Greater Victoria’s real-estate market saw a sharp drop in property sales throughout November compared to last year, driven largely by a decline in condominium purchases, according to the latest Multiple Listings Service data from the Victoria Real Estate Board.

 

The market shed exactly 100 sales this November, landing 18% lower than a year ago with 451 sales via MLS compared to 551 in 2024. November’s total also saw a sharp decline from October’s 617 sales, which itself was more than 5% below last October’s 654 deals.

 

Homebuyers took advantage of less activity by securing lower prices across all three main residential market segments, compared to values in October.

 

Victoria-based real-estate agent Ryan Cook of brokerage Remax Camosun (see website) says the narrative in November tilted in favour of buyers, as demand eased and listings grew.

 

“We saw the housing market tip into a buyer’s market in November, and with that, homebuyers were able to leverage more advantageous price points than what we may saw earlier in the year,” Cook said, adding that “with winter approaching and the market typically slowing down, the next few months could yield deal-making opportunities for determined buyers especially as new listings continue to pad the total volume of available properties.”

 

The single-family sector saw 241 sales averaging $1,243,194, the lowest monthly average since last November’s $1,221,515 across 263 sales. The median this November reached $1,133,000, the lowest since January’s $1,127,000 median.

 

The condominium segment had its slowest month since January of 2024, registering only 119 transactions in November (compared to 186 last November, or a drop of 67 units and 36%). The average price paid was $606,618, a dip from October’s $616,362 and last November’s $613,458. The median this November was $546,500, slightly higher than October’s, and slightly lower than last year.

 

Only 55 townhomes sold throughout the month, a pace of slow sales second only to January’s 52, and well below last November’s 75, and this October’s 75. The average price was $778,652, the lowest since January of 2024’s $712,445 average, and the median was $752,075, the lowest since January of this year’s $738,750.

 

“Although a monthly period of slower sales and lower prices may be viewed as a broader signal for the future, the current reality is buyers do hold bargaining power, and this may entice some sellers who have chosen prices that are detached from the present economic reality, to price their homes more realistically,” Cook says, noting a common theme throughout 2025 of home sellers listing for above market value and slowly walking down their expectations, or choosing to hold out then eventually pull their listing rather than more closely align to incoming offers.

 

In terms of active inventory on the market, November saw a total of 3,152 units on MLS in Greater Victoria, 316 more than last November. New listings for the month totalled 820 units, just a touch above last November’s 803.

 

Over the winter market, Cook believes more buyers already in the housing market may seek conditions like the subject-to-sale of an existing home, to help buffer the buying process with the selling process. For first-time buyers, Cook has advice that may help turn a dream into reality.

 

“There will always be homebuyers needing to sell, and when market dynamics shift to where buyers may hold more leverage, there will absolutely be opportunities for offers that could help a first-time buyer make the jump from renting to homeownership,” Cook said. “Most importantly, don’t be afraid to put your offer out there, especially when prices dip as we enter a period of historically slow seasonal sales.” C

 

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