sellers.Days on Market
What it measures: how long homes stay listed before selling.
Buyer’s signal: longer times on market usually mean more negotiation room.Interest Rates & Financing Conditions
What it measures: the cost of borrowing and current mortgage rules.
Buyer’s signal: higher rates squeeze affordability, while a softening in rates or easier financing helps buyers.Economic & Demographic Trends
What it measures: migration patterns, employment, income growth, and new-home supply.
Buyer’s signal: an influx of new homes or slower demand strengthens a buyer’s position.
3. Market Snapshot: Victoria BC in 2025
Victoria’s real estate market in 2025 is showing multiple signs of stability and balance—not runaway seller dominance, but not a full buyer takeover either. Here are the latest data and what they tell us:
Inventory & Listings
There are about 3,000-4,000 active listings fairly consistently.
For example, at the end of April 2025, there were 3,425 active listings, up 13.5% YoY.
In May 2025, active listings reached 3,716, which was the highest since 2008.
Sales Volume & Property Types
In May 2025: 758 properties sold, roughly 0.7% fewer than May 2024, but significantly more than in April.
Condo sales are more volatile: some months up, some down; for example, condo sales were down ~6% YoY in May 2025 even as overall sales held steady.
Single‐family home sales have been more stable. In May 2025, 401 single‐family homes sold, up ~0.5% YoY.
Price Trends
Victoria Core single-family home benchmark price: ~$1,326,600 in May 2025 — up ~1.3% over the past year.
Condos show softer numbers: benchmark ~$564,100 in June 2025 — down ~0.9% YoY.
Townhomes also modest dip: ~1.1% decline YoY in benchmark.
Days on Market & Buyer Options
Condos are taking longer to sell than last year; days on market rose from ~34 to ~41 for condos/apartments.
Single‐family home days on market are lower, around 30 days in many neighbourhoods.
Overall Balance
Many reports characterize the market as stable or balanced.
Inventory rising, sales relatively steady, prices not exploding.
4. Which Property Types Favour Buyers Now
Not all market segments are equal. Some are more favourable to buyers; others still favor sellers. Below are the types of properties and neighbourhoods where a buyer might have more negotiating power right now.
Condominiums / Apartments
Softer price movement and rising inventory mean more choices.
Longer days on market make it possible to negotiate.
Buyers in this segment should pay careful attention to strata fees, condition, location, and whether maintenance or special levies are coming up. If a condo is well priced and in good condition, there is opportunity.
Townhomes & Duplexes
These often offer more space relative to condos, but still more affordability compared to detached homes.
Some pressure in this segment: moderate demand, but inventory has crept up. Buyers here may be able to negotiate more than in past years.
Entry-Level / Lower Price Bands of Single-Family Homes
In less premium areas (further from downtown, smaller lot sizes, older homes needing renovation), buyers may find more leverage. There is less competition for “fixer-uppers” and homes requiring updating.
Homes in Suburbs & Less Central Areas
Areas like Langford, Colwood, Sooke often have more listings relative to buyer rush compared to Victoria Core. More choice, slightly less premium.
5. Where Sellers Still Hold Leverage
While there are favourable trends for buyers, many segments still favour sellers. Understanding these will help buyers set realistic expectations, and possibly decide when to wait.
Single-family homes in premium neighbourhoods: Oak Bay, Fairfield, Rockland, Saanich East. These still command high demand, often hold value better, and may still see multiple offers for well-priced and well-presented houses.
Homes with desirable attributes: properties that are move-in ready, with modern kitchens, desirable views, proximity to good schools, amenities, transit.
Limited supply in certain price bands: mid-high range detached homes (say $1.2-$2.0 million) may have fewer competitors, so sellers may not have to drop price much.
Detached homes on large lots or with accessory dwellings: because these offer flexibility, rental income, or future development potential, they are still attractive.
6. Pros and Cons for Homebuyers in the Current Victoria Market
Here’s what’s working in buyers’ favour right now, what’s still challenging, and what to keep an eye on:
What’s Good for Buyers
More inventory means more choice, so you’re less likely to feel pressured or rushed into a decision.
Price growth has been moderate or flat, which makes planning a purchase more predictable.
Condos and smaller units often present better value and more negotiating room.
Homes in many segments are staying on the market longer, giving you more time to do due diligence, arrange inspections, and negotiate extras.
A more balanced market reduces the risk of overpaying in bidding wars.
Challenges and Watch-Outs
Prices remain high in many neighbourhoods, and affordability is still a significant hurdle.
Mortgage rates are still elevated, making financing tougher than it was in low-interest periods.
Strata fees and maintenance costs can erode value, and some expenses may not be obvious upfront.
Seasonal demand spikes, especially in spring and summer, can cut into buyer leverage in some areas.
Economic and regulatory uncertainty—including interest rates, housing supply, and construction costs—could change current trends quickly.
7. Strategies for Buying Smart Right Now
If you’re considering buying in Victoria under current conditions, here are some strategies to improve your outcome:
Get Mortgage Pre-Approval
Know your budget, locking in interest rates if possible. Know your maximum cost including fees, tax, closing costs.Work with a Local REALTOR® with Deep Market Knowledge
They’ll know neighbourhood sub-markets, hidden gems, and where you can negotiate.Broaden Search Criteria Thoughtfully
Look beyond title neighbourhoods; slightly older homes, smaller lots, or in suburbs may offer much better value.Be Patient—Inspect Everything
Take time to inspect homes carefully. Older homes may have deferred maintenance. Factor renovation or retrofit costs into purchase price.Negotiate Well
Ask for seller concessions (closing costs, repairs). Be realistic but firm. In many cases, timing and presentation can reduce price more than location.Watch for Timing Windows
Late spring / summer often sees more inventory, but also more competition. Fall can offer better deals as sellers with motivations appear.Evaluate Total Cost of Ownership
Don’t just look at purchase price. Consider taxes, insurance, strata fees, utilities, and the hidden costs.Have Flexibility
If you can be flexible on move-in date, condition, or amenities, you may get better deals.
8. Forecast: What to Expect in the Next 12-24 Months
Based on current data and trend lines, here’s what might happen in Victoria’s real estate market in the near future.
Slight slowing or flattening of price growth for many segments, especially condos and mid-price single-family homes.
Steady or moderate increases in inventory, especially if new construction continues and fewer people rush to sell near peaks.
Interest rates will play a big role. If rates drop, buyer pool will increase; if rates rise or remain high, many prospective buyers may be priced out or wait.
Policy changes (provincial or federal), especially around lending rules, property tax, or rental regulation, could shift demand and supply.
Supply of higher density housing (more condos, townhouses, secondary suites) could expand, easing pressure on low-density housing segments.
Area-specific dynamics: some neighbourhoods will shift faster than others. More affordable outskirts or suburbs may become more buyer-friendly sooner.
9. Local Nuances & Risks to Keep in Mind
Victoria is not a monolith. What applies in one part of the city may not in another. Some local factors and risks:
Lot sizes & zoning restrictions: Older neighbourhoods with big lots are constrained; buyers wanting major renovations must check heritage and zoning rules.
Strata issues: Shouldn’t be underestimated. Fees, building conditions, upcoming levies can drastically affect condo affordability.
Natural risks and geography: Coastal properties face issues like sea-level rise, insurance costs, and sometimes stricter building rules. Buyers should investigate long-term risk.
Cost of construction / renovations: Rising labour, material, and permit costs can eat into budgets for fixer-uppers.
Economy / job market: Victoria’s employment trends, interest rate decisions, migration patterns can shift demand.
Buyer demand fluctuations: Seasonal effects, changes in financing availability, and external economic factors (federal policies, inflation) can swing the balance.
So, is Victoria, BC in a buyer’s market? The data suggests this: not fully, but under many conditions, yes — particularly for certain property types, in less central neighbourhoods, and for buyers willing to do due diligence and negotiate.
If you’re a buyer who’s flexible, prepared, and patient, this may be one of the better windows in recent years. If you’re a seller, you’ll want to be realistic, price well, show well, and expect more negotiation than in heated markets.
