Victoria Real Estate Market Update – February 2025
The 2025 housing market started with strong sales, rising inventory, and stable pricing, but uncertainty looms due to global factors.
🔹 For Buyers:
- More choice with inventory up 12% from last year and the highest number of new January listings in a decade.
- Interest rates remain favorable, keeping affordability steady.
- Prices are stable, with condos recovering from a fall slump and detached homes seeing modest gains.
🔹 For Sellers:
- Sales up 24% from last year, with demand holding steady.
- Inventory sits at 5.7 months, a level historically followed by 2-5% price increases.
- Well-priced homes are selling, but relisted properties indicate buyers remain price-sensitive.
🔹 Market Outlook:
- The market remains balanced but warm, with steady sales offset by strong new listings.
- Global economic shifts, trade policy uncertainty, and potential recession risks could impact conditions.
- The rental market is softening, with developers advised to adjust expectations.
Best Opportunities in Victoria’s 2025 Housing Market
🔹 For Buyers:
More choices– With inventory up 12% from last year, buyers have more selection and negotiating power. However we are seeing things heat up and the freshly listed single family homes are seeing multiple offers. Having a good strategy is key.
Favorable interest rates – Rates remain steady, making mortgages more manageable compared to the highs of the past two years.
Condos offer value – Prices are relatively flat, and with the rental market softening, there may be motivated sellers.
🔹 For Sellers:
Strong demand continues – Sales are up 24% year-over-year, showing buyers are active.
Well-priced homes are moving – With inventory at 5.7 months, historically followed by 2-5% price gains, the market remains balanced but warm.
Low competition in key segments – Detached homes are selling well, and townhouses remain in demand with limited availability.
🔹 For Investors & Developers:
Rental market shifts – With rents softening, those looking to buy investment properties may find deals, but developers should adjust expectations.
New listings at decade-highs – Some sellers are relisting after failing to sell last year, creating opportunities for negotiation.
Long-term stability – Despite global uncertainty, Victoria’s market remains resilient, offering a balanced environment for strategic investments.
Despite external factors, Victoria’s housing market remains stable with moderate growth potential in 2025.
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:
2025 housing market kicks off with good balance of inventory and stable pricing
February 3, 2025 A total of 422 properties sold in the Victoria Real Estate Board region this January, 23.8 per cent more than the 341 properties sold in January 2024 and 0.2 per cent more than in December 2024. Sales of condominiums were up 30.4 per cent from January 2024 with 146 units sold. Sales of single family homes increased by 19.8 per cent from January 2024 with 194 sold.
"We've seen a strong hand off from the December market to January with a good sense of momentum building," said 2025 Victoria Real Estate Board Chair Dirk VanderWal. "Over the course of the month, we saw an uptick in new listings, and it is the first time in ten years that over one thousand new listings were added to our inventory in a January. This is a positive sign for our market as we head into 2025."
There were 2,395 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2025, an increase of 4.6 per cent compared to the previous month of December and an 11.9 per cent increase from the 2,140 active listings for sale at the end of January 2024.
"The overall housing market in the Greater Victoria Area continues to show signs of balance," adds Chair VanderWal. "There are strong fundamentals underpinning our market. Pricing remains stable, inventory levels are favourable when compared to recent years and interest rates continue to trend in a positive direction for consumers. Of course, there may be uncertainty in the coming months as international trade relationships are tested, so we will track if these deliberations impact the market moving forward. As always, buying or selling your home is one of the largest financial decisions you'll make, and your favourite local REALTOR® is your best resource to help you navigate the process."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in January 2024 was $1,252,200. The benchmark value for the same home in January 2025 increased by 2.8 per cent to $1,287,200, down from December's value of $1,306,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in January 2024 was $551,900 while the benchmark value for the same condominium in January 2025 decreased by 0.7 per cent to $548,100, up from the December value of $547,800.
Full statistical package available here.
