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're seeing some encouraging signs in Greater Victoria's housing market, with sales improving across all three major property types.

Single-family home sales have picked up considerably over the past couple of weeks, while the number of homes available for sale has declined. Townhomes are also doing better, with sales recovering from their September lows and now running close to last year's pace.

Even condos, which have been struggling recently, are showing some improvement. Sales have increased and inventory has edged lower, although condo buyers still have considerably more choice.

Across the broader market, sales have increased by about 18% since late September. That's encouraging, but we're still running about 10% below the same time last year.

One important distinction is that selling prices haven't shown the same improvement. Median prices generally remain softer than last year, particularly for single-family homes and townhomes. More homes are selling, but that doesn't necessarily mean buyers are willing to pay more.

Some of the recent improvement may reflect activity returning after Thanksgiving, so we'll want to see whether this momentum continues.

For buyers, there are still opportunities and room to negotiate, particularly with condos. For sellers, the improvement in activity is welcome news, although realistic pricing remains important.

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.

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