The December Market, in Context
December closed the year the way it usually does in Greater Victoria. Activity slowed as the holidays arrived, but the broader market picture remained steady and measured rather than fragile.According to the Victoria Real Estate Board, 367 properties sold in December 2025, a 12.8 percent decline from December 2024 and an 18.6 percent drop from November. Seasonal slowdowns like this are typical and expected. What mattered more was what did not happen. Prices did not slide sharply, and inventory did not evaporate.That stability is the defining theme of the year-end market.Inventory Stayed High, and That Matters
One of the most important storylines heading into 2026 is supply.There were 2,544 active listings at the end of December, up 11.1 percent compared to the same time last year, even though listings fell from November as sellers paused for the holidays. This level of inventory is meaningfully higher than what buyers faced during the peak years of the market.This environment gives buyers time and choice, while sellers benefit from clearer expectations around pricing and timelines. That balance is a sign of a functioning market, not a stalled one.
Sales by Property Type
Not all segments moved at the same pace.Single-family homes remained relatively resilient, with 186 sales in December, down just 2.6 percent year over year.
Condominium sales, by contrast, fell more sharply, with 106 units sold, a 21.5 percent decline from last December.
Townhomes also saw slower activity, with 44 sales, down 15.4 percent year over year.This uneven performance reinforces a trend seen throughout 2025. Buyers have been more selective, and price sensitivity is highest in attached housing segments where supply has grown the most.
Pricing Held, with Subtle Shifts
Price movement across the region remained restrained.The MLS Home Price Index shows the benchmark value of a single-family home in the Victoria Core at $1,255,000, down 4.7 percent from December 2024. Condo benchmark values, meanwhile, edged slightly higher year over year to $549,900, though they softened modestly from November.Prices did not surge, but they also did not break down. Instead, they adjusted slowly and unevenly by property type and location.This kind of pricing behaviour typically reflects a market where neither buyers nor sellers feel forced.
The Bigger Picture for 2025
Looking beyond December, the annual numbers help explain why the market feels stable rather than sluggish.A total of 6,918 properties sold in 2025, a 0.36 percent increase over 2024. In other words, demand did not disappear. It normalized.With one of the highest levels of new listings on record, the market spent most of the year recalibrating rather than accelerating. Buyers had more leverage than in previous years, and sellers who priced accurately and presented well continued to transact.
Why This Matters Going into 2026
December’s numbers do not point to a market losing momentum. They point to a market finding its footing.Healthy inventory levels, modest price movement, and steady annual sales suggest that 2026 is starting from a position of balance. For buyers, that means opportunity without urgency. For sellers, it means strategy, preparation, and pricing discipline matter more than timing the market perfectly.This is the kind of environment where informed decisions tend to age well.
Rick’s Take 👋
“What I’m seeing on the ground lines up closely with the numbers. Well-priced, well-presented properties are still moving, and while multiple offers are not the norm, they are definitely still in the mix on the right homes.Open house traffic has picked up slightly over the past few weeks, which is something I’m watching closely as we head further into the new year. I’m also getting more calls from homeowners asking for market evaluations. I’ve done five already this week alone, which tells me people are starting to think more seriously about their options for 2026.The market feels steady, thoughtful, and quietly active. Strategy matters more than speed right now.”
If you’re curious about what this all means for your home’s value or your next move, I’d be happy to chat. Whether it’s a quick check-in or a full strategy session or complimentary home evaluation, I’m here to help.
Let’s stay connected,
Rick