June 2025
The Victoria real estate market remains stable as we enter the summer. Sales and listing inventory was higher in May compared to the previous month, but prices dropped slightly in May. However, the first half of June has been quite busy for sales, so overall, the market is steady and should not change much over the summer months.
Below are some of the statistics for May 2025
Listing Inventory:
There were 3,716 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of May 2025, an increase of 8.5 % compared to the previous month of April and an 11.3 % increase from the 3,338 active listings for sale at the end of May 2024. Homes must be well priced to attract interest in this market as only about 1 in 5 homes are selling per month at this time.
Sales:
A total of 758 properties sold in the Victoria Real Estate Board region this May, 0.7 % fewer than the 763 properties sold in May 2024 but 18.1 % more than in April 2025. Sales of condominiums decreased by 6 % from May 2024 with 221 units sold. Sales of single-family homes increased by 0.5 % from May 2024 with 401 sold. May is traditionally the strongest month for sales in Victoria, and while the overall numbers remain stable, they are not as high as a typical hot spring market, resulting in higher levels of listing inventory. However, the last few weeks have seen an increase in sales, so June should be a decent month for sales..
Average Victoria Real Estate Prices:
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in May 2024 was $1,309,700. The benchmark value for the same home in May 2025 increased by 1.3 % to $1,326,600, down from April’s value of $1,345,200. The MLS® HPI benchmark value for a condominium in the Victoria Core area in May 2024 was $569,500 while the benchmark value for the same condominium in May 2025 decreased by 0.9 % to $564,100, down from the April value of $566,300. Prices dropped slightly in May, and with the increased listing inventory, lower overall sales and the Bank of Canada holding interest rates steady, the market could soften this summer if June sales numbers do not improve. So far June has been quite strong, so it is definitely hard to predict where things are going from month to month.
We closely monitor the Victoria real estate market. If you or any of your family or friends require related information, feel free to contact Dale at 250-744-0844, or email him through his website: www.dalesheppard.com
