Year-to-Date Victoria Real Estate Market Update

We hope you’re easing into the cozier days as daylight savings comes to an end and that you’ve had a chance to enjoy the crisp autumn air—perhaps with a warm mug in hand. As winter approaches, we’re excited to share some promising updates from October and thoughts as we head into the quieter months in the Victoria real estate market.

October saw a substantial rise in activity across the Victoria real estate market, which we felt firsthand with many successful sales. Market statistics confirm this uptick, with 654 properties sold in the Victoria Real Estate Board region—a 60.7% increase over October 2023 and a 14.5% increase from September. Sales of single-family homes led the charge, with a remarkable 76.2% increase over last year.

This momentum continues to reflect a balanced and healthy market. Our Victoria Real Estate Board notes that this represents a return to a more average market, with consistent inventory levels providing breathing room for decisions for both buyers and sellers. Late October also brought the news of a key interest rate cut by the Bank of Canada to 3.75%—a 50 basis-point reduction, marking the first cut since the pandemic. With this recent decrease, we’re seeing signs of renewed buyer interest, suggesting that pent-up demand could fuel a busier market in the spring.

Looking Ahead: Why Winter Might Be Your Season to Buy

Winter traditionally brings a lull in the Greater Victoria market, and while spring remains a prime season for listing homes for sale, the coming months can offer unique advantages for buyers. With fewer people shopping, there’s often more room for negotiation—particularly with sellers who are committed to moving forward rather than holding out for spring.

Getting Ready for Spring: A Few Helpful To-Dos

If you’re planning to sell your home in spring, now is the perfect time to start preparing your home. Seasonal maintenance—like raking leaves, securing loose roof shingles or fascia boards, and winterizing exterior water faucets—can help you identify any other areas that may need attention. Tackling these tasks now not only keeps your property in shape over winter but also gives you a head start on planning any early spring touch-ups, without the last-minute rush.

If you’re curious about the market or considering a purchase or sale, feel free to reach out. We’d be happy to help you explore your options.

Enjoy the festive season, stay dry and cozy, and we’ll see you in December for another update!

Warm regards,Audra Poole & Robert Peterson ^JD

For more statistics on the Victoria real estate market – click on the links to the right for the latest reports and data from the Victoria Real Estate Board, the British Columbia Real Estate Association, the Canadian Mortgage and Housing Corporation and the Canadian Real Estate Association.