Your Monthly real estate update
Welcome to November!
It’s November already — can you believe it? Around Victoria, you can start to feel the holidays sneaking in. There are festive displays going up at the Bay Centre, lights twinkling along Johnson Street, and that unmistakable feeling that the season’s about to kick off.
Even though the days are getting shorter, the real estate market hasn’t gone quiet. October brought a steady, balanced pace across Greater Victoria, with single-family homes leading the charge and condos seeing a slightly slower month. Prices are holding steady, and there’s still a good amount of inventory out there for buyers.
Scroll down to check out the full Victoria real estate market stats for October!
If you or someone you know has been thinking about buying or selling, there’s still plenty of activity happening. Whether you’re hoping to make a move before the end of the year or you’re just starting to plan ahead for 2026, I’d love to help you put a game plan together.
And don’t forget to catch next month’s newsletter — it’ll be our holiday special with a map of all the must-see holiday light displays around Victoria. It’s one of my favorite things to share each year.
As always, reach out if I can be of any assistance!
Victoria Real Estate Market Update — October 2025
October continued to show a balanced and steady real estate market in Greater Victoria. A total of 617 properties sold, slightly below last year but notably higher than September. Single-family homes saw a small increase in sales year-over-year, while condo sales slowed, though prices have remained stable.
Inventory sits at 3,423 active listings, offering buyers good selection as we move into the winter months. Prices have held relatively steady overall, with single-family benchmark values down slightly and condo benchmarks edging up.
With the recent Bank of Canada rate cut, many consumers are watching closely, but it’s still too early to know how it will impact demand.
Overall, the market remains balanced, with options for both buyers and sellers. If you’re considering a move, now is a great time to connect and talk strategy.
Read the full report HERE
ESQUIMALT
The township of Esquimalt is updating its Official Community Plan (OCP), which guides how the community grows and develops. Nothing drastic yet, but it’s a good sign they’re planning ahead and creating space for more housing options.
Esquimalt is a unique neighbourhood with a lot to offer. It’s home to Canadian Forces Base Esquimalt, so many military members and their families live here, giving the community a close-knit, proud, and supportive feel. It’s a beautiful area with waterfront parks, trails, and easy access to downtown Victoria, making it a great place for families, professionals, and anyone who loves being near the water.
Housing in Esquimalt is changing too. Under BC’s Small-Scale Multi-Unit Housing rules, more homes can fit on lots that used to be single-family only. There’s also a big proposed 21-storey mixed-use building coming to Sussex and Saunders — over 330 units plus retail and a public park. Smaller townhome projects are also in the works, though some neighbours have concerns about height and parking.
Community-focused projects are popping up as well. Esquimalt Village Cohousing is moving forward with private units and shared spaces, offering a unique option for people looking for a more connected, sustainable lifestyle. And infrastructure is improving — a new public safety building is underway at 500 Park Place, housing the fire department and emergency services, set to be ready in 2026.
On the business side, Esquimalt is working to attract local investment with their new site, WhyEsquimalt.ca. For buyers, the market is active — average home prices are around $1.1 million, with good options for both buyers and sellers.
All in all, Esquimalt is a growing, evolving community with a strong sense of pride, waterfront living, and plenty of amenities. If you’ve been curious about exploring homes in the area, it’s definitely worth keeping an eye on!
November 2025 Mortgage Update — British Columbia
Mortgage rates in BC have remained relatively stable this November, giving buyers and homeowners some predictability in an otherwise changing market. For those looking at fixed-rate mortgages, the best offers for a 5-year term are currently around 3.65%, while 1- and 2-year fixed terms sit at approximately 4.79% and 4.44%, respectively. These rates make locking in a fixed mortgage a solid option for those looking for long-term stability.
Variable-rate mortgages remain competitive as well, with some 5-year variable terms as low as 3.45% for insured mortgages. The Bank of Canada’s overnight rate, set at 2.25% as of late October, continues to influence these rates. Buyers and homeowners are keeping a close eye on potential changes to the prime rate, which could impact variable-rate mortgages in the months ahead.
For buyers entering the market or homeowners approaching renewal, now is a good time to review mortgage options. Fixed rates offer security against future increases, while variable rates may appeal to those comfortable with some fluctuation. Your individual rate will depend on factors such as down payment, amortization period, credit score, and whether the mortgage is insured or uninsured.
Looking ahead, experts anticipate that fixed rates may remain around 3.75%–4.25% through the end of the year, while variable rates could stay near 3.5%–4%, depending on lender and product specifics. With this information in hand, buyers and homeowners can make informed decisions and explore strategies to secure the best possible mortgage for their situation.
💥 OCTOBER Top Producer - Team 💥
I’m thrilled to share that Tiffany and I were recognized as Top Producers for October 2025! A huge thank-you to all of our wonderful clients for your trust and support. It was a busy month in the market, and we loved helping so many of you buy, sell, and plan your next move. What a fantastic way to send Tiffany off on her sabbatical — receiving this Top Producer award is such a well-deserved recognition of all her hard work! If you’re thinking about making a change before the end of the year — or already planning ahead for 2026 — I’d love to chat.