Welcome to the Victoria Market Minute, our weekly 1 minute look at what’s happening in Greater Victoria real estate and what it means if you’re thinking about buying or selling.

We hope everyone had a great Thanksgiving long weekend and had a chance to enjoy some time with family and friends!

There are some encouraging signs in Greater Victoria’s housing market this week, although the picture is quite different depending on the type of home.

Single-family home sales have picked up over the past week, while the number of homes available for sale has fallen. Townhomes are also showing improvement, with sales gradually recovering from their September lows.

Condos, however, are moving in the opposite direction. Sales remain slow, and the number of condos for sale continues to rise. That means condo buyers have plenty of choice and negotiating room, while sellers face more competition.

Across the broader market, sales have improved modestly from late September, but they're still well below this time last year. So while there are some signs that conditions may be stabilizing, it's too early to call this a turnaround.

We also need to be careful reading this week's numbers. The Thanksgiving long weekend can affect both new listings and sales, so the next couple of weeks should give us a clearer picture of whether this improvement will last.

For buyers, opportunities remain, particularly in the condo market. For sellers, pricing and presentation still matter, but the recent improvement in single-family and townhome activity is worth watching.

Follow us for a new Victoria Market Minute each week and keep up with what’s happening in our local real estate market.

Grant Walker | Karl Leong | Mark Roozendaal | Leanne Benedict

The Preferred Homes Team | RE/MAX Camosun

Would you rather have the Victoria Market Minute delivered to your inbox? Sign up here: https://mailchi.mp/preferredhomes.ca/vmm

Welcome to the Victoria Market Minute, our weekly 1 minute look at what’s happening in Greater Victoria real estate and what it means if you’re thinking about buying or selling.

The slowdown we're seeing isn't limited to one part of the market. Over the past 28 days, single-family home sales are down about 31% compared with the same period last year, while condo sales are down about 19%. Townhomes remain slow as well, with roughly 7 months of inventory.

What's particularly interesting is that single-family inventory is actually lower than it was a year ago, while condo inventory is only moderately higher. This isn't simply a case of too many homes coming onto the market. The bigger issue is fewer buyers making purchases.

We're also seeing the gap between asking and selling prices grow, particularly for single-family homes and condos. Buyers have more negotiating power and appear increasingly willing to use it.

October also brings municipal and provincial elections. Elections can sometimes cause people to put major decisions on hold while they wait to see what happens, and this election is particularly focused on the economy, affordability and the cost of living. If the results leave people feeling more confident about the economic outlook, we could see some hesitant buyers return afterward.

For now, buyers have plenty of choice and negotiating room. Sellers are still finding buyers, but those buyers are more selective and less willing to stretch on price.

Follow us for a new Victoria Market Minute each week and keep up with what’s happening in our local real estate market.

Grant Walker | Karl Leong | Mark Roozendaal | Leanne Benedict
The Preferred Homes Team | RE/MAX Camosun

Would you rather have the Victoria Market Minute delivered to your inbox? Sign up here: https://mailchi.mp/preferredhomes.ca/vmm

Welcome to the Victoria Market Minute, our weekly 1 minute look at what’s happening in Greater Victoria real estate and what it means if you’re thinking about buying or selling.

The softer market we've been watching through September continued this week. There are now about 8 months of inventory across Greater Victoria, while sales have continued to slow. At this point, we're far enough past Labour Day that it's becoming difficult to blame the slowdown simply on the long weekend.

Single-family homes are still the strongest part of the market, although they have slowed as well. Townhomes actually improved slightly this week, but buyers still have plenty of choice. Condos softened again, with fewer sales and more inventory relative to the number of buyers.

What's interesting is that we don't have dramatically more properties for sale than we did at this time last year. The bigger difference is that fewer buyers are purchasing. That means sellers are competing for a smaller pool of active buyers, while buyers generally have more time and more negotiating power.

For sellers, this isn't a market where you want to get too far ahead of the competition on price. Good properties are still selling, but buyers have choices and can afford to be selective. For buyers, conditions are increasingly comfortable. There is generally time to compare properties, negotiate and make a thoughtful decision.

September has now given us several consecutive weeks of softer activity. The question heading into October is whether sales begin to stabilize or the quieter market continues.

Follow us for a new Victoria Market Minute each week and keep up with what’s happening in our local real estate market.

Grant Walker | Karl Leong | Mark Roozendaal | Leanne Benedict
The Preferred Homes Team | RE/MAX Camosun

Would you rather have the Victoria Market Minute delivered to your inbox? Sign up here: https://mailchi.mp/preferredhomes.ca/vmm

Welcome to the Victoria Market Minute, our weekly 1 minute look at what’s happening in Greater Victoria real estate and what it means if you’re thinking about buying or selling.

Last week we talked about a softer Victoria market but were cautious about reading too much into it because of the Labour Day long weekend. Another week has passed and sales haven't bounced back yet, while the number of homes for sale continues to increase. Overall, we now have about 8 months of inventory, up from just over 6 earlier this month. That's enough of a change that we're paying closer attention.

Single-family homes are still holding up better than the other segments, although they have also slowed. Townhomes continue to be the softest part of the market, with plenty of choice and fewer buyers competing for them. Condos have softened somewhat as well. Interestingly, we don't have dramatically more properties for sale than we did at this time last year. The bigger change appears to be fewer buyers making purchases.

For sellers, this doesn't mean you need to panic or slash your price, but this probably isn't the time to be overly ambitious. Buyers have choices, so if your property isn't getting attention, it's worth taking that seriously. For buyers, conditions are increasingly comfortable. In many cases you have time to compare properties and negotiate without the pressure of a hotter market.

After two consecutive softer weeks, this is becoming more than a one-week blip. The next couple of weeks should tell us whether buyers return or we're heading into a quieter fall market.

Follow us for a new Victoria Market Minute each week and keep up with our local real estate market.

Grant Walker | Karl Leong | Mark Roozendaal | Leanne Benedict
The Preferred Homes Team | RE/MAX Camosun

Would you rather have the Victoria Market Minute delivered to your inbox? Sign up here: https://mailchi.mp/preferredhomes.ca/vmm