Victoria Real Estate Market Update – November 2025

Click for Full Screen of Market Snapshot November 2025 by Andy McGhee🏡

🏡 Balance Returns Amid Autumn Momentum

October delivered a steady pace in Greater Victoria’s real estate market, marked by balanced conditions, improved buyer sentiment, and early signs of optimism following the Bank of Canada’s late-month rate cut. While total sales were modestly lower than last year, they rebounded strongly from September, confirming the region’s resilience as 2025 winds down.

📊 Market Snapshot – October 2025

• Total Properties Sold: 617
  
  – Down 5.7% from October 2024
  
  – Up 11.4% from September 2025
  
  

• Single Family Homes Sold (All Areas): 350
  
  – Up 2.9% year over year
  
  

• Condo Apartments Sold: 159
  
  – Down 15% year over year
  
  

• Townhomes (Row Housing) Sold: 75
  
  – Up 2.7% year over year
  
  

• Total Residential Sales Volume: $477 million

“The local real estate market remains reasonably balanced,” said VREB Chair Dirk VanderWal. “Single-family homes are seeing the strongest demand, and this month we saw the highest number of October sales since 2020.”

🏘️ Inventory & Market Conditions

• Active Listings (All Types): 3,423
  
  – Up 8.3% year over year
  
  – Down 7.3% from September 2025
  
  

• Sales-to-Active Listings Ratio: ≈ 18–20% (VREB Trading Area)
  
  This sits firmly within the balanced-market range (17–28%) defined by the BCREA. Buyers are benefiting from more selection, while sellers who price and present their homes well continue to secure strong outcomes.
  
  

🏡 Prices by Property Type & Area

Single Family Homes

• Victoria Core – HPI Benchmark Price: $1,276,500
  
  – Down 1.8% year over year
  
  

• Greater Victoria – Average Sale Price: $1,350,655
  
  

• Greater Victoria – Median Sale Price: $1,157,500
  
  

• Days on Market: 47
  
  

• Price-to-List Ratio: 97%
  
  

Condo Apartments

• Victoria Core – HPI Benchmark Price: $551,000
  
  – Up 0.6% year over year
  
  

• Greater Victoria – Average Sale Price: $616,362
  
  

• Greater Victoria – Median Sale Price: $535,000
  
  

• Days on Market: 49
  
  

• Price-to-List Ratio: 97%
  
  

Townhomes (Row Housing)

• Victoria Core – HPI Benchmark Price: $845,800
  
  – Down 1.0% year over year
  
  

• Greater Victoria – Average Sale Price: $815,488
  
  

• Greater Victoria – Median Sale Price: $794,500
  
  

• Days on Market: 44
  
  

• Price-to-List Ratio: 98%
  
  

🔍 Area Highlights (Single Family Detached)

Here’s a snapshot of where homes sold and how each district performed in October 2025:

While Saanich East continued to lead both sales and total dollar volume, Victoria / Victoria West matched Langford in sales activity and maintained one of the region’s highest transaction volumes.

Oak Bay again demonstrated strength in luxury pricing, averaging more than $2.2 million per sale, while the West Shore communities—particularly Langford and Colwood—remained the heartbeat of affordability and new-build supply.

Condo Activity Was Busiest In:

• Victoria / Victoria West: 76 units sold, $45.9M in volume
  
  

• Langford: 21 units sold, $11.4M in volume
  
  

• Saanich East: 19 units sold, $11.2M in volume
  
  

The core areas continue to dominate condo sales, buoyed by steady investor interest and a growing downtown lifestyle market. West Shore inventory has expanded, giving buyers better choice in newer developments at more attainable prices.

Townhome Hotspots:

• Langford: 20 sales
  
  

• Colwood: 12 sales
  
  

• Sidney: 8 sales
  
  

Townhome demand remains strongest in the West Shore—where attached housing offers a bridge between condo affordability and single-family functionality. Sidney’s eight sales highlight growing appeal for downsizers seeking walkable, coastal living.

💡 Economic Insights – A Turning Point for Borrowers

According to the BCREA Housing Monitor Dashboard (October 29, 2025), active listings across British Columbia are up approximately 20% year over year, easing price pressures and improving supply balance.

Construction timelines, however, remain extended—averaging over 20 months for multi-family projects, among the longest in Canada.

The Bank of Canada’s October rate cut lowered the five-year fixed mortgage rate to around 4.5%, down from about 5% earlier this fall. While modest, this move has provided a psychological boost to buyers who had paused their plans amid rising borrowing costs.

Meanwhile, Victoria’s rental market remains among the most expensive in Canada, with average two-bedroom rents still 50% above pre-pandemic levels, reinforcing the long-term stability of home ownership in a tightening housing landscape.

🧭 What This Means for Buyers & Sellers

Buyers:

With inventory still strong and interest rates beginning to ease, this is a window of opportunity before the spring surge. Detached homes in core neighbourhoods are stable in price, while condos and townhomes offer solid value in emerging urban centres.

Sellers:

Demand remains consistent for well-maintained homes, especially in Saanich East, Victoria / Victoria West, and Oak Bay. Correct pricing and standout presentation are key, as buyers remain discerning in a data-driven, balanced market.

📈 Looking Ahead

As 2025 closes, Greater Victoria’s housing market remains defined by balance, stability, and resilience. Modest rate relief, steady demand, and healthy inventory levels are setting the stage for an active and well-supplied start to 2026.

For those planning to list or purchase early next year, now is the time to evaluate strategy, pricing, and timing—while market conditions remain favourable and competition is moderate.

🌟 Business Spotlight

🌿 Celebrating Local Success: West Coast Botanical Sugaring Spa Turns One!

This month, we’re excited to shine a spotlight on West Coast Botanical Sugaring Spa, a boutique wellness studio in Victoria that recently celebrated its first anniversary on September 18, 2025. Known for its natural, eco-friendly approach to hair removal, West Coast Botanical Sugaring Spa has quickly become a favourite among locals seeking a gentle and sustainable alternative to traditional methods.

Behind the success is owner Leanne Benesch, whose dedication to client care, community connection, and passion for wellness have helped the spa thrive in its first year. To mark this milestone, we sat down with Leanne to talk about her journey, her services, and what’s ahead for West Coast Botanical Sugaring Spa.

🙋‍♀️ Q&A with Leanne Benesch – Owner, Celebrating One Year of West Coast Botanical Sugaring Spa in Victoria

Q. How long have you worked in the beauty and wellness industry, and what inspired you to open West Coast Sugaring Spa here in Victoria?

A. I've been in the beauty industry for 5 years now. The spa was about to declare bankruptcy and I was fortunate enough to take over just in the nick of time. 

Q. For those who may not be familiar, what exactly is body sugaring, and how does it compare to traditional hair removal methods like waxing or shaving?

A. Sugaring is an ancient technique made for Cleopatra by the Egyptians. One main difference between waxing and sugaring is wax adheres to any surface, where as sugaring, only adheres to dead skin cells and hair - allowing the client to keep the healthy skin cells after treatment and not having a "raw" feeling.

Q. Over the past year, what has been the most rewarding part of running your own business and connecting with clients in the Greater Victoria community?

A. All of the genuine connections I’ve made - both with our wonderful clients and with other local entrepreneurs. Winning an award and being nominated for another in just my first year has been incredibly validating, but what means even more to me are the relationships that have grown out of this journey. I love seeing familiar faces return, hearing their stories, and knowing that our space has become a place where people feel comfortable and cared for. Every day brings new conversations and opportunities to support each other, and honestly, it doesn’t even feel like work. The support and warmth of the Greater Victoria community have made me feel right at home, and I’m so grateful to be able to give back in my own way while doing something I truly love.

Q. What services do you offer at West Coast Sugaring Spa, and which ones have quickly become client favourites since you opened?

A. We offer conscious hair removal, natural brow and lash treatments and fluoride-free teeth whitening! Each category is customized, recognizing that every client has their own unique needs so it's hard to decide what a clients favourite is. 

Q. Many of our readers are always looking for local, eco-friendly options. How does your spa incorporate natural ingredients or sustainable practices into your treatments?

A. Our sugaring paste is made in-house from just three simple ingredients: sugar, water, and lemon juice. Alongside our signature paste, we also craft our own line of products right here at the spa. One of the things I love about sugaring is how low-waste it is — all we need for each treatment is the sugar paste and a glove, no strips or excess materials like traditional waxing. Plus, everything we use is biodegradable, making our process gentler on both your skin and the environment.

Q. Can you share a memorable client story or transformation from your first year that really captures the impact of your work?

A. A few months ago, I had a client named Sarah come in for her first-ever sugaring appointment. She was feeling pretty nervous as she’d had bad experiences with waxing in the past. We started by talking through her concerns and what she hoped for, and I walked her through the whole process to help her feel more comfortable.

Throughout the appointment, I checked in with her and explained each step, making sure she felt in control the whole time. By the end, she couldn’t believe how gentle and effective sugaring was compared to what she’d tried before. What really stuck with me, though, was when she messaged the next day to say she’d never felt so confident in her own skin, and that she’d already told three friends about her experience. She’s become a regular, and even brought her mom and sister in for their own appointments.

Moments like that remind me why I love what I do. That’s what makes every day at the spa memorable, for both me and my clients.

Q. What are your goals for the next year of business, and are there any new services, specials, or events that clients can look forward to?

1. Expand our in-house product line to include at least 1 new item focused on aftercare and sensitive skin.

2. Host quarterly self-care workshops or community events at the spa to connect with more people in the Greater Victoria area.

3. Collaborate with other local businesses like wellness studios or eco-friendly shops, for cross-promotions or special packages.

4. Continue our commitment to sustainability by switching to fully compostable gloves and exploring refillable packaging for our products.

Q. Finally, for someone considering sugaring for the first time, what advice would you give them, and why should they try it at West Coast Sugaring Spa here in Victoria?

A. If you’re thinking about trying sugaring, my advice is to go for it! Especially if you have sensitive skin or haven’t loved other hair removal methods. Sugaring is gentle, all-natural, and much less irritating than waxing. At West Coast Sugaring Spa, we make sure you feel comfortable and cared for every step of the way. Plus, our process is low-waste and eco-friendly. You’ll leave with smooth skin and a smile, I promise!

✨ Connect with West Coast Botanical Sugaring Spa

📍 Location: 771 Vernon Ave, #306, Victoria, BC

📞 Phone: 250-590-5622

📧 Email: info@victoriasugaringspa.com

🌐 Website: www.victoriasugaringspa.com

📸 Instagram: @westcoast.sugaring

✨ Book your appointment today and discover why locals love West Coast Botanical Sugaring Spa for their natural, eco-friendly approach to beauty and wellness!

🏙️ Chamber of Commerce Marketplace Mixer – November 18

📅 Tuesday, November 18 | 4:30 PM – 7:30 PM

📍 Crystal Gardens, 713 Douglas Street, Victoria, BC

🎟️ Get your tickets here

Come on down and check out all the amazing local vendors at the Chamber of Commerce Marketplace Mixer! It’s a fantastic chance to see what Victoria businesses have to offer, make connections, and have some fun.

Be sure to stop by my booth and take part in the Let’s Get Real (Estate) Challenge for your chance to win a $500 Marilena Café gift card! It’s a fun and interactive challenge to get you entered in the draw.

I’ve collaborated with some incredible local businesses for this event, so a big shoutout to:

• 💼 Alex Ataman, Modern Axis CPA – modernaxis.ca

• 🍴 Bonnie Todd, Off The Eaten Track – offtheeatentracktours.ca

• 🏡 Paul Davidescu, Level Up Mortgages – levelupmortgages.com

• ⚖️ Peter Demeo, Mullin DeMeo Wirk Law Corporation – realestatelawvictoria.com

Let’s make this a night to remember. Come say hi, explore the vendors, join the challenge, and support some amazing Victoria local businesses.

🎉 What’s Happening Around Victoria This November

As the holidays approach, Victoria is buzzing with local events, live shows, and festive markets.

 Here are a few highlights worth checking out this month 👇

🌺 Victoria Remembrance Day Ceremony – November 11

Join the community at the BC Legislature Cenotaph to honour those who served, with a parade and ceremony beginning late morning.
🇨🇦 Event Details

🎄 Festival of Trees – The Bay Centre (Nov 14–Dec 31)

A magical forest of decorated trees lighting up the Bay Centre — all supporting local charities.
✨ View Event Details

🍰 Gingerbread Showcase – Habitat for Humanity Victoria (Nov 21–Jan 4)

Marvel at incredible edible art displays made by local bakers and designers — and vote for your favourite creation!
👉 See the Showcase

🎭 O Christmas Tea – Royal Theatre (Nov 7–8)

A hilarious, high-energy holiday comedy from the award-winning duo James & Jamesy.
🎟️ Get Tickets

🛍️ Out of Hand Modern Market – Crystal Garden (Nov 28–30)

Shop unique, handmade gifts and locally crafted treasures at one of Victoria’s most loved artisan markets.
🛒 More Info

👉 Click HERE to see the full list of November 2025 Victoria events →
What's Happening In Victoria This November 2025

💡 Pro Tip: Bookmark my Monthly Events Guide to stay in the loop on things to do in Victoria — from live music and local markets to new community happenings each month.

Ready to Make Your Move?

Whether you’re buying, selling, or just exploring your options, let’s put together a plan tailored to your goals. Book an appointment 📅👉🏻 Let's Grab a Coffee ☕️

Andy McGhee | Personal Real Estate Corporation

REMAX Sabre Realty - Victoria

📞 778-678-8290

📧 andy@andymcghee.com

🌎 VictoriaBCHomeSales.com

Helping You Find Your Way Home

Disclaimer

The information in this blog is provided for general informational purposes only and does not constitute financial, legal, accounting, or tax advice. Andy McGhee Personal Real Estate Corporation is a licensed REALTOR® but is not an economist, lawyer, or accountant. Market conditions, policies, and laws change quickly, and while every effort is made to ensure accuracy at the time of publication, no guarantee is made that information will remain current or be free of errors or omissions. Before making decisions, seek guidance from qualified professionals in the relevant field. Andy McGhee Personal Real Estate Corporation and REMAX Sabre Realty Victoria assume no liability for actions taken or not taken based on this information. Not intended to solicit properties or clients currently under contract.