This is the question I get asked most often, and the answer really depends on your personal situation. But let me give you the objective market picture so you can decide if now is the right time for you.
The Market Conditions Are Favourable for Buyers
Objectively, yes—the market conditions right now favour buyers. We have rising inventory, especially in condos. Homes aren't getting multiple offers. Interest rates are coming down from their recent peaks. You have time to make a thoughtful decision without feeling rushed. The benchmark prices—$1.05M for detached homes, $560K for condos—are reasonable and not in a rapid upward spiral. If you were waiting for a buyer-friendly environment, this is about as good as it gets in Greater Victoria right now.
Interest Rates Are Moving in Your Favour
A year ago, mortgage rates hovered around 5.5–6.5%. Today, they're trending lower—closer to 4–4.5% on five-year fixed mortgages. This matters enormously. A $1M home financed at 5.5% carries a monthly mortgage payment roughly $100–150 higher than the same home at 4.5%. That difference compounds to $1,200–$1,800 annually. If rates stabilize in this range or drop further, you're locking in favourable terms. Current rates are attractive.
You're Probably Not Missing Out on Better Prices
Many buyers believe if they wait six months or a year, prices will drop another 10–20%. The market data doesn't support that. We've already experienced the correction from pandemic peaks. The current price level appears to be the market floor. Homes are selling at these prices, not getting slashed further. You might see 1–3% year-over-year appreciation in 2026, but you're unlikely to see sharp declines.
It Depends on Your Personal Situation
Market conditions are one factor, but your personal circumstances matter most. Are you relocating to Victoria for work or family? Is your current living situation unsustainable? Do you have stable employment and a healthy down payment saved? Is homeownership actually part of your life plan in the next few years? If you answered yes to these, then buying now makes sense. You don't need the perfect market timing—you need the right home for your life.
Neighbourhoods Still Offer Value
Different neighbourhoods present different opportunities. Oak Bay and Victoria Core command premium prices but offer established communities and strong long-term value. Saanich offers family-friendly neighbourhoods with good schools at accessible prices. Esquimalt and Sidney are emerging as smart buys for value-conscious buyers. Langford and Colwood offer new construction and suburban convenience if you're willing to be outside the core.
The Bottom Line
If you're in a position to buy and you've found a home you love in a neighbourhood that suits your lifestyle, today's market conditions support moving forward. Interest rates are favourable, inventory is available, and you're not overpaying. Buy the home that works for your life now.
I'm Dan Juricic, a REALTOR® with RE/MAX Camosun. If you have questions about the Victoria market, I'd love to help. Call or text me at (250) 514-8261 or visit danjuricic.com.