April: Same sales as last year, but buyers market continues
April sales came in matching the year ago total for the first time in a number of months, but that’s more to do with a weaker comparison month than any particular change in the market. Sales continue to be very weak, and the market stays more in favour of buyers than sellers.
While sales were the same as last April, new lists were 7% higher than a year ago, when they were already fairly strong.
Inventory continues the upward trend we’ve been on all year. Of course listings always pile on this time of year, but extracting the underlying trend shows that they’re coming on faster than is normal for this time of year.
Market conditions are about the same as they’ve been for the past few months with months of inventory weakening slightly while sales to new list ratio strengthened a tiny bit.
Combining the two measures shows essentially no change, we’re still balanced right at the edge of a buyers market like we were in March.
No great change to prices, with detached still looking strongest of the bunch (though spring often brings strength there to be given up later in the year) while condos and townhouses are pretty flat.
I’ve written before about how fall is usually a slightly better time for buyers in Victoria. Turns out that seasonality is common characteristic of many markets, according to this research from Redfin.
Of course right now the market is slow enough that sellers are already dropping prices, but if the market stays like this, the rate of price concessions should continue to increase throughout the summer to peak in the fall.
What could this mean for investors looking to buy an existing downtown condo rental?
If these government programs are scaled back or removed in the future, the advantage currently enjoyed by new builds disappears. At that point, the pricing pressure on older downtown units could ease, and the discount investors are seeing today may not last.
In other words, the softness in older strata values isn’t structural — it’s policy‑driven. When the policy environment changes, pricing dynamics can shift with it.
We’re sitting right on the edge between a buyer’s market and a balanced one. There are simply fewer active buyers right now, which means more listings are competing for the same pool of people.
Now that you’ve seen how today’s incentives — GST and PTT exemptions, the FHSA, and the HBP — can make a newer, more expensive strata actually cheaper on a monthly basis than an older condo, the current market behaviour makes a lot more sense.
Older downtown condos, especially those without parking, are getting hit the hardest. With buyers able to access major tax savings on new construction, the value gap has flipped: newer homes cost less per month, while older units offer no incentives and higher carrying costs.
The result is exactly what we’re seeing today:
low to no showings on older downtown inventory, while newer buildings continue to draw the remaining qualified buyers.
If you’re a first‑time home buyer, there are several major government incentives and rebates available today that simply didn’t exist a year ago. Between the GST exemption, PTT exemptions, the FHSA, and the HBP, qualified buyers can dramatically reduce both their upfront costs and their monthly payments.
For couples who fully qualify, these programs can drop the mortgage payment well below the cost of renting the same two‑bedroom unit — something that wasn’t possible under last year’s rules.
Because the largest incentives apply specifically to newly built homes, it often makes more financial sense to purchase a higher‑quality new suite rather than an older condominium at a lower price. The savings from GST and PTT exemptions, combined with tax‑advantaged down‑payment programs, can more than offset the difference in purchase price.
Lower floor unit at 95 Battleford just went pending as well and over asking price even when you factor in GST. Battleford is going to be the quickest multiplex to sell out since missing middle came to be. Who would have thought in that spot.
921 Dale just relisted for $75k less. Wonder if Battleford has started a missing middle chain reaction.
1.2m should be doable for 200k house hold income.
A 3 bed 3 bath in good condition though? Most of what’s available under the 1mm mark right now seems to be pretty poor.
Whole foods is a nice sanctuary from the slum downstairs otherwise known as Walmart.
That’s why Im dating your mother, son.
I would say 2 working professionals will be over 200k now days. They can get into a SFH.
Buying a house in Victoria doesn’t start with mortgage pre‑approval — it starts with finding a partner under 30, child‑free, and making at least $80K.
If you’re single, Whole Foods is probably your most efficient scouting location. If their basket only has enough food for one and they meet the other criteria, congratulations: you may have found your unicorn.
And don’t stress about “forever.” Just like a starter home, a starter partner can be… upgraded once the home equity builds.
Makes sense. If you are, for instance, two working professionals making ~$80-90k each, $900k can be a bright line in terms of affordability.
Price adjustment on these -> https://www.realtor.ca/real-estate/29767753/3-621-broadway-st-saanich-glanford
I imagine now under $1 million these will move.
and they’ve listed the last unit left here at $2.7 million -> https://www.realtor.ca/real-estate/29769325/3-2737-tudor-ave-saanich-ten-mile-point
I think maybe a better (superior) comparable is Ash, not Cedar Hill. A lot of these missing middle sales (3 out of 4 sold on Whiteside and these two sold on Battleford) are proving price point is sensitive.
That’s a fair point Groot. They are significantly larger.
Joe, when you’re used to living in a single‑family home, a difference of 100 or even 200 square feet doesn’t feel like much. But in a strata, that amount of space becomes far more noticeable and can really change how the home functions.
The homes on Cedar Hill are roughly 1,500 square feet, while the Battleford units are closer to 2,200 square feet. That extra space makes a meaningful difference in day‑to‑day comfort, storage, and overall livability.
I recently spoke with a prospective buyer who was interested in one of the smaller units at Battleford. He’s a 27‑year‑old manager earning around $100K a year, currently renting a one‑bedroom in Langford. He owns a mid‑1980s condo in Kamloops that he’s been renting out, but he’d need to sell it before purchasing anything new.
His main motivation for looking at Battleford was the price point and the opportunity to live closer to his job in Saanich. Although the two‑bedroom unit is similar in size to his current rental, he liked that the second bedroom could function as a home office and extra storage.
His two concerns were selling the Kamloops condo and parking, as he has a nice car and wants secure parking. He’s decided to sell the condo first and then look for a place closer to town once he’s in a better position to move forward.
As far as I can tell, the lower unit also opens onto the backyard, so it is shared between the two units. I am further mystified that these sold so quickly.
That was me, and I was proven wrong with extreme prejudice. Any idea as to why this moved so quickly but seemingly identical product at 3907 Cedar Hill Road is just sitting?
Looks like both of those units come with a garage and decent sized fenced private outdoor space? IMO those are must have features to make missing middle attractive. Lol the one with the tree in the yard sold for 10k less, wonder if it would cost less than 10k to try and take that tree down?
Mcbriar sitting too
Really interesting how price sensitive missing middle can be. Battleford both uppers sell for 900 and 910k (and they have a unit below them) and the Ash Rd units (without a unit below them, straight up townhome style) sitting at $1,075,000.
Victoria Real Estate Board
May 18 2026
Month May May
Year 2026 2025
New Unconditional Sales 378 758
New Listings 965 1,834
Active Listings 3,863 3,717
Looks like we are on pace for 700 sales +/- and it looks like there is a chance we hit 4000 listings by the end of the month (that would be the first time 12 years we’ve hit 4000).
No, the two uppers sold for 900 and 910k. The lower condo style units still showing as available.
Absolutly price point matters.
Take an imperfect analogy: imagine two identical multiplexes. One sits in an area of mostly starter homes; the other is in a middle‑ to upper‑middle‑income neighbourhood. Even though the buildings are the same, they’ll sell for very different prices because the surrounding market supports different rents, and different buyer expectations.
At the end of the day, it comes down to what alternative property choices people have in each neighbourhood. The surrounding housing stock sets the reference point. In an area full of starter homes, buyers anchor their expectations to starter‑home pricing. In a middle‑ or upper‑middle‑income neighbourhood, the alternatives are more expensive, so the same multiplex gets valued through a completely different lens.
The “missing middle” isn’t primarily about income levels — it’s about adding more types of housing within a neighbourhood. When you build a wider range of homes, you give people more ways to live in the neighbourhood that fits their stage of life, household size, and preferences.
Do you mean sub 500k?
Two pending sales (one over asking price) in the multi-plex at 95 Battleford someone commented on why would you build there. Price point matters it would appear. I’ve been questioning why a couple of the missing middle developers are buying teardowns in less than prime locations but it looks like the formula works in terms of being sub one million.
Lmao bc hydro changing the rules on solar roofs. Payback math destroyed now
I’ve never actually read the Broadmead covenant myself, but like most people I’ve always heard that secondary suites aren’t allowed. That said, I’ve been inside plenty of Broadmead homes that do have basement suites. In reality, a covenant is only as strong as the willingness to enforce it.
As more homeowners in Broadmead add suites, the motivation to enforce the restriction drops. If you have a suite, you’re not likely to complain about someone else’s. And if several neighbours have them, nobody wants to start a chain reaction. BARA also has to consider the cost and backlash — enforcing the no‑suite rule could trigger challenges from dozens of homeowners, which would be expensive and politically messy.
Right now, the odds of seeing multiplexes in Broadmead are low. But neighbourhoods evolve, and as the number of suites grows and enforcement fades, the long‑term picture could look very different.
Right. Like when overruling one covenant they saw language like there can be a building for one family and interpreted that as “confusing” so ruled that a multi-plex would work, because each of the units is for one family, and it’s still only one building.
Never underestimate the creativity of judges.
Loo bc hydro just changed the solar generation economics. Good luck to those who installed solar in their house.
Haven’t seen the sfh language in dean park but the languge applicable to my parent’s house in broadmead is pretty black and white.
The SFH language is pretty black and white for broadmead
If it is a height covenant, for example, 100% you will lose. For example, there is a block of Warren Gardens in Fairfield where all the houses on the south side of the street have a height covenant. That is a very clear-cut covenant not open to interpretation.
Other covenants are more open to interpretation and courts will have to decide.
Even without the covenant no one would have tried anyway. You don’t see people tearing down houses on Bear Mountain to build multi-plexes. The economics of Broadmead/Dean Park don’t work for missing middle. The homes are too expensive, too many bylaw protected trees (huge killer for missing middle projects), and not enough easy to build on topography lots. I spent a couple of years looking for a flat lot with no trees on it and that way across a wide area.
You also have 2 extra years to build a financial buffer against the higher rates
Ok but if you go to court trying to build a multiplex and you almost certainly will have all the neighbors against you which will pretty much guarantee you losing the case. There’s a reason why no one has tried this in broadmead or dean park yet but oak bay seems to be open season.
But you can be ensured that no mom and pop developer will go through a legal battle trying to get a covenant removed to build a multiplex.
The 5 yr fixed only reduces interest rate risk for two years. If rates go up and stay up you’ll be caught at the 5 yr mark anyway.
I went to a legal update course this week and the lawyer who was in the know noted definitively do not advise clients that a covenant such as “single family home only” will ensure there is no multiplex built next to them. Especially if a private covenant which most are.
I recently dealt with a covenant that said no commercial activity (intent was no commercial farming) and it was from 1912. How do you enforce that? The definition of commercial activity in 1912 is totally different from what it is today.
Yes they are all four unit stratas. These are not subdivided lots with duplexes on them. They are four unit stratas under Bill 44 with two structures in the form of duplex.
4th paragraph, last sentence.
Read again…
Where are you seeing that? The link you posted doesn’t indicate that.
One of the advantages of the longer term is that it gives you a longer time to not think about your mortgage.
That advantage is valuable, albeit hard to quantify.
100%. I think damage control is the new motivating ideology for this government.
Well that would apply to British Properties too then…. Not sure if they have the will for that fight even if everything else was going well for them.
I think they’ve learned their lesson about messing with property rights and don’t expect them to do anything remotely controversial and start new fires until after the election (should they win again) as they have many existing ones to put out.
How do you apply covenants if private titles in BC end up getting invalidated?
Right. So far, so good. But I don’t think the BC gov’t cares much about property rights. I wouldn’t be surprised to see them enact legislation to remove covenants. And then they’d be happy to see Broadmead getting a few weird 6 plexes with street parking.
No, the province confirmed bill 44 does not over ride these covenants (https://www.dentons.com/en/insights/articles/2025/march/27/restrictive-covenants). Both Broadmead and Dean Park have pretty well organized neighborhood associations with many current and retired legal professionals, I suspect if a developer tried to take a run at it the neighborhood associations will organize legal defense as a group to avoid any precedence that can be used later on lots adjacent to them.
I wonder if Bill 44 would override the covenants in Broadmead? Probably. And I imagine you would need a neighbour to spend the money to actually go to BC Supreme Court to stop it.
On another note, I am curious about the market, Marko, as you mentioned in Rockland re: deals. Has there been a market shift where big old mansions on larger lots are less in demand? Any reason for the trend? Is this just in Rockland? How does the price point for these in Rockland compare to the rough equivalent in Oak Bay, Uplands or say in Ten Mile Point/Queenswood? Rockland seems more relaxed about multiple units on these lots as we see single homes having 8 units in some cases so would have thought that would be more expensive. Thank you for your insight!
The cat is out of the bag. Trump’s insider trading with buying and selling before daily posts, which affect these companies have resulted in significant profits for his dumb children.
https://www.cnbc.com/2026/05/15/trump-stock-trade-tech-oge.html
Bill 44 overrides local exclusionary zoning. No need to go through a rezoning process. For example the Tudor property is still zoned RS16. Before Bill 44, the developer would have had to have the property rezoned.
If your lot is a typical single‑family or duplex parcel inside an urban containment boundary, you can now build a triplex, fourplex, or six‑plex without rezoning.
No but locking in for longer gives you more time to both pay down principal and build up a cushion in the event you are renewing into higher rates. Downside is minimal if the rates are similar and you don’t intend to sell without porting the mortgage.
It’s always going to be a tradeoff between certainty and the potential for a lower rate in the future. Anybody that tells you mortgage rates will be higher or lower in 3 to 5 years is a liar. There is absolutely no way of knowing.
Interested in the blogs opinion on mtg renewal terms. What are the thoughts on fixed rate product terms 3 yr vs 5 yr. Leaning towards the 3 yr. My hope is on fixed rates possibly coming down some over a 3 yr period.
It’s kind of funny how quickly folks have forgotten about how difficult (impossible) it was to build any multi-unit project prior to the legislative changes.
I think reminiscing about the “good old days” where things just “worked” (even though they didn’t) is a product of age.
I would bet that it is just treated like a 4 unit strata. The strata council (consisting of the 4 owners) likely decides all these things.
It’s a four-unit strata in the form of two duplexes. It would have required a re-zoning to a four-unit strata which would have never been approved.
I see this is a difficult concept for you grasp. Think of it this way. How many 20- or 40-unit townhome complexes have you seen in the form of one structure? They are usually split into blocks of units, and this is no different in that four strata units are split into two structures.
Before missing middle there was a duplex approved in Oak Bay at the corner of Cadboro Bay and Estevan Ave. It was the first duplex approved in 30 years (as of 2019) and it took four years. Imagine trying to get a fourplex approved in Oak Bay on a SFH before Bill 44 if they approved one duplex in 30 years and on a busy corner. Saanich Saanich was not better -> https://cheknews.ca/saanich-company-fed-red-tape-permit-delays-289374/
“In response to the situation at hand, a Saanich spokesperson sent CHEK News this statement: “Saanich is committed to processing re-zoning and development applications as quickly as possible… There was a greater amount of public consultation on this file… due to the complexity of the project and concerns raised by neighbours.”
Duplex on that lot would have been no problem with the neighbors or Saanich.
Inherited what you want to know is under 72(2) of the Strata property Act
https://www.bclaws.gov.bc.ca/civix/document/id/complete/statreg/98043_00
Predictive skill for El Niño is not good till later in the year. Still wouldn’t be shocker to have two bad years in a row. It’s happened before and tanked the market.
20 properties for sale there now. Peaked above 90 in 2014.
What happens there when skiing is no longer viable. It’s still nice place.
Good thing you have narrowed your search area LOL. And either a rooming house in Rockland or a palace on Mount Metchosin
Actually a couple of the duplexs look really interesting. Can someone explain how the strata on this buildings work in terms of the outside of the building. I know that in a highrise condo building the outside is controled by the strata. As a stupid example can I paint the outside of my unit pink and who desides when the roof needs to be redone? The building is a duplex but is the strata all the buildings or just the two owners of the building? it seems like there is four units (two duplexs) on the one lot. Anyway I am going to go see a couple of them this week if it can be arranged so guess I will see what they tell me.
No, it wouldn’t have as it would have required a SFH in Ten Mile Point to be re-zoned to a four unit strata….good luck with that and neighbour opposition.
Bill 44 allows four units (it doesn’t not restrict those four units from being in the form of duplexes). Literally a ton of examples of such Bill 44 duplex bylaw projects on MLS
https://www.realtor.ca/real-estate/29755258/1-920-island-rd-oak-bay-south-oak-bay
https://www.realtor.ca/real-estate/29375306/3-5032-wesley-rd-saanich-cordova-bay
https://www.realtor.ca/real-estate/29749849/2-3024-cadboro-bay-rd-oak-bay-henderson
https://www.realtor.ca/real-estate/29298171/4-2215-greenlands-rd-saanich-arbutus
https://www.realtor.ca/real-estate/29408878/4-1118-munro-st-esquimalt-saxe-point
etc.
Listing clearly says duplex….. This product would have gone forward without bill 44.
Another missing middle sale on Tudor at $2.7 million+GST. Looks like they’ve sold 3/4 now.
Hmmm, I was thinking about taking advantage of a soft market at Mt Washington this year, but maybe I will gamble on a non-opening upcoming ski season and see if it drives prices down even further.
https://www.ctvnews.ca/canada/article/what-could-a-supercharged-el-nino-mean-for-canada/
It looks like it used to be a house.
8 suites is not a house, it’s an apartment.
Noticed a new listing on Rockland for a 8 suite big house for only about 2.6 mil. Past my budget but that seems like a pretty good deal for someone. Wonder if there is a lot of maintaince on the property? Considering it seems like a good neighbourhood the prices seem like reasonable.
No way I would want a big house and unless I win a lottery it is out of my price range. But I am starting to think that the right type of townhouse might be a good idea. People on here seem to think it is.
Grandma is planning on selling the Rockland house but things are up in the air after grand dads second stroke. I suspect that she does not want to deal with anything until he passes and he has surprised us all so far. I have no idea about it but guessing she will just rely on asking a couple of Real Estate agents when the time comes. Makes you think I guess.
Looks like it had 2 of the big 3 checked off: main level living and private outdoor space. Was there a garage too?
Have you looked at Rockland? The larger mansions on big lots are dropping, some great deals for buyers.
Right. The drop in population was all a drop in numbers of foreign workers and students.
There was the usual 400,000 or so immigrants that came into Canada. And births were equal to deaths so that didn’t change population.
Patrick, not noticing any price drops, wish there was. Had been looking in Sooke ay one point but trying to see if there is anything in the Sidney area.Basically you are saying that the headline I saw in Thriftys was misleading because it had to do with students.
I also like Dean Park but not sure the right one has come up.
Missing middle townhome sale in Oak Bay for $1,575,000 (1,355 sq.ft.). $1,144 per foot not too bad.
Another one, 987 mcbriar just sold 300k over assessed. Another nice property in a so so neighborhood directly across from the new multiplex. Looks like these houses with private nature feel backyards in the core seem to command a premium.
Over priced stale listing of a unattractive product.
What’s the story on 135 Passmore?
Hey Barrister, nice to see that you’re still old school, and are still reading “the paper”. And yes it’s true that BC lost a little population when we kicked out the foreign students and their big $$ tuition payments. We apparently don’t need that foreign cash windfall , despite a $13.3 billion BC deficit. And we sent some minimum wage foreign workers packing too. You may have noticed longer lines and higher fruit/vegetable prices because of that.
Are you noticing price drops in any areas on the homes you’re (pretending to be ) looking at?
Leo, that link in the mail your friend got is a a broken link, and looks like the same for the website domain.
Interesting that the link is supposed to teach us something about small-scale multi housing. And so Leo, what can we learn about “small-scale multi unit housing” development by a broken link and website? hmmmm…
Anyone with a LinkedIn account is questionable. It’s basically the the Amway of social media for people that course that told them this is how you connect in the business community, but just ends up spamming your contacts and irritating them until they block you.
Did I read in the paper a while back that BC is losing population or is that one of those misleading headlines?
Been looking outside of the city and things sure are not cheap right now.
Guy’s LinkedIn is questionable at best for what he is trying to market, zero faith in him to run the deal or project effectively.
Interesting letter. I think it’s good that somebody is thinking a bit outside the box, shows initiative.
Now this part about generating cash without selling is probably a bit misleading? I mean, when he talks about the homeowner getting a nice lump sum when it’s all done, well, usually you don’t get a nice lump sum without selling something, say on subdivision & sale. Turning units into a revenue stream can be done technically without selling, though there is a deemed disposition for tax purposes (which should be tax-free, and can also be deferred if required), though it begs the question of how the developer gets paid in that scenario.
I do think it’s interesting.
This must be the best sale of a COVID peak purchase. 1542 Athlone dr. Sold for 1.94M or 500k more than the October 2021 purchase, zero renos done. Property and house looks nice, neighborhood is so so. Nice move-in ready houses in the core are not showing weaknesses at all with this one and 5011 Hilarie leading the way fetching prices significantly higher than COVID peak!
“nobody that purchased a home after I did should have a place to live”
Frank, did you build a lot of model airplanes and cars with glue as a kid?
It’s called social engineering. Overpopulate the country then coerce people into densification of their community. I don’t want to live on top of somebody, I don’t want to share a wall with somebody. Didn’t we learn anything from the plandemic, it’s not healthy cramming people into small spaces.
Letter our friends got in the mailbox..
Monith Developments, Inc
Socially Responsible Real Estate Development
RE: Generate Cash or Tap Equity without Selling
Dear Homeowner,
You may be aware of Bill 44: Small-Scale Multi-Unit Housing which came into effect on 01 July 2024. I’m writing to you because I think your home, and the lot on which it sits, is well suited to take advantage of the development potential available because of this legislation.
I’d like to chat with you about the small-scale development potential of your home. It could be a couple garden suites in your backyard or the construction of a modern energy efficient four-plex – and you could move back into one of the brand new units. Your unit would be as big as your current home, and you would have no more mortgage than you have right now.
At the end of it all – a year or year-and-a-half – you’d get a nice lump sum or a steady new revenue stream. Let me help you take advantage of this new opportunity that the Province has created for you. I will guide you through the design phase, the permitting process, and oversee construction right until you move back into your brand-new home with more cash in your pocket.
Do you need assistance securing temporary housing while your current house is replaced with an energy-efficient home? Don’t let that be an obstacle; I can finance your temporary stay in a rental house during construction. Call or email now to get more information.
I’ve developed an expertise in interpreting the new provincially mandated legislation. Read more about Small-Scale Multi-Unit Housing by typing this url into your browser: https://monith.ca/small-scale-multi-unit-housing
I work only on developments within the scope of the new provincially mandated legislation, whic eliminates the need for variances. Call or email to discuss how I can help you.
Warm Regards
– David
Building missing‑middle housing in Victoria remains a challenge. Developers are still trying to read an evolving market, and aligning new housing forms with actual demand has proven difficult. It’s a genuine learning curve for the industry as it adapts to new expectations, new zoning, and new economic realities.
As land prices soften, though, the equation starts to shift. Lower land costs open up more viable options for builders: instead of cramming one‑bedroom condos onto a site to satisfy absentee investors and empty nesters, developers can reduce unit counts and increase unit sizes. That allows them to deliver homes that better match the needs of local neighbourhood markets — more family‑sized units, more ground‑oriented options, and more housing that people here actually want to live in.
Private investors re‑entering the market is a measurable early indicator of stabilization during a decline. A $30 million inflow is not large enough to influence pricing directly — at Toronto’s current inventory levels, it represents only a fraction of total available supply.
Toronto is carrying roughly 10,000 active condo listings on Realtor.ca, with an average asking price of $544,000. That implies an active‑listing market value of approximately $5.4 billion. Against that backdrop, $30 million accounts for roughly 0.55% of total listed condo value, making it statistically insignificant from a liquidity or absorption standpoint.
Where it can matter is in sentiment transmission. If media coverage frames this as evidence of private‑capital re‑engagement, the perception shift may have a larger impact than the capital itself.
Private investors re‑entering the market is a measurable early indicator of stabilization during a decline. A $30 million inflow is not large enough to influence pricing directly — at Toronto’s current inventory levels, it represents only a fraction of total available supply.
Toronto is carrying roughly 10,000 active condo listings on Realtor.ca, with an average asking price of $544,000. That implies an active‑listing market value of approximately $5.4 billion. Against that backdrop, $30 million accounts for roughly 0.55% of total listed condo value, making it statistically insignificant from a liquidity or absorption standpoint.
Where it can matter is in sentiment transmission. If media coverage frames this as evidence of private‑capital re‑engagement, the perception shift may have a larger impact than the capital itself.
https://vancouversun.com/news/couple-ordered-pay-resale-loss-bc-condo-failing-close
Good to c a company buying up blocks , we need a lot more of that . Good for business
Yeah, likely some Laurier Club members that might have some insight on upcoming policy changes.
Hopefully whoever bought those was able to make it work, like 1611 Hawthorne…..
The 6 available 5 years ago were bigger shit.
That is interesting.
Also likely too shit of a location to make a new build worthwhile. So missing middle is the only potential option and most of those have been flops.
Taking a buying opportunity and then some..
https://www.ctvnews.ca/toronto/article/montreal-based-real-estate-company-buys-30-million-worth-of-condos-near-toronto-metropolitan-university/
Yep guessing pretty much lot price , and too small and not worth the effort to renovate .
All those are shit though….
89 SFH freehold homes in the core under $1 million. Highest we’ve seen in the last five years. At one point in five years ago we hit just 6 under a million.
I don’t think the buying opportunity will last forever.
Fantastic! It’s still a pretty generous program for people who need it. But it’s no longer free money.
Changes to the BC Property Tax Deferment Program are causing people to opt out.
It will be interesting to see the downstream effects on this change.
Why would a GST exception on a new condo hurt used condo sales when the GST does not apply. I’m sure used condos are less expensive than a new one. Possibly the newer condos are more what the people want vs a hotel room condo.
Are the exemptions for first time buyers buying new condominiums hurting the condominium resale market?
The short answer is – Yes
5011 Hilarie just went for $2.7M, $425k above the July 2022 sold price and assessment. Only updates done are one bathroom and addition of a prefab shed office (<100sqft). Nice houses in diserable locations are not seeing weakness.
Occasionally, but not as a general thing. Most e-bikers are fine. Just like most bikers and most drivers are also fine. I do get annoyed at ANYBODY who has no regard for others safety regardless of their mode of transportation. Since ebikes let incompetent riders go faster they are on average a bit more problematic than normal bikes. Not crazy about people riding completely illegal vehicles (e-mopeds, e-dirtbikes) on trails around town.
Meanwhile you are pissed about e bikers and e scooters ripping around you on the bike lanes without regard for your safety 🙂
Victoria Real Estate Board
May 11, 2026
Month May May
Year 2026 2025
New Unconditional Sales 214 758
New Listings 564 1,834
Active Listings 3,790 3,717
Similar sales pace as last year. Will probably end the month around 3,950ish active listings.
It’s hard to know what I like more about bike lanes – riding in safety, or triggering the right wingers.
There may be a future use for those bike lanes. Autonomous delivery bots.
https://youtu.be/NhCwv7CF87E?si=VQR2r3NboTfWfNBT
Bicycles are easier on concrete. We have to do our part with the Norwegians to stop climate change, remember. I also rarely see anyone on those wastes of money. Most of them are riding on sidewalks with their ebikes going 50 kpm with no insurance.
This is what we need in bc. https://calgaryherald.com/opinion/columnists/bell-alberta-to-bring-in-law-with-power-to-rip-out-bike-lanes-and-stop-new-ones
That’s a nice surprise. Good size lot with only four units built in two clusters and across from a park. Looks like a winner to me.
I suppose you already looked at the properties at the half duplex at 258 St.Charles and the townhomes along Fairfield built by Aryze.
Thank @ I am Groot. This was
the particular project that was interesting. Understand they will start building soon.
https://tender.victoria.ca/webapps/ourcity/Prospero/FileDownload.aspx?fileId=A4E74CF2-06BC-43B9-B4AC-62841DCCD951&folderId=32847C260219094939703906
I haven’t seen them. You’d be buying one of the very few half‑duplexes scattered around Fairfield, and that kind of scarcity makes them tough to value. Appraisers rely heavily on comparable sales, and when there aren’t many, the value range naturally gets wider.
It’s the same story for buyers and sellers — with so few half‑duplex sales to look at, there isn’t much to anchor a bid or a list price, so pricing can be unpredictable. In some neighbourhoods, the last sale of a similar half‑duplex might be years apart, which doesn’t give anyone much to work with.
Most people picture the classic side‑by‑side half‑duplex, but there are a few other versions out there. There’s the front‑to‑back style, where you might have an older home at the front and a newer one built behind it. And then there’s the two‑level half‑duplex, which is often an older house that strata‑titled the basement suite. It’s always worth checking with your home insurance provider, because certain conditions can apply depending on the setup. I ran across this problem with a home owner that bought a half duplex that was fully detached from the other home. They had to use the same insurance provider and the insurance company wanted to charge more in case her interior plumbing flooded the other unit.
None of this is onerous to navigate — it just helps to know what you’re looking at. You’d be buying a bit of an odd duck: not a single‑family home, not a condo, not a townhouse, but something in between.
@ I am Groot, just wondering what your thoughts would be on front/back duplexes in established areas ? In particular close to the Fairifield plaza. Saw some in the planning stages in Marko’s post with a large garage. As a potential buyer, this would make sense as there is less shared walls and your own garage with a nice little green space.
Neither do you…..
I thought you didn’t read my comments. But you are right the developer was used to building one home at a time. He had no experience in multi-family projects. Lots of buddies that were real estate agents.
Would it still be if you removed this one poster?
Show the math on this potential 500k loss please.
Exactly, so why would they listen to a two bit local appraiser.
Pretty sure I was the first one here calling the party being over spring 2022.
Peter, your comments are rooted in reality with real life business experience, cheers
No, most small time developers go it alone. In a rising market any misjudgement on their part is masked by higher prices. In a rising market everyone is an expert.
I see that stupidity on HHV is at a 20-year high.
Either he is lying or dealing with individuals that have both zero common sense and have never actual built a project.
sorry but – you really think a developer (small time or otherwise) is fundamentally swayed by an appraisal? Then the people you deal with must be very, very different than the ones I meet. They probably shouldn’t be in business?
It’s interesting and no surprise that the world is where it is today.
Our family’s goal has been to simplify everything and reduce risk for the past several years.
I have felt that our economy, our high taxation, and high level of bureaucracy are unsustainable.
It destroys incentive.
Canada is in serious trouble, as many of you will know.
I wish everyone the best 🙂
Lol nice try
So these multiplex units are selling for $1200-1300 per square foot. While my property at 1.5 mil. is selling for $700 sq. ft. No strata fees, parking, large yard, sturdier construction (1954), same neighborhood, privacy, etc… I don’t see the attraction.
My tenants are moving June 30, very tempted to bail, don’t feel like dealing with new tenants.
Don’t need AI or Vic REAnalyst’s hubris for that one. I remember when the lot sold back in 2021 for $1,425,000. You bulls were walking around with permanent erections, convinced it set a new record for lots and that everyone’s home values had suddenly skyrocketed because of that one land sale.
I even saved the ass of a small‑time developer on a private listing for a derelict house down and across the street — he was drinking from the same Kool‑Aid glass at the time. Probably saved him from a half‑million‑dollar loss. Not bad: spend a couple hundred bucks on an appraisal to avoid losing $500,000 and three or four years of time.
The chance of a reasonable profit was lost the day the lot was bought.
I see this often amongst early adopters. It’s a good neighborhood close to the water with large multi million dollar homes on large lots. A reasonably priced town house development should on paper sell out fast. But that isn’t what happens. If you want to live in that neighborhood you’re not looking for a town house. If you’re looking for a town house then it will be an upscale town house development such as those along Gordon Point Road. If you’re looking for a modest priced townhome which this is, then you’re looking closer to town say around Kenmore. Either way you are not looking at Ash where there are no other town homes nearby.
It’s the herd mentality. You want to be around other people like yourself. Ash is a product-market mismatch.
Can’t wait to see the appraiser’s AI answer to this lmao.
>> Thats more of a duplex than some weird multiplex.
Nice term…”weird multiplex”
Yes, and they all seem to have the same weird features … topped off with bike garage, modo car rental, near a bus stop, little or no green space… so far doesn’t seem to be buyers lining up for these “weird multiplexes”
592 square feet for $629k, so $1,189 per sq. Ft. And no parking. Yes, that’s “so much variety”, enough said,
AI generated rocket science in your case.
Missing middle townhouses already seem to be fizzling. The Ash Road townhouses asking prices are down today by $100 K for each unit. Was it overpriced to begin with and would the developer still make good profit? Or, are they trying to get out before other similar products come to market?
Please show me how $900k doesn’t pencil.
Sure, things get somewhat more complicated. Even so, the underlying process for figuring out the right answer is not, in my view, fundamentally different – look at what’s available in your price range that actually interests you, find those comps that you can, make a decision. If that process takes you a bit afield as you say for Inherited, so what, it doesn’t take much time, and overall, a reasonable person with common sense can get sufficiently informed on the market within a short time-frame, honestly. It’s not really a big market functionally, once you start narrowing a few obvious variables.
I take your point about an experienced agent being helpful – of course experience counts, and one would take that into account. I would take advice into account but would never rely on it, though; prefer to do my own DD & I’m confident in my ability to do so. Yes I take the point about out-of-town or first-time buyers.
Nope
Pretty apparent that for you it is….
When did I say it is the worst road? And I would say it is a collector road with a bus route….
1 bedroom with a yard is an Interesting product for sure. I think the larger units will not sell due to a lack of parking, however. I wonder if these initial batches of missing middle products will be the only generation without parking and if developers will learn their lesson afterwards.
The last public sale of a similar home along Laval occurred almost six years ago. Is it the worst street in Gordon Head? No. That honor usually goes to homes along major residential collector and arterial roads.
I suppose one could call most anything missing middle these days. But I wouldn’t consider Laval to be eminantly missing middle. Most 1970s Gordon Head properties don’t pencil out unless the existing structure is at end‑of‑life.
Buying a home shouldn’t feel like rocket science. For most buyers looking at a typical house in an established neighbourhood, it isn’t. The real estate board’s data systems make it easy to understand value because those homes sell often, and the comparables are plentiful.
But the moment you step outside that “typical” category, things get complicated fast. Properties like acreage, waterfront, luxury homes, and unique one‑offs don’t have recent, directly comparable sales. Without those benchmarks, pricing becomes far less predictable and far more nuanced.
That’s when the process stops being straightforward — and when buyers need more than just MLS data to make sense of the market.
One of the worst streets in Gordon Head but also prime for MM development, I think this probably gets bid up.
Developing a real understanding of the marketplace and the type of property you want usually requires working with a real estate agent. Most people don’t naturally have the local knowledge needed to evaluate neighbourhoods, construction quality, pricing trends, or what represents fair value.
The buyers most vulnerable to overpaying tend to fall into three groups:
First‑time buyers — they don’t yet understand the trade‑offs between location, size, age, and price, so they rely too heavily on emotion or list price.
Out‑of‑town buyers — they lack on‑the‑ground context and often compare prices to their home market, which leads to distorted expectations.
Overconfident buyers — they assume they can “figure it out themselves,” underestimate market complexity, and miss red flags that an experienced agent would catch.
A knowledgeable agent helps anchor the search, filter out poor‑value properties, and prevent the kind of impulsive decision‑making that leads to paying too much.
Below $900K house in Gordon Head. Market on correction.
https://housesigma.com/bc/map/?status=for-sale&lat=48.471848&lon=-123.314848&zoom=13.8&with_listing=J6Em7b9aLk8yXBeq
Most buyers need to start by building a list of locations and physical attributes they’re actually searching for. That requires some understanding of the market. If you already own a home in the same area, you’ve got a built‑in knowledge base to work from.
A first draft might look something like:
“I’m looking for a home within a 20‑minute drive of the downtown core, with 2,000–3,000 finished square feet, on a 6,000–10,000 sq ft lot, no more than 25 years old, priced between $1.1M and $1.5M.”
As the search progresses, you naturally relax some criteria and tighten others. That’s normal — it’s how a focused search evolves.
What you don’t hear from most first‑time buyers is this kind of detail. They usually lead with only the price range because it feels like the one thing they can control. But without a full criteria stack, the search becomes chaotic and emotional instead of strategic.
You can see this play out with buyers like Inherited — bouncing from neighbourhood to neighbourhood and house to house with no consistent framework. That’s not exploration; it’s confusion. A structured set of criteria is what keeps a search grounded.
“European car-free living”- works in Europe. I didn’t know the Europeans are living car free.
I’m sure the odd buyer does fall into this but only by being very passive. Can you imagine actually relying on just what an agent thinks you should see? Greater Victoria really isn’t a huge market, and internet resources are readily available. If you’re looking to buy, define your area, define your budget, get online and make a list of what’s available, maybe do a drive-by and before you know it, you’re down to say half a dozen places worth actually looking at. I don’t think this is rocket science.
It might not be a great idea to show “comparable” listings based solely on price rather than on the actual physical and functional characteristics of the property being sold. Price is an output, not an input, and starting with price‑based comps almost always leads to misleading conclusions.
Price filtering lumps together properties that may have nothing in common — for example, a dated 1960s fixer‑upper can fall into the same price band as a fully renovated condo simply because both happened to sell for $700k. When those are presented as comps, buyers naturally assume the subject property is overpriced.
That’s exactly what happened to me looking at Marko’s listing. The so‑called “comparable” properties looked like better deals on paper: larger homes, more bedrooms, better locations — all at the same price. But they weren’t actually comparable; they were just other properties that happened to fall within the same price range. Without matching physical characteristics first, the comparison becomes meaningless and creates the false impression that the listing is a bad value.
Another other issue is that these “comparables” are often the result of judgment sampling by the agent — or worse, by an AI system — which introduces bias into the selection. Instead of an objective, attribute‑based comparison, you end up with a curated set of listings that may reflect the agent’s assumptions or the algorithm’s limitations rather than the true market context. The buyer is only seeing the “comparable” data that the agent/AI program wants them to see.
Seems like there is new missing middle product being listed every day -> https://www.realtor.ca/real-estate/29713356/8-1830-allenby-rd-saanich-camosun
So much variety, above is a ground floor one bedroom condo with a yard.
Density attracts density
I wonder what percentage of condo listings are investment properties versus owner occupied? I suspect most of them are vacant.
27 new condo listings and 16 price decreases for downtown condos in the last seven days. Average days-on-market now at 41.
The studios and small one-bedrooms without parking are getting slaughterd in this market.
Yeah no. It’s not like the feds double checked there was housing available when they set immigration targets
Same as currently more or less. Less people moving here as a result.
……. people don’t seem to get this connection.
As a thought experiment, suppose we got rid of each and every development and housing type that someone has claimed “won’t solve the housing crisis” over the last 20 years. Where would we be then?
With vacancy rates sitting around 3% for existing rentals and closer to 7% for purpose‑built buildings, the only type of housing that remains consistently profitable to build in the core is strata targeted at upper‑income households. These buyers are willing to pay premium prices for new homes in established neighbourhoods, and that demand is driving the market.
This group has the wealth to purchase what is likely the last home they’ll ever live in, so they’re far less sensitive to price. What matters most to them is securing a newly built home in a top‑tier location. Given current conditions, I expect this trend to continue in the near future.
Are they getting hosed by the developers? Hell yeh, but let their estate deal with that one in the future. Until then they get to live out the last decade or two of their lives in a new house in a good neighborhood.
I recently re-rented one of my condos. My tenants gave notice as they bought a brand new condo that was recently completed. The tenant I re-rented to decided to upgrade from a situation where he was renting a room in a house. Now that room is vacant and has to be re-rented.
So that brand new condo lead to a room in a house (bottom end of the market) being vacated.
Thats more of a duplex than some weird multiplex.
A few more like that and we will have solved the housing problem.
One more missing middle project hits the market -> https://www.realtor.ca/real-estate/29705402/1-3022-cadboro-bay-rd-oak-bay-henderson
Not so much of government workers but lots of people with $ here looking for nice homes with a budget up to the low $2M range. Once you filter for nice houses in nice neighborhoods on nice streets on nice lots with a nice layout there isn’t all that much selection and lots of competition.
Even if you priced your house at a more affordable price, competition would only bid it higher. It’s simple supply and demand.
I’m still amazed at how prices in Victoria just don’t move down despite the rising inventory. I guess being a government town with low unemployment is pretty invincible. Some prices I think are complete wack0. For example, the double lot at 3059 Admirals Rd for 2.6 million for both. What??? Am I out to lunch but who would want to build a condo building there of all places?
“Last month we noted that a divergence was emerging between sales trends in the detached and multi-family segments, which continued in April. Sales of detached homes have been gaining year-over-year, while sales in the multi-family segment have declined, and this pattern is consistent across most areas. The fact this pattern is so broad-based reduces the likelihood that what we’re seeing is just a blip in the data since the momentum isn’t isolated to small pockets of the market.”
Andrew Lis, GVR chief economist and vice-president data analytics Vancouer Real Estate Board
“Market activity is picking up as we move through the spring, but overall conditions remain firmly in buyers’ favour,” said Ishaq Ismail, Chair of the Fraser Valley Real Estate Board. “With inventory at healthy levels and housing affordability improving, buyers continue to have the advantage, although confidence remains tempered by ongoing economic uncertainty and persistent market headwinds.”
-Fraser Valley Real Estate Board
“While the spring market is a little slow getting underway this year, activity picked up in the latter half of April,” said Jason Yochim, Chief Executive Officer. “We’re seeing signs that momentum is building, and that could translate into a busier May as more buyers re-engage.”
Yochim noted that despite broader economic uncertainty, Vancouver Island’s housing market continues to demonstrate resilience, with most property types remaining in balanced market conditions.
“Vancouver Island has historically been somewhat insulated from the sharper fluctuations seen in larger urban centres,” says Yochim. “Prices have remained relatively stable, and the region continues to attract strong interest, particularly from retirees, which helps support demand even as buyers take a more measured approach.”
Nanaimo Real Esate board