As we step into 2025, the Victoria real estate market is showing signs of stability and steady growth. Whether you’re planning to buy, sell, or just keeping an eye on the market, understanding the trends can help you make the best decisions. Here’s a quick breakdown of what the stats are telling us and what it means for you.

December 2024 Market Snapshot

Last month, 421 properties were sold in the Greater Victoria area—a 28% increase compared to December 2023. While sales dipped slightly from November, this strong year-end activity signals a healthy demand in the market.

Here’s the breakdown:

• Single-Family Homes: 191 units sold (+20.9% from December 2023)

• Condominiums: 135 units sold (+25% from December 2023)

• Townhomes: 52 Units sold (+33% from December 2023)

Despite low inventory levels compared to long-term averages, 2024 closed with 6,893 properties sold—an 11% increase over 2023!

Inventory and Pricing Trends

At the end of December, we had 2,290 active listings, up 7.4% from December 2023 but down from November. Inventory is still tight, and when demand outpaces supply, prices tend to stay firm or rise.

• Single-Family Home Prices: The benchmark price in the Victoria Core hit $1,306,400—a 2.7% increase year-over-year.

• Condominium Prices: The benchmark price was $547,800, reflecting a slight 1.6% decrease.

• Townhomes: The benchmark price in the Victoria Core hit $845,500- a 2.7% increase year-over-year.

For buyers, this means acting decisively in a competitive market. For sellers, this could present an opportunity to take advantage of continued demand.

What Does This Mean for You?

For Buyers: The market’s steadiness, paired with consistent interest rates, is great news. If you’re ready to make a move, 2025 could be your year! Whether you’re upsizing, downsizing, or buying your first home, staying prepared and working with a knowledgeable REALTOR® will give you an edge.

For Sellers: With inventory levels still on the lower side, your property could be in high demand. However, pricing strategically and presenting your home in its best light will be key to maximizing its value.

Thinking of Moving or Know Someone Who Is? Let’s Connect!

Whether you’re planning your next move or know someone relocating to our beautiful city, I’d love to help. With over 12 years of experience and a deep passion for helping clients transition seamlessly, I’m here to make your real estate journey thoughtful and stress-free.

Reach out today to chat about your goals—or share my contact information with someone who’s looking to make Victoria their home. Let’s make 2025 the year we achieve your real estate dreams together!

Lisa's 2025 Victoria Real Estate Insight

As we head into 2025, the Victoria real estate market remains a mix of stability and opportunity. With steady sales, low inventory, and modest price growth, it’s a market that requires careful planning and strategy. Buyers should be prepared to act decisively, while sellers can benefit from strong demand and limited competition. Whether you're buying, selling, or helping someone relocate to our beautiful city, 2025 is shaping up to be an exciting year in real estate!

Let’s chat about how I can help you achieve your goals this year. 🏡

‘The art of home, thoughtfully delivered’

Lisa Davies | REALTOR®

From Victoria Real Estate Board:

A total of 421 properties sold in the Victoria Real Estate Board region this December, 28 per cent more than the 329 properties sold in December 2023 and a 23.6 per cent decrease from November 2024. Sales of condominiums were up 25 per cent from December 2023 with 135 units sold. Sales of single family homes increased 20.9 per cent from December 2023 with 191 sold.

A grand total of 6,893 properties sold over the course of 2024, an 11 per cent increase from the 6,207 sold in 2023. “2024 was a fairly calm year for local real estate,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “And this is what we like to see for consumers! It has been a year of stability and predictability. Prices have been relatively level for the past two years now, which has made it easier for buyers and sellers to navigate transactions with confidence. Even though 2024 had more months with over 3,000 listings than we have had in many years, we do continue to see low inventory levels when compared to long term averages. If inventory remains low and we see an increase in demand, we could very quickly return to a market where there is upward pressure on pricing. This is why the Board will continue to advocate for gentle density development in 2025.”

There were 2,290 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of December 2024, a decrease of 19.3 per cent compared to the previous month of November but a 7.4 per cent increase from the 2,132 active listings for sale at the end of December 2023. “The future for the market is of course impossible to predict,” added Chair Lidstone. “Recent changes that extend amortization periods for first time buyers, and updates to the property transfer tax thresholds help make homes more attainable, and hopefully help more people to enter the housing market. Consistent interest rates will also increase the ability for folks to make a move. 

As always, our market is subject to many influences and the purchase and sale process is complex. If you are contemplating buying or selling in 2025, call your favourite local REALTOR® who can create the best strategy for you and for your property.” The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in December 2023 was $1,272,000. The benchmark value for the same home in December 2024 increased by 2.7 per cent to $1,306,400, up 0.3 per cent from November’s value of $1,302,900. 

The MLS® HPI benchmark value for a condominium in the Victoria Core area in December 2023 was $556,500 while the benchmark value for the same condominium in December 2024 decreased by 1.6 per cent to $547,800, an increase of 0.6 per cent from the November value of $544,400. About the Victoria Real Estate Board – Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of REALTORS®. 

The Victoria Real Estate Board represents 1,652 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.

Full statistical package available here.