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