Market Insight Series - May 2025

sasha540
May 6
4 min read

What does the current Victoria real estate market look like?

Alright folks, let’s cut through the noise and talk about what actually happened in the Victoria real estate market this April. No speculation, just hard numbers and real movement. If you want to see what the Market Insight for the previous month was, click here.

SALES SNAPSHOT

We saw 642 properties sell in April across the Victoria Real Estate Board region. That’s 5.3% fewer sales than April of last year—when 678 deals closed—but it’s still up 4.7% from March 2025. So, is the market slowing down? Kind of—but not everywhere, and not in every way.

Here’s the breakdown:

Condos took the biggest hit: 187 sold in April, down 10.1% from April 2024.
Single-family homes held steady: 335 sold, only 0.6% lower than this time last year.

So while headlines might say the market’s down, it’s not across the board. Detached homes are still moving. Condos? Not so much.

INVENTORY LEVELS

Now this is where it gets interesting. We had 3,425 active listings at the end of April. That’s a 13.3% jump from March, and up 13.5% year-over-year compared to the 3,017 listings we had last April.

That puts us right in the market’s “sweet spot,” according to the Board. Between 3,000 and 4,000 listings is the range that keeps things balanced—enough supply to meet demand, without pushing prices through the roof.

And yes, the market’s more stable now, but don’t be fooled—that stability is being tested by some major outside forces.

WHAT’S IMPACTING THE MARKET?

Let’s be honest: April didn’t happen in a vacuum. We had the federal election, economic headwinds coming from the U.S., and consumers still feel the pressure of high borrowing costs. That’s the backdrop behind these numbers.

But the market still held its ground—prices remained steady and inventory grew. That’s not panic. That’s resilience.

BENCHMARK PRICES

Let’s talk dollars:

Single-family homes in the Victoria Core:
- April 2024: $1,301,800
- April 2025: $1,344,800
- That’s a 3.3% increase year over year.
- Month-over-month, it ticked up from March’s $1,335,300.
Condos in the Victoria Core:
- April 2024: $561,200
- April 2025: $566,100
- That’s a 0.9% increase, also slightly up from March’s $560,400.

Bottom line? Prices are creeping up, not crashing down—especially in the detached market. If you’re waiting for a fire sale, don’t hold your breath.

THE TAKEAWAY

So what does this all mean?

Inventory is climbing, prices are holding, and sales are modestly down but still moving. However, interest rates, political noise, and global economic uncertainty are still making people hesitate.

But hesitation can be your advantage. More listings mean more choice. Fewer buyers mean less competition. This might be the window where you actually get a deal.

Sellers? Know this: single-family homes in certain price bands are still hot. If you’re priced right, you might even see multiple offers. But if you’ve got a condo sitting above market value? It might sit... a while.

The Victoria market is not one-size-fits-all. It’s a collection of micro-markets—each behaving differently. That’s why if you’re serious about buying or selling in 2025, get someone who knows this terrain inside and out.

Final Thought

Victoria real estate is steady, but it’s not simple. Ignore the national noise and look at the local data. If you want to get in or out, this is a numbers game—and the numbers are talking.

If you want to know how this market applies to your home or buying goals, let’s talk.

Get in Touch

So there you have it, folks. The real estate landscape in Victoria is evolving, influenced by interest rates and a return to those good old seasonal patterns. For those of you navigating this maze, let me know how I can help guide you in this ever-changing world of property ownership. Stay informed, stay smart, and make those real estate moves wisely!

Opportunities for ordinary people looking to get into their first home, or move up into an affordable nicer home are still out there, it just takes a bit of diligence, and ideally the support of a committed agent.

Conclusion

The goal is to give you insight into what the overall market view looks like in Victoria and Vancouver Island. I have included more Resources below so that you can dive in and read more at your leisure. I will also make sure to include a new Glossary Term each month, and define it to add to your knowledge of common industry terms.

Feel free to contact me if you want to learn more or if you have any questions about the broader market trends.

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Glossary Term

REIT (Real Estate Investment Trust)

REIT (Real Estate Investment Trust): A company that owns, operates, or finances income-generating real estate assets, often traded on stock exchanges. It's basically like investing in real estate, but with a lot less hassle. By the stock, they do all the heavy lifting, and you get the dividend yield as a reward for investing your hard earned money.

https://www.inman.com/real-estate-glossary/contingency/