As we move through spring, the Victoria real estate market continues to show resilience despite external factors affecting the broader economy.
In April 2025, the Victoria Real Estate Board (VREB) region saw a total of 642 properties sold, a 5.3% decrease from the 678 properties sold in April 2024. However, sales did see a slight increase of 4.7% compared to March 2025.
Single Family Homes & Condominiums: A Mixed Bag
The breakdown of sales shows a slight dip in activity across various property types. Sales of single family homes decreased by 0.6% from April 2024, with 335 homes sold. Meanwhile, condominium sales were notably lower, down 10.1% year-over-year with 187 units sold.
While these numbers indicate a slower pace than last year, it’s important to understand the factors influencing this market slowdown. Political uncertainty related to the federal election and broader economic concerns, particularly stemming from the United States, have had a clear impact.
2025 VREB Chair Dirk VanderWal notes that these external events likely tempered the usual brisk spring growth we typically expect. Despite this, the Victoria market demonstrated continued stability, with flat price growth and steady inventory levels.
Active Listings and Market Conditions: A Balanced Inventory
At the end of April 2025, there were 3,425 active listings on the VREB’s Multiple Listing Service® (MLS®), marking a 13.3% increase from March 2025 and a 13.5% increase compared to April 2024.
Chair VanderWal points out that this level of inventory remains within a sweet spot for the market—between 3,000 and 4,000 listings. This ensures that demand can be met while also easing upward pressure on pricing, giving buyers more time to compare options, plan, and make informed decisions.
While the overall inventory level is balanced, activity does vary depending on property type and location. In particular, single family homes in certain price ranges remain in demand and may even spark multiple offer situations, whereas the condo market sees a larger supply of units waiting for buyers.
Price Trends: Steady Growth in Key Areas
In terms of pricing, the Victoria market shows positive, though moderate, growth. The MLS® Home Price Index benchmark value for a single family home in the Victoria Core increased by 3.3% in April 2025 to $1,344,800, up from March’s value of $1,335,300. This marks a solid increase from the April 2024 benchmark value of $1,301,800.
Similarly, condominium prices have seen a small uptick. The benchmark value for a condominium in the Victoria Core area was $561,200 in April 2024 and rose by 0.9% to $566,100 in April 2025, up from March’s value of $560,400.
Conclusion: A Stable Market Amidst Uncertainty
While April’s sales figures were down compared to last year, the market continues to show strength and stability, particularly in certain property types and price ranges. Buyers have more options to consider, and sellers may still experience competitive interest in certain sectors.
If you’re planning to make a move in the Victoria real estate market, now is a great time to get in touch and explore the latest opportunities. Have questions about buying or selling in today’s market? Let’s connect!