The summer market in the Gulf Islands and Victoria followed a typical seasonal slowdown as many buyers and sellers paused for vacations. Despite softer month-to-month activity, sales and listings both outpaced last year, signaling a healthy market heading into fall.
Single-family home sales eased through July (-20.9% MoM) and August (-15.7% MoM), reflecting the usual seasonal pause. Compared to last year, July was essentially flat (-0.3% YoY), while August was stronger (+6.3% YoY), showing that demand remains resilient.
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Inventory declined modestly month-to-month (-2% MoM July, -2.8% MoM in August), but both months saw significant gains compared to last year (+10.6% YoY in July, +12.8% YoY in August). This means buyers continue to enjoy more choice than in past summers, even as new supply slowed seasonally.
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The sales-to-active listings ratio hovered around the 20% mark — just above in July and just below in August. These readings confirm a balanced market where neither buyers nor sellers hold a decisive advantage.
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Single-family home prices have maintained their pattern of long-term stability, having dipped slightly in July (-1.1% MoM, -0.7% YoY) before rebounding in August (+0.3% MoM, +2.4% YoY). This relative stability results from the overall balanced conditions seen in our regional real estate market for the past couple of years.
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On September 17th, the Bank of Canada cut its overnight rate by 0.25 points after three consecutive holds. Lower borrowing costs are expected to stimulate demand, drawing more sidelined buyers back into the market this fall.
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The fall season is typically the second-busiest time of year for real estate. With higher inventory levels and easing rates, conditions are set for an active market that benefits both buyers and sellers.
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