Greater Victoria has transitioned into a buyers' market for the first time in nearly a decade. According to the Victoria Real Estate Board, rising inventory and slowing sales are shifting the balance of power toward home purchasers in the capital region.
The end of a nine-year seller's streak
The current shift in Greater Victoria represents a siggnificant departure from the market dynamics that have dominated the region since 2015. For nearly nine years, limited supply and aggressive bidding wars defined the local landscape, often leaving buyers with little to no negotiating leverage. This sudden reversal suggests a cooling period where the volume of available homes has finally overtaken the number of active seekers.
This trend echoes broader patterns seen in other high-demand urban centers where unsustainable price growth eventually meets a ceiling of affordability. As the Victoria Real Estate Board reports, the region is now seeing a more competitive environment for sellers, who can no longer rely on scarcity to drive up prices. Instead, the market is demanding a return to strategic pricing and better property presentation to attract interest.
3,811 active listings and the Saanich price drop
Concrete data from September highlights the scale of this transition. Fergus Kyne, the Board Chair of the Victoria Real Estate Board, noted that there were 3,811 active listings across the capital region by the end of the month. This surge in inventory coincided with a notable slump in activity, with sales dropping approximately 20 percent compared to August and roughly 16 percent compared to September 2025, as reported in the source material.
The impact of this shift is already visible in individual property transactions.. For example, Realtor Charlie DePape of Royal LePage recently listed a 1,500-square-foot ranch-style home in Saanich for $939,000. After a week of disappointing traffic, DePape was forced to lower the asking price to $899,000.. This $40,000 reduction underscores DePape's observation that pricing must be "spot-on" to avoid a listing stagnating in the current climate.
Juanita Flores and the return of buyer choice
For residents of Greater Victoria, the shift is providing a psychological reprieve from years of high-pressure decision-making.. Juanita Flores, a single mother of two living in Esquimalt, noted that she now has at least five potential homes to consider,a stark contrast to the one or two options that were typically available in previous years. This increase in choice allows buyers to conduct more thorough inspections and evaluate renovation costs without the fear of losing a property to a higher bidder within hours.
The ability to negotiate entry terms and closing dates is becoming a primary advantage for purchasers.. Because the Victoria Real Estate Board indicates that inventory now exceeds buyer demand, those looking to enter the market can take a more methodical approach, prioritizing financial suitability over the desperation of a bidding war.
Whether this shift lasts until 2027
Despite the current trend, it remains unclear if this is a structural change or a temporary fluctuation.. Fergus Kyne of the Victoria Real Estate Board has cautioned that it is too early to determine if the buyers' market will persist, stating that the board will continue to monitor data as the region approaches 2027. This leaves several critical questions unanswered: is this dip a result of seasonal volatility, or is it a response to broader economic pressures like interest rate hikes?
Furthermore, the source does not clarify if this trend is uniform across all property types or if it is concentrated in specific segments, such as luxury homes or detached residences. If inventory continues to flood the Greater Victoria market abruptly, the region could see a more aggressive cooling of prices rather than a mere stabiliztaion.
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