Victoria Real Estate Market Update-May 2025

May 2025

Victoria real estate activity has slowed somewhat this spring compared to the last few years. This is most likely due to the ongoing economic uncertainty generated by the ongoing Trade war with the US, and the continued high interest rates. Prices have remained relatively unchanged over the last few months, which shows the resilience of the Victoria market. Not much should change in the coming months

Below are some of the statistics for April 2025

Listing Inventory:

There were 3,425 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of April 2025, an increase of 13.3 % compared to the previous month of March and a 13.5 % increase from the 3,017 active listings for sale at the end of April 2024. This increased inventory bodes well for Buyers, while Sellers must price their homes competitively if they are to attract offers.

Sales:

A total of 642 properties sold in the Victoria Real Estate Board region this April, 5.3 % fewer than the 678 properties sold in April 2024 but 4.7 % more than in March 2025. Sales of condominiums decreased by 10.1 % from April 2024 with 187 units sold. Sales of single family homes decreased by 0.6 % from April 2024 with 335 sold. Sales are lower than the 2024 numbers, and this trend should continue for the foreseeable future until confidence returns to the economy and market.

Average Prices:

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in April 2024 was $1,301,800. The benchmark value for the same home in April 2025 increased by 3.3 % to $1,344,800, up from March’s value of $1,335,300. The MLS® HPI benchmark value for a condominium in the Victoria Core area in April 2024 was $561,200 while the benchmark value for the same condominium in April 2025 increased by 0.9 % to $566,100, up from the March value of $560,400. With lower sales and increased availability of homes, the usual supply and demand models would see prices drop. However, these current stable prices are encouraging and show the strength of our market in these uncertain times.

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

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