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.
