For years, Greater Victoria was a seller's market. Inventory was scarce, multiple offers were normal, and buyers had minimal leverage. Is that reversing? With rising inventory and balanced conditions, the market is definitely shifting in buyers' favor. Let me explain what's happening and what it means.
The Inventory Shift: More Homes, More Choice
Two years ago, a new listing would attract 5–10 showings immediately. Offers would come in within days. Sellers would entertain multiple bids. Today, that same property might attract 2–3 showings. Offers come within a week. Sellers negotiate actively. This is the power of rising inventory. When supply is abundant, buyers have options, and options equal power. The Greater Victoria market has roughly 150–200 active listings in a balanced range. That's enough to offer choice but not so much that prices collapse.
Price Negotiations Become More Realistic
In a seller's market, if you offer below asking, sellers ignore it. In a balanced market, below-asking offers get serious consideration. Homes that would have sold for $1.05M two years ago might sell for $1.02M today—not because prices collapsed, but because sellers are pricing more realistically and negotiating more actively. This 2–3% reduction in many cases, combined with lower interest rates, significantly improves affordability.
Inspection and Due Diligence Become Standard
Years ago, some buyers would waive inspections to make their offers attractive. Now, every buyer inspection is standard. Appraisals are non-negotiable. Title searches are comprehensive. This benefits buyers tremendously—you're not making a blind purchase. Homes in good condition command fair premiums, while homes needing work get priced accordingly. It's a healthier market.
Market Shifts Vary by Neighborhood
Not all neighborhoods are shifting equally. Victoria Core remains competitive. Oak Bay stays steady. Saanich shows more inventory. Esquimalt and Sidney benefit most from the inventory shift, with 5–10+ days on market becoming normal. Langford and Colwood see steady demand from new construction, but resale inventory is rising here too. Understand your target neighborhood's specific dynamics.
First-Time Buyers Benefit Most
Rising inventory and buyer-friendly conditions disproportionately help first-time buyers. They no longer face bidding wars or the pressure to waive inspections. They can take time finding the right property and negotiate favorable terms. The condo market, which is seeing the most inventory rise, is particularly accessible to first-time buyers at the $450K–$600K range. This is genuinely a good time to buy if you're a first-time buyer in Greater Victoria.
Implications for Sellers
The shift toward buyers requires sellers to adapt. You can't just list and wait. Price competitively relative to recent comparables, show your home in excellent condition, be prepared to negotiate inspection findings, and respond quickly to reasonable offers. Homes that are overpriced or in poor condition will sit. Homes that are priced fairly and presented well will sell at reasonable terms.
Advice for Buyers
Embrace the buyer-friendly shift, but don't become paralyzed by choice. Conduct proper inspections, negotiate fairly, and move decisively when you find the right property at the right price. Don't try to squeeze sellers on every item—be reasonable and you'll get cooperation. The market will reward disciplined, informed buyers who do their research and act thoughtfully.
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 [phone] or visit danjuricic.com.