The Greater Victoria real estate market remained stable in February, with a steady increase in sales and inventory. Here’s a breakdown of the latest market trends and what they mean for buyers and sellers:
Sales Activity: Growth Across Property Types
- Total sales: 528 properties sold in February, up 12.3% from February 2024 and 25.1% from January 2025.
- Condominiums: 192 units sold, marking a 26.3% increase from February 2024.
- Single-family homes: 234 sales, reflecting a 4.5% increase from the previous year.
Inventory Levels: More Options for Buyers
Active listings: 2,630 properties available at the end of February.
- 9.8% increase from January 2025.
- 11.3% increase from February 2024.
Growing inventory suggests a balanced market, creating favourable conditions for both buyers and sellers.
Market Insights from the Victoria Real Estate Board
Dirk VanderWal, Chair of the Victoria Real Estate Board, notes that the market remains stable due to:
- Steady pricing trends over nearly two years.
- Favorable interest rates, supporting buyer confidence.
- Balanced conditions, making 2025 a good year to buy or sell.
Key to success: Properties need to be well-presented and priced competitively to succeed in the current market.
Home Price Trends: Moderate Growth in Single-Family Homes
Single-family homes (Victoria Core)
- February 2024 benchmark price: $1,262,200
- February 2025 benchmark price: $1,309,500 (up +3.7% from 2024)
- January 2025 benchmark price: $1,287,200
Condos (Victoria Core)
- February 2024 benchmark price: $554,700
- February 2025 benchmark price: $551,900 (down -0.5% from 2024)
- January 2025 benchmark price: $548,100
Single-family homes continue to see price appreciation, while condo prices have remained relatively stable.
Looking Ahead: What to Expect This Spring
- The spring market typically peaks in late spring, so more inventory is expected to enter the market in the coming weeks.
- Buyers and sellers should keep an eye on potential global economic changes that could impact housing trends.
- Whether you’re buying or selling, working with a trusted REALTOR® can help you navigate the market effectively.
Final Thoughts
The Victoria real estate market is experiencing steady activity, with increased sales, growing inventory, and stable pricing. If you’re considering making a move this year, now is a great time to explore your options.
Have questions about buying or selling in today’s market? Let’s connect!