Market Insight Series - June 2025

sasha540
Jun 3
4 min read

What does the current Victoria real estate market look like?

As part of our ongoing Market Insight Series, I’m excited to bring you the latest updates on the Victoria and Vancouver Island real estate scene — so you can make smarter, more confident buying and selling decisions. Below, I’ll break down the key numbers, explain the important terms, and wrap things up with resources if you want to dig deeper. And if you missed last month’s Market Insight, click here.

Alright, let’s jump right in.

Ladies and gentlemen, here’s your fresh-off-the-press update from the Victoria Real Estate Board for June 2025 — and trust me, there’s plenty here for both buyers and sellers to take note of!

In May 2025, a total of 758 properties were sold across the Victoria Real Estate Board region. That’s just 0.7 percent fewer than the 763 properties sold in May 2024, but a substantial 18.1 percent jump compared to April 2025. Now, let’s break it down by property type: condo sales dipped by 6 percent from May 2024, landing at 221 units sold, while single-family homes saw a slight bump of 0.5 percent year-over-year, with 401 homes changing hands.

But here’s where it gets interesting.

Looking at the big picture, the inventory situation has been shifting. By the end of May 2025, there were 3,716 active listings on the Victoria Real Estate Board MLS® — that’s an 8.5 percent increase from April and an 11.3 percent rise from May 2024’s 3,338 active listings. In plain terms? More homes for buyers to choose from, and a little less frantic competition.

Victoria Real Estate Board Chair Dirk VanderWal summed it up nicely: May’s market was positive for buyers and sellers alike. With healthy inventory levels and stable prices and interest rates, the market has found a more balanced, less stressful pace. Sure, it might not sound thrilling to report on, but this kind of steady, predictable market is exactly what helps buyers and sellers make smart, confident moves — and after the rollercoaster of past years, that’s a welcome change.

Now, let’s zoom in on prices.

In May 2024, the MLS® Home Price Index (HPI) benchmark value for a single-family home in the Victoria Core was $1,309,700. Fast forward to May 2025, and that benchmark has ticked up 1.3 percent to $1,326,600 — though it has dipped slightly from April’s $1,345,200. On the condo front, the benchmark value in May 2024 was $569,500, but by May 2025 it had edged down 0.9 percent to $564,100, a minor drop from April’s $566,300.

Chair VanderWal also pointed out that we just saw the highest total monthly sales since May 2024 — which, by the way, was the peak month last year. And here’s a standout stat: May 2025 saw the largest number of new listings come online since May 2008! This surge has helped keep the market balanced, but VanderWal wisely reminds us that Victoria’s real estate landscape is made up of many micro-markets. In other words, the strategy for buying a downtown condo will look very different from the game plan for snagging a suburban detached home. That’s why working with a knowledgeable local REALTOR® is crucial — they’ll help you navigate one of the biggest financial moves you’ll ever make.

Cautious Optimism for Buyers:

Here’s what gets me excited: with inventory climbing and competition easing, we are in a moment where savvy, motivated buyers can make serious moves. Sure, interest rates are still a factor, but with a soft Canadian economy and shaky buyer confidence, that means that many buyers are holding back and waiting for more certainty — and that creates an opportunity for those willing to step up. Although the prevailing market uncertainty is not without risk, that is also where opportunity reigns supreme.

Consider this: just a few short years ago, the Benchmark Price for a detached home in Greater Victoria was $1.141M, and that was at the peak of the 2022 real estate market, when every well-priced house was selling for $ 100,000 above asking. In today's market, despite the cooler market, the same benchmark price has risen to $1.176M, even in an uncertain market where many buyers are sitting on the sidelines. So, what's the difference? Well, unlike in the 2022 market, today's market has substantially more inventory (3,716 now, versus 1,063 in April 2022). That means that although average benchmark prices have risen, there are a lot more opportunities in the wide variety of properties. I even recently saw a 3-acre estate listed for $1.2M!

So, although the benchmark price is up, the wider variety of properties and sellers means a lot more selection and opportunity to negotiate on price. Not every home is going to be a home run deal since every home and seller are different. However, if a buyer needs to sell because they need to finance a purchase, resolve some financial pressure, or have to relocate, this opens up opportunities to negotiate serious price discounts.

Want to snag a property below asking price? This is your window. With more listings (and even more off-market options like canceled or expired listings) floating around, now’s the time to write offers and see what sticks.

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So, where does that leave us?

The Victoria real estate market is settling into a more balanced, steady rhythm, with solid inventory levels, stable prices, and a good balance between supply and demand. For anyone looking to buy or sell, this is the moment to plan carefully and act wisely — and I’m here to help you chart that course.

Conclusion

My goal here is to give you a clear, up-to-date picture of what’s happening across Victoria and Vancouver Island so you can make informed real estate decisions. I’ve included additional resources below if you want to dive deeper, and I’ll continue sharing useful glossary terms each month to help you build your real estate know-how.

If you want to talk through your next steps or have questions about the latest market trends, reach out anytime — I’m here to help guide you through the ever-changing world of real estate!

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Glossary Term

Real Property

Real property, also known as real estate or immovable property, refers to land and anything permanently attached to it, including buildings, fixtures, and natural features. It encompasses both the physical property and the legal rights associated with ownership.

https://www.investopedia.com/terms/r/real-property.asp