As we wrapped up December and closed the door on 2025, the Greater Victoria real estate market finished the year on a slightly softer—but importantly, very healthy—note. At North Pacific Homes Group with eXp Realty, our team closely follows local data so we can help buyers and sellers make confident, well-informed decisions. When you zoom out beyond the month-to-month fluctuations, 2025 tells a story of resilience, balance, and opportunity across Victoria, BC.
In this market update, we’ll break down what happened in December, what defined the 2025 market as a whole, and what buyers and sellers should realistically expect as we head into 2026.
December 2025: A Seasonal Cool-Down, Not a Red Flag
December typically brings a natural slowdown in real estate activity, and this past December followed that familiar seasonal pattern.
Across the Victoria Real Estate Board region, there were 367 home sales in December. That figure was just under 13% lower than December 2024, and about 19% lower than November’s activity. While those numbers may sound concerning at first glance, they largely reflect seasonal buyer behaviour rather than a weakening market.
Holiday schedules, weather, and year-end planning often pause real estate decisions until the new year—and that’s exactly what we saw.
Condo Sales vs. Single-Family Homes
One of the more notable December trends was the difference between property types:
- Condo sales declined approximately 21% year over year
- Single-family home sales dipped by only about 2.5%
This tells us something important: detached homes held up remarkably well, even during a quieter month. Condos experienced a sharper slowdown, but this was more about timing than demand disappearing altogether.
Pricing Trends: Different Stories by Property Type
Price performance across Greater Victoria continued to vary depending on the segment of the market.
Single-Family Homes in the Victoria Core
The benchmark price for a single-family home in the Victoria Core landed around $1,255,000 in December. This represented:
- A 4.7% decrease compared to last year
- A slight dip from November’s benchmark
This modest softening reflects a market that is adjusting rather than correcting. Buyers were more selective, and sellers who priced aggressively felt the impact.
Condos: Quietly Stable
In contrast, condos told a much steadier story.
The benchmark condo price in the Victoria Core was approximately $549,000, which was slightly higher year over year. This stability signals a balanced condo market, supported by:
- First-time buyers
- Downsizers
- Lifestyle-driven moves
Despite fewer sales in December, pricing held firm—an important indicator of underlying demand.
Inventory: One of the Biggest Market Stories
Perhaps the most impactful storyline as we closed out 2025 was inventory.
By the end of December, Greater Victoria had over 2,500 active listings, which is 11% higher than where we finished 2024. While listings dipped slightly from November due to seasonal patterns, overall inventory remained significantly healthier than what we experienced in previous years.
Why Inventory Matters
Higher inventory levels change market dynamics in meaningful ways:
- Buyers have more choice
- There is less urgency and fewer panic offers
- Sellers must be strategic with pricing and presentation
From our team’s perspective, this shift has been one of the healthiest developments in the Victoria real estate market in years.
Looking Back at 2025: A Surprisingly Steady Year
When we step back and look at the full year, 2025 proved to be remarkably resilient.
There were 6,918 total sales across Greater Victoria in 2025, which was slightly higher than 2024—a notable outcome given:
- Global economic uncertainty
- Ongoing interest rate conversations
- Fluctuating consumer confidence throughout the year
Despite these headwinds, the market held together exceptionally well.
Record Levels of New Listings
One of the defining features of 2025 was the volume of new listings. According to the Victoria Real Estate Board, this year saw one of the highest volumes of new listings on record.
This influx of supply helped prevent dramatic price swings and created a more balanced environment. Buyers had time to think, negotiate, and make informed decisions. Sellers who adapted to the new conditions continued to succeed.
How Prices Behaved Across Greater Victoria
Not all areas performed the same in 2025, and understanding these differences is crucial for anyone thinking about buying or selling.
Victoria Core
- Single-family home values softened slightly
- Buyers became more price-sensitive
- Well-presented homes still sold, but strategy mattered
Westshore
- Modest price growth overall
- Strong demand for more affordable single-family options
- Continued appeal for families and move-up buyers
Condo Market
- Flat to mildly positive price performance
- Consistent demand from first-time buyers and downsizers
- A strong example of balance between supply and demand
Balanced Market Conditions Explained
Throughout much of 2025, the sales-to-active listings ratio remained firmly in balanced market territory.
This means:
- The market was not overheating
- Prices were not collapsing
- Negotiations became more reasonable on both sides
Balanced conditions are often ideal for long-term market health—and they benefit informed buyers and sellers alike.
What to Expect in the Victoria Real Estate Market in 2026
Looking ahead, inventory will continue to be the single biggest factor shaping the market in 2026.
If listings remain elevated, we expect:
- More balanced conditions
- Increased negotiation room for buyers
- Greater importance placed on correct pricing and strong presentation
Outlook by Property Type
Single-Family Homes
- Potential continued softness in the Victoria Core
- Steady performance likely in the Westshore
Condos
- Continued stability
- Strong appeal to first-time buyers, downsizers, and lifestyle movers
Advice for Sellers Heading into 2026
If you’re considering selling in the coming year, the message is clear:
- Price strategically based on real-time local data
- Present your home exceptionally well
- Understand your specific neighbourhood trends
Buyers are responding strongest to homes that are well-priced and well-prepared. Overpricing is no longer being forgiven by the market.
Advice for Buyers: A Window of Opportunity
For buyers, this is one of the most opportunity-rich markets we’ve seen in years.
You’ll benefit from:
- More selection
- Less competition
- A healthier pace to make smart, confident decisions
Whether you’re buying your first home, upsizing, downsizing, or investing, today’s market rewards preparation and local insight.
Final Thoughts from Our Team
In summary:
- December cooled slightly, as expected
- 2025 proved stable, grounded, and resilient
- 2026 is shaping up to be balanced and full of opportunity
At North Pacific Homes Group with eXp Realty, our team is committed to helping buyers and sellers across Greater Victoria navigate the market with clarity and confidence. If you’d like personalized advice based on your neighbourhood, goals, and timing, we’re always happy to help.
Reach out to our team today to start a smart, informed conversation about your next move in Victoria, BC.
Thanks for being here,
Alex Hughes, REALTOR®, Personal Real Estate Corporation — North Pacific Homes Group (eXp Realty) | Victoria, BC Real Estate
Ricki-Lee Jewell, REALTOR® — North Pacific Homes Group (eXp Realty) | Victoria, BC Real Estate
Steven Reilander, REALTOR® — North Pacific Homes Group (eXp Realty) | Victoria, BC Real Estate
