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

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