May 2025 MARKET UPDATE

Hi friends,

Thinking of buying or selling? Here’s what you need to know. As we head into the summer months, Victoria’s housing market continues to show signs of health and balance. While it’s not a red-hot seller’s market for most of the market, it’s also far from a downturn. Instead, we're seeing a stable environment where informed buyers and sellers can make confident, strategic moves.

📊 Sales Snapshot: Momentum is Building

May was the most active sales month since last spring, with 758 properties sold across the region — up 18% from April and nearly on par with May 2024 (just a 0.7% difference). But when you account for one fewer business day this year, sales per business day were actually up 4% year-over-year.

Here’s how that breaks down by property type:

🔹 Single Family Homes: 401 sales – Up 0.5% year-over-year$1,326,600 – Up 1.3% year-over-year

Detached homes continue to perform well, especially in sought-after neighbourhoods. Buyers remain active, and well-priced, well-presented homes are still moving efficiently.

🔹 Condominiums: 221 sales – Down 6% year-over-year$564,100 – Down 0.9%

Condo sales have softened slightly, presenting an opening for buyers — especially in urban areas like downtown Victoria where selection is strong.

🔹 Townhomes: 90 sales – Down 1.1% year-over-year $859,700 – Down 1.1%

Townhomes are holding fairly steady. With pricing easing just slightly, this category remains attractive to move-up buyers and downsizers alike.

📊 What’s happening in the market?

We now have 3,716 active listings across Greater Victoria — up 11.3% compared to this time last year, and 8.5% higher than April. Notably, May brought the highest number of new listings since 2008. But keep in mind: many of these are re-lists from 2023 or 2024. Sellers who’ve been waiting out the market are adjusting expectations and coming back with more competitive pricing. That’s keeping conditions stable and giving buyers more negotiating room.

🏦 Mortgage Watch

The Bank of Canada rate announcement was announced and they maintained the policy rate at 2.75%. Variable-rate mortgages are making a comeback — they now make up 44% of new mortgage activity, compared to just 10% a year ago.

With affordability still tight, your rate strategy matters more than ever. I’m happy to connect you with a mortgage specialist to explore your best options.

Let’s make informed decisions, together. 

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

Full statistical package available here.