There’s a lot of noise out there right now about mortgage rates, home prices, and what it all means if you’re thinking about buying or selling. So let’s cut through it and talk about what’s actually happening here, in our market, right now.
The Bigger Picture
Nationally, borrowing costs have been the story of the summer. Mortgage rates climbed through July as oil prices rose and bond yields followed, and the Bank of Canada held its policy rate at 2.25% for a sixth straight decision on July 15. The net effect for a lot of buyers across the country: even where home prices have softened, higher financing costs are eating into those savings, so monthly payments aren’t necessarily getting easier just because a sticker price has come down.
That tension (falling prices, but rates keeping affordability tight) is exactly the environment Greater Victoria is operating in too. Here’s what it looked like locally last month.
What Happened in Greater Victoria This July
The Victoria Real Estate Board released its July statistics, and here’s the snapshot for the Victoria Core:
The benchmark price for a townhouse in the Victoria Core was $857,300, up 1.9% year-over-year.
673 properties sold across the region in July, essentially flat compared to July 2025 (680 sales), though down 6.4% from June.
Single family home sales rose 4.1% year-over-year, with 331 homes sold.
Condo sales dipped 7.1% year-over-year, with 209 units sold.
Townhouse sales fell 15.5% year-over-year, with 82 units sold.
Active listings sat at 3,847 at month’s end — up 3.9% from a year ago, though down 5.1% from June as some of that summer inventory started to clear.
The benchmark price for a single family home in the Victoria Core came in at $1,311,000, down 2.8% from July 2025 and down slightly from June.
The benchmark price for a condo in the Victoria Core was $548,600, down 2.3% year-over-year.
As Victoria Real Estate Board Chair Fergus Kyne put it, it was actually a solid month. Sales landed above the five-year average for July. What’s shifted is the experience on both sides of the transaction: with more inventory to choose from, buyers have room to be selective, compare properties, and take their time. That’s good news if you’re searching, but it also means well-presented, well-priced homes are still the ones that move.
What This Means If You’re Buying
More choice on the market is genuinely an advantage right now. You’re not being forced into a decision the way buyers were a few years ago. But more choice can also mean more second-guessing. With mortgage costs staying elevated even as prices ease, the properties that represent real long-term value aren’t always the obvious ones. This is where having someone in your corner who can read the numbers and the neighbourhood matters. We help you cut through the noise, focus on what fits your life and your budget, and move confidently when the right property comes along.
What This Means If You’re Selling
If you’re listing this fall, the market hasn’t turned against you but it does reward preparation. With active listings up compared to last year, buyers have options, so homes that are priced accurately and presented well are the ones generating real interest. A straightforward pre-list checklist (from small repairs to decluttering to knowing exactly where your home sits relative to comparable sales) makes a measurable difference in how quickly and how strongly your home performs.
Bottom Line
Greater Victoria remains a market of balance, not extremes. No panic on either side, just a landscape that rewards good information and a clear strategy. Whether you’re buying, selling, or simply keeping an eye on your equity, we’re here to walk through what it means for you specifically.
If you’re weighing a move – buying, selling, or just want to know what your home is worth in today’s market – connect with us. We’re always happy to talk it through.
