March 2025
February was a steady month for Greater Victoria real estate as listing inventory remained balanced while sales numbers increased at the typical pre-spring rate of previous years. This trend should continue into the spring, but with a few bumps along the way during the tariff war with Trump. The bank of Canada dropped it’s overnight rate by .25% this morning, down to 2.75%, which is a welcome relief for the real estate industry while we are currently dealing with the fallout from the on again, off again, Trump tariffs. Let’s hope this gets resolved sooner than later, so we can resume our normal spring market.
Below are some of the statistics for February 2025
Listing Inventory:
There were 2,630 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2025, an increase of 9.8 % compared to the previous month of January and an 11% increase from the 2,364 active listings for sale at the end of February 2024. The overall listing inventory is up slightly from last year, but it still remains a balanced market. However, with only about 1 in 5 homes selling per month, Sellers must price their homes correctly to attract any attention from the Buyers.
Sales:
A total of 528 properties sold in the Victoria Real Estate Board region this February, 12.3 % more than the 470 properties sold in February 2024 and 25.1 % more than in January 2025. Sales of condominiums were up 26.3 % from February 2024 with 192 units sold. Sales of single family homes increased by 4.5 % from February 2024 with 234 sold. The overall numbers were encouraging for February, and the increased sales trend that would have usually continued into the spring, may slow down due to the Trade War with the US coupled with an upcoming Federal election in Canada.
Average Prices:
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February 2024 was $1,262,200. The benchmark value for the same home in February 2025 increased by 3.7 % to $1,309,500, up from January’s value of $1,287,200. The MLS® HPI benchmark value for a condominium in the Victoria Core area in February 2024 was $554,700 while the benchmark value for the same condominium in February 2025 decreased by 0.5 % to $551,900, up from the January value of $548,100. Prices have remained steady with not a lot of change one way or another, and should remain stable throughout the next few months. Single family prices increased more than they have in previous months, but will most likely slow down in the coming months due to the effects of the Trade War, and the Federal election that will be announced soon. Interesting times indeed.
If you or any of your family or friends require any real estate related information, feel free to contact Dale at 250-744-0844, or email him through his website: www.dalesheppard.com
