April 2025 MARKET UPDATE

Hi friends,

April usually brings a surge of activity in our local real estate market — but this year, things moved at a more measured pace. While the sun was shining, political uncertainty (hello, federal election!) and broader economic concerns from the U.S. seemed to keep some buyers and sellers on the sidelines.

Still, the Victoria market held steady — and for many homeowners, that’s good news.

🏡 Are home values holding up?

Yes. Despite a softer pace, prices remained stable — even slightly up in some areas:

The benchmark value for a single-family home in the Victoria Core rose to $1,344,800, a 3.3% increase over April 2024.

The benchmark condo price edged up 0.9% to $566,100.

The average detached sale price reached $1.396M, the highest in 3 years — driven in part by more luxury sales and higher-quality listings hitting the spring market.

📊 What’s happening in the market?

While we saw a slight dip in total sales compared to last year, inventory continues to grow, giving buyers more options and breathing room.

642 properties sold in April — down 5.3% year-over-year, but up 4.7% from March.

Single-family home sales dipped just 0.6% — showing continued strength in that segment.

Condo sales were a bit softer, down 10.1% year-over-year.

Inventory is building: 3,425 active listings — a 13.5% increase from April 2024, and the highest we've seen in nearly a decade.

The result? The market remains balanced, but is slowly tipping toward a buyer-friendly environment. The months of inventory (MOI) continues to rise, and while new listings are strong, the sales-to-new-list ratio is holding at low levels.

💡 Thinking of selling?

If you're a single-family homeowner, especially in a sought-after neighbourhood or price range, demand is still healthy — and multiple offers are still happening.

Condo owners, take note: there’s more competition in your segment, so strategic pricing and standout presentation are more important than ever.

Real estate is always hyper-local. Every property and every neighbourhood tells a different story. Whether you’re thinking of making a move or just want a quick check-in on your home’s value, I’m always here to help — no pressure, just honest, helpful insight.

Let’s make informed decisions, together. If you'd like to receive this information as soon as it's released sign up for my newsletter.

Warmly,
Lisa Davies
The Art of Home, Thoughtfully Delivered.
RE/MAX Camosun – Island Owned 🇨🇦

250-883-2220

From the Victoria Real Estate Board:

Victoria real estate activity tempered by political and economic uncertainty

A total of 642 properties sold in the Victoria Real Estate Board region this April, 5.3 per cent fewer than the 678 properties sold in April 2024 but 4.7 per cent more than in March 2025. Sales of condominiums decreased by 10.1 per cent from April 2024 with 187 units sold. Sales of single family homes decreased by 0.6 per cent from April 2024 with 335 sold.

“While sales were up from March, activity in April was most likely impacted by events in play well beyond our immediate real estate market,” said 2025 Victoria Real Estate Board Chair Dirk VanderWal. “Political uncertainty associated with the federal election, combined with broader economic concerns stemming from the United States tempered our spring market growth. And yet like last month, despite these external factors, the Victoria market demonstrated continued stability, as evidenced by flat price growth and steady inventory levels.”

There were 3,425 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of April 2025, an increase of 13.3 per cent compared to the previous month of March and a 13.5 per cent increase from the 3,017 active listings for sale at the end of April 2024.

“The good news is we remain in that sweet spot of inventory, which we currently find is between 3,000 and 4,000 listings,” adds Chair VanderWal. “This amount of inventory ensures that overall demand can be met and pressure on pricing is lessened. It also means consumers have more time to compare options, make plans, and evaluate their decisions. That said, activity is not the same across all areas or property types. Currently, single family homes in certain price ranges are in demand and may see multiple offers, while there is a larger supply of condos waiting for buyers. Since the Greater Victoria market is made of many sub-markets, it is important to connect with your favourite local REALTOR® to discuss a strategy for your property type.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in April 2024 was $1,301,800. The benchmark value for the same home in April 2025 increased by 3.3 per cent to $1,344,800, up from March’s value of $1,335,300. The MLS® HPI benchmark value for a condominium in the Victoria Core area in April 2024 was $561,200 while the benchmark value for the same condominium in April 2025 increased by 0.9 per cent to $566,100, up from the March value of $560,400.

Full statistical package available here.