Victoria real estate market stable in the face of uncertainty

April 1, 2025  A total of 613 properties sold in the Victoria Real Estate Board region this March, 4.3 per cent more than the 588 properties sold in March 2024 and 16.1 per cent more than in February 2025. Sales of condominiums were up 14.1 per cent from March 2024 with 202 units sold. Sales of single family homes increased by 2.1 per cent from March 2024 with 292 sold.

"The economic uncertainty the world faces right now certainly colours our local real estate market," said 2025 Victoria Real Estate Board Chair Dirk VanderWal. "In spite of this, our market remains as it has in recent months - stable and balanced. Inventory levels this past month held steady at over three thousand listings, which meant that there was a good amount of selection for buyers, while relatively flat pricing meant more predictability for sellers and buyers."

There were 3,023 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2025, an increase of 14.9 per cent compared to the previous month of February and an 14.2 per cent increase from the 2,647 active listings for sale at the end of March 2024.

"As in past months, the balanced market in March softened the demand-side pressures of markets we've seen in recent years. There is more time for decision making, which is a positive aspect for both sellers and buyers," adds Chair VanderWal. "Thoughtfully priced and presented homes are selling well and we do see instances of multiple offers, which is often a hallmark of the spring market. For the best outcomes in your property search or sale, connect with your favourite local REALTOR® to navigate the current market."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2024 was $1,288,400. The benchmark value for the same home in March 2025 increased by 3.6 per cent to $1,335,300, up from February's value of $1,309,500. The MLS® HPI benchmark value for a condominium in the Victoria Core area in March 2024 was $558,200 while the benchmark value for the same condominium in March 2025 increased by 0.4 per cent to $560,400, up from the February value of $551,900.

February a steady month for Greater Victoria buyers and sellers

A total of 528 properties sold in the Victoria Real Estate Board region this February, 12.3 per cent more than the 470 properties sold in February 2024 and 25.1 per cent more than in January 2025. Sales of condominiums were up 26.3 per cent from February 2024 with 192 units sold. Sales of single family homes increased by 4.5 per cent from February 2024 with 234 sold.

“February was another stable month for local real estate,” said 2025 Victoria Real Estate Board Chair Dirk VanderWal. “The combination of slowly growing inventory and slightly increased sales means that our market remains in balance from the start of the year, which creates comfortable conditions for both buyers and sellers. Nearly two years of steady prices combined with recent favourable interest rates are positive factors for our market. Thus far, 2025 has been a good year to buy and sell.”

There were 2,630 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2025, an increase of 9.8 per cent compared to the previous month of January and an 11.3 per cent increase from the 2,364 active listings for sale at the end of February 2024.

“In these market conditions properties need to be well presented and properly priced to be successful,” adds Chair VanderWal. “We are following our typical early spring market cycle, which generally speaking peaks in late spring. Hopefully in the upcoming weeks we’ll see more inventory enter the market to meet consumer demand. We will also watch what impacts any changes to global economic policies may have on our market if and when they occur. Right now, there are many factors that impact your housing decisions, and your favourite local REALTOR® is ready to help you navigate the current market.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February 2024 was $1,262,200. The benchmark value for the same home in February 2025 increased by 3.7 per cent to $1,309,500, up from January’s value of $1,287,200. The MLS® HPI benchmark value for a condominium in the Victoria Core area in February 2024 was $554,700 while the benchmark value for the same condominium in February 2025 decreased by 0.5 per cent to $551,900, up from the January value of $548,100.

2025 housing market kicks off with good balance of inventory and stable pricing

A total of 422 properties sold in the Victoria Real Estate Board region this January, 23.8 per cent more than the 341 properties sold in January 2024 and 0.2 per cent more than in December 2024. Sales of condominiums were up 30.4 per cent from January 2024 with 146 units sold. Sales of single family homes increased by 19.8 per cent from January 2024 with 194 sold.

“We’ve seen a strong hand off from the December market to January with a good sense of momentum building,” said 2025 Victoria Real Estate Board Chair Dirk VanderWal. “Over the course of the month, we saw an uptick in new listings, and it is the first time in ten years that over one thousand new listings were added to our inventory in a January. This is a positive sign for our market as we head into 2025.”

There were 2,395 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2025, an increase of 4.6 per cent compared to the previous month of December and an 11.9 per cent increase from the 2,140 active listings for sale at the end of January 2024.

“The overall housing market in the Greater Victoria Area continues to show signs of balance,” adds Chair VanderWal. “There are strong fundamentals underpinning our market. Pricing remains stable, inventory levels are favourable when compared to recent years and interest rates continue to trend in a positive direction for consumers. Of course, there may be uncertainty in the coming months as international trade relationships are tested, so we will track if these deliberations impact the market moving forward. As always, buying or selling your home is one of the largest financial decisions you’ll make, and your favourite local REALTOR® is your best resource to help you navigate the process.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in January 2024 was $1,252,200. The benchmark value for the same home in January 2025 increased by 2.8 per cent to $1,287,200, down from December’s value of $1,306,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in January 2024 was $551,900 while the benchmark value for the same condominium in January 2025 decreased by 0.7 per cent to $548,100, up from the December value of $547,800.

2024 Victoria real estate market year in review

A total of 421 properties sold in the Victoria Real Estate Board region this December, 28 per cent more than the 329 properties sold in December 2023 and a 23.6 per cent decrease from November 2024. Sales of condominiums were up 25 per cent from December 2023 with 135 units sold. Sales of single family homes increased 20.9 per cent from December 2023 with 191 sold.

A grand total of 6,893 properties sold over the course of 2024, an 11 per cent increase from the 6,207 sold in 2023.

“2024 was a fairly calm year for local real estate,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “And this is what we like to see for consumers! It has been a year of stability and predictability. Prices have been relatively level for the past two years now, which has made it easier for buyers and sellers to navigate transactions with confidence. Even though 2024 had more months with over 3,000 listings than we have had in many years, we do continue to see low inventory levels when compared to long term averages. If inventory remains low and we see an increase in demand, we could very quickly return to a market where there is upward pressure on pricing. This is why the Board will continue to advocate for gentle density development in 2025.”

There were 2,290 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of December 2024, a decrease of 19.3 per cent compared to the previous month of November but a 7.4 per cent increase from the 2,132 active listings for sale at the end of December 2023.

“The future for the market is of course impossible to predict,” added Chair Lidstone. “Recent changes that extend amortization periods for first time buyers, and updates to the property transfer tax thresholds help make homes more attainable, and hopefully help more people to enter the housing market. Consistent interest rates will also increase the ability for folks to make a move. As always, our market is subject to many influences and the purchase and sale process is complex. If you are contemplating buying or selling in 2025, call your favourite local REALTOR® who can create the best strategy for you and for your property.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in December 2023 was $1,272,000. The benchmark value for the same home in December 2024 increased by 2.7 per cent to $1,306,400, up 0.3 per cent from November’s value of $1,302,900. The MLS® HPI benchmark value for a condominium in the Victoria Core area in December 2023 was $556,500 while the benchmark value for the same condominium in December 2024 decreased by 1.6 per cent to $547,800, an increase of 0.6 per cent from the November value of $544,400.

As December arrives, Victoria, BC, shines with holiday magic, making it one of the best places to call home. From festive events to the cozy charm of winter living, this season is also an excellent time to explore the Victoria real estate market—whether you’re buying or selling.

Festive Events in Victoria, BC

Victoria comes alive in December with events that bring the community together and showcase the city’s unique charm. Here are a few highlights:

• Festival of Trees: Enjoy dazzling Christmas trees decorated by local businesses at The Bay Centre.
• Christmas at Butchart Gardens: Wander through spectacular light displays and enjoy festive music in this iconic attraction.
• Horse-Drawn Trolley Rides: Experience the charm of downtown Victoria while soaking in the holiday spirit.
• Holiday Markets: Discover local artisans and unique gifts at markets like the Sidney Sparkles Christmas Parade and Out of Hand Artisan Fair.

These events add to the allure of living in Victoria, BC, making it the perfect time to explore homes for sale in Victoria or to list your property for motivated buyers.

Explore the Victoria Real Estate Market

Winter is a surprisingly active season for the real estate market, with buyers and sellers both motivated to close before the New Year. Check out one of the most visited pages this season: our Victoria Real Estate Listings.

Here, you’ll find:

• Family Homes for Sale in Victoria: Perfect for starting the new year in comfort.
• Luxury Properties in Victoria, BC: For those seeking elegance and prime locations.
• Investment Opportunities: Ideal for buyers looking to expand their portfolio in a thriving market.

Why Winter is a Great Time to Buy or Sell a Home

The holiday season offers unique opportunities in the Victoria real estate market:

• Motivated Buyers: Buyers searching during the holidays are often serious and ready to make offers.
• Cozy Staging Opportunities: Festive decor can highlight a home’s warmth and charm.
• Less Competition: Fewer listings during winter can make your property stand out.

Holiday Staging Tips for Sellers

If you’re selling your home this winter, create a festive yet neutral atmosphere to attract buyers:

• Decorate with subtle, warm lighting and seasonal scents like cinnamon or pine.
• Highlight winter-friendly features like fireplaces, energy-efficient windows, or cozy interiors.
• Keep the decor tasteful to let the property shine without overwhelming potential buyers.

Connect With BC Home Group

At BC Home Group, we’re dedicated to helping you find your perfect home or sell your property during this holiday season. From Victoria homes for sale to tailored advice on navigating the winter market, we’ve got you covered.

Follow us for more real estate tips and updates:

• Instagram: @bchomegroup
• Facebook: @shirinpurewal

Celebrate the Season With BC Home Group

Whether you’re looking to buy, sell, or invest, this holiday season is the perfect time to make your real estate dreams come true in Victoria, BC. Let us guide you every step of the way.

Wishing you a joyful and warm holiday season from BC Home Group!

A warm start to winter sales in the Victoria real estate market

Victoria market exceeds expectations but remains balanced

A total of 654 properties sold in the Victoria Real Estate Board region this October, 60.7 per cent more than the 407 properties sold in October 2023 and a 14.5 per cent increase from September 2024. Sales of condominiums were up 32.6 per cent from October 2023 with 187 units sold. Sales of single family homes increased by 76.2 per cent from October 2023 with 340 sold.

“Sales did increase notably over last year, but it’s important to include some context,” said 2024 Victoria Real Estate Board Chair-Elect Dirk VanderWal. “October 2023 saw the fewest sales in that month since 2008, which distorts a year-over-year comparison; in fact, last month’s sales count was almost exactly on the ten-year average for the month. With that context, although we’ve certainly seen a notable increase in sales month over month, this does signal a return to a more average market for this time of year. The number of homes available on the market has remained relatively consistent, which has also created the benefit of a more balanced market for buyers and sellers, even with the increase in sales numbers.”

There were 3,161 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2024, a decrease of 6 per cent compared to the previous month of September and a 14.7 per cent increase from the 2,756 active listings for sale at the end of October 2023.

“I think it’s safe to say that many consumers have been watching the Bank of Canada rate announcements, and that could be influencing their decision making,” adds Chair-Elect VanderWal. “Recent rate drops likely encouraged a few more buyers and sellers to enter the market, and we may see that trend continue in November, the month which traditionally begins our market's winter lull. Even though sales were higher last month, we are still experiencing a comfortable environment for buyers and sellers to negotiate. There are fewer multiple offers and more time for the decision-making process. It is hard to predict what the winter market will bring, so it’s a great idea to consult with your favourite local REALTOR® to discuss the current market.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in October 2023 was $1,310,100. The benchmark value for the same home in October 2024 decreased by 0.8 per cent to $1,300,200, up from September’s value of $1,279,700. The MLS® HPI benchmark value for a condominium in the Victoria Core area in October 2023 was $578,800 while the benchmark value for the same condominium in October 2024 decreased by 5.4 per cent to $547,800, down from the September value of $553,400.

Victoria real estate market current conditions benefit buyers and sellers

A total of 571 properties sold in the Victoria Real Estate Board region this September, 15.8 per cent more than the 493 properties sold in September 2023 and a 4.8 per cent increase from August 2024. Sales of condominiums were up 21.9 per cent from September 2023 with 189 units sold. Sales of single family homes increased by 19.3 per cent from September 2023 with 272 sold.

“The real estate market in Victoria right now is much more stable and more predictable than it has been in recent years,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “We have seen a few solid months of near-balance in the market, which means it’s neither a seller’s nor a buyer’s market and positives exist for both sides of a transaction. With downward trending interest rates and stable pricing combined with more inventory on the market, our current conditions are the most comfortable for consumers to navigate that I’ve seen in a few years.”

There were 3,361 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September 2024, an increase of 5.3 per cent compared to the previous month of August and a 24.5 per cent increase from the 2,699 active listings for sale at the end of September 2023.

“In times of more balanced markets,” adds Chair Lidstone. “There is less pressure on pricing and more opportunity to take time to make big decisions on real estate. However, there are still situations where you can encounter competition. When the house, price and location are all highly desirable for buyers, we can see situations where there are competing offers. As always if you are thinking about making a move, connecting with a local REALTOR® to start building your strategy is advisable.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in September 2023 was $1,316,100. The benchmark value for the same home in September 2024 decreased by 2.8 per cent to $1,279,700, down from August’s value of $1,287,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in September 2023 was $583,400 while the benchmark value for the same condominium in September 2024 decreased by 5.1 per cent to $553,400, down from the August value of $559,200.

The Bank of Canada has announced another policy rate cut of 25 basis points, bringing the rate down to 4.25%. This marks the third rate cut of the year and offers potential relief for Canadians with variable-rate loans, including mortgages.

What’s Next?
Following the Bank of Canada’s decision, lenders typically take a few days to adjust their prime rates. We expect the prime rate, which influences variable-rate mortgages and other loans, to soon decrease to around 6.45% at most major financial institutions. TD Bank, known for slightly higher prime mortgage rates, could lower it to approximately 6.60%.

How Does This Impact You?
Here’s what this change could mean for you, depending on your loan type:

Fixed-Payment Variable-Rate Mortgages: If you have this type of mortgage, the interest portion of your payment will decrease, while your total monthly payment should remain the same. Over time, more of your payment will go towards the principal.

Adjustable-Rate Mortgages: If your mortgage payments fluctuate with changes in the prime rate, you’ll notice a slight reduction in your next payment.

Fixed-Rate Mortgages: This rate cut won’t impact those with fixed-rate mortgages until it’s time to renew, but it may signal lower rates in the future.

Other Prime-Linked Loans: Personal loans or lines of credit tied to the prime rate will likely see reduced interest charges or smaller monthly payments.

The Bigger Picture
For homeowners and borrowers, this is positive news. As the prime rate decreases, it helps ease the financial burden on those with variable or adjustable-rate loans. In the coming days, we expect to see banks respond by adjusting their lending rates accordingly.

Victoria’s summer real estate market meets seasonal expectations

A total of 545 properties sold in the Victoria Real Estate Board region this August, 0.2 per cent more than the 544 properties sold in August 2023 and a 16.5 per cent decrease from July 2024. Sales of condominiums were up 10.4 per cent from August 2023 with 181 units sold. Sales of single family homes decreased by 7.7 per cent from August 2023 with 252 sold.

“The final month of the summer is generally a rather relaxed one in terms of real estate sales and listings,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “Many folks pause their home shopping activities or pause their sales listing to make the most of other summer activities and vacations. It’s no surprise that sales this year were so close to the sales from 2023 and that listings declined slightly from the number we saw in July.”

There were 3,191 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August 2024, a decrease of 4.7 per cent compared to the previous month of July and a 28.2 per cent increase from the 2,490 active listings for sale at the end of August 2023.

“It’s likely our market will trend a bit busier in the upcoming fall months,” adds Chair Lidstone. “In September people return their attention to work and school and to bigger projects like making a move. Week by week into the fall our market will evolve so if you are considering listing or buying a home in the Victoria area, connect with your favourite local REALTOR® to help develop your best real estate strategy.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in August 2023 was $1,327,800. The benchmark value for the same home in August 2024 decreased by 3 per cent to $1,287,400, down from July’s value of $1,296,100. The MLS® HPI benchmark value for a condominium in the Victoria Core area in August 2023 was $575,900 while the benchmark value for the same condominium in August 2024 decreased by 2.9 per cent to $559,200, down from the July value of $567,800.

Victoria housing market remains steady for buyers and sellers over summer

A total of 650 properties sold in the Victoria Real Estate Board region this July, 9.2 per cent more than the 595 properties sold in July 2023 and a 1.7 per cent decrease from June 2024. Sales of condominiums were up 6.5 per cent from July 2023 with 213 units sold. Sales of single family homes increased by 8.9 percent from July 2023 with 319 sold.

“The month of July delivered another steady month of sales and listings, as we’d expect for an average summer season in our market,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “The sales in July tracked very closely to June numbers, which may have surprised some who expected that summer vacations would take more buyers out of the market. We did see inventory shrink a little from the previous month. This is not unusual for this time of year, but it is a trend we’ll keep an eye on because inventory levels are crucial to keeping our market balanced.”

There were 3,348 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of July 2024, a decrease of 3.2 per cent compared to the previous month of June and a 38.4 per cent increase from the 2,419 active listings for sale at the end of July 2023.

“There continues to be a lot of government intervention in our housing market,” adds Chair Lidstone. “Recently, the provincial government announced changes to the Residential Tenancy Act that have resulted in some uncertainty for those considering homes with rental options. The changes have made an already complex transaction much more complicated and have added more risk. If you are considering purchasing or selling a tenanted or rental property, it’s imperative to bring in the assistance of a REALTOR® to navigate new requirements and ensure your transaction is successful.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in July 2023 was $1,322,800. The benchmark value for the same home in July 2024 decreased by 2 per cent to $1,296,100, up from June’s value of $1,295,500. The MLS® HPI benchmark value for a condominium in the Victoria Core area in July 2023 was $571,500 while the benchmark value for the same condominium in July 2024 decreased by 0.6 per cent to $567,800, down from the June value of $567,900.

A total of 763 properties sold in the Victoria Real Estate Board region this May, 1.5 per cent fewer than the 775 properties sold in May 2023 and a 12.5 per cent increase from April 2024. Sales of condominiums were down 5.2 per cent from May 2023 with 235 units sold. Sales of single family homes exactly matched the number from May 2023 with 399 sold.

Spring property market brings positives for buyers and sellers in Victoria

A total of 678 properties sold in the Victoria Real Estate Board region this April, 6.4 per cent more than the 637 properties sold in April 2023 and a 15.3 per cent increase from March 2024. Sales of condominiums were up 1.5 per cent from April 2023 with 208 units sold. Sales of single family homes increased 3.7 per cent from April 2023 with 337 sold.

“The spring market in Victoria kicked off with a gentle increase in sales when compared to last year and continued stable pricing,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “These factors, combined with growth in the available inventory, has created a welcoming and more balanced market for buyers and sellers.”

There were 3,017 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of April 2024, an increase of 14 per cent compared to the previous month of March and a 47.7 per cent increase from the 2,043 active listings for sale at the end of April 2023.

“When we look back to previous spring markets, we will recall challenging conditions that are not present in the market this year,” adds Chair Lidstone. “Last year, interest rates were continuing upwards, which created unpredictability for buyers. The spring of 2022 saw record lows of inventory, which created a pressurized environment for buyers and sellers. The spring of 2021 was also marked with low inventory and impacted by the effects of the pandemic. This year, we have a much healthier supply of inventory with numbers we have not seen since the summer of 2019. Combined with more stable pricing, this market is much easier to navigate for both buyers and sellers. People who are listing their homes can have confidence that they will be able to find a new home, and sellers benefit from the stability of pricing and interest rates. If you are considering making a move, now is the ideal time to connect with your favourite local REALTOR® to create your plan.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in April 2023 was $1,295,800. The benchmark value for the same home in April 2024 decreased by 0.9 per cent to $1,284,600, up from March’s value of $1,279,300. The MLS® HPI benchmark value for a condominium in the Victoria Core area in April 2023 was $564,000 while the benchmark value for the same condominium in April 2024 increased by 0.7 per cent to $567,800, up from the March value of $567,300.