Posted on
May 29, 2025
by
Scott Johnston
Spring 2025 Victoria Real Estate Market Update
By Scott Johnston, Local REALTOR®
As we step into spring 2025, the Victoria real estate market is showcasing a blend of resilience and opportunity. Here's an in-depth look at the current landscape:
🏡 Market Snapshot: March & April 2025
March 2025: 613 properties sold, marking a 4.3% increase from March 2024 and a 16.1% rise from February 2025.
April 2025: 642 properties sold, a 5.3% decrease from April 2024 but a 4.7% increase from March 2025.
Despite global economic uncertainties, the market remains stable, with inventory levels holding steady around 3,000 listings, providing buyers with ample options.
📉 Condo Market: A Temporary Dip
The condominium sector experienced a slight slowdown in April, with sales decreasing by 10.1% compared to April 2024, totaling 187 units sold. This dip is attributed to broader economic factors rather than a fundamental shift in demand. For buyers, this presents an opportunity to explore options in a more balanced market.
🏠Detached Homes: Continued Demand
Single-family homes remain a strong segment, with 335 units sold in April 2025, just a 0.6% decrease from April 2024. Certain price ranges continue to see multiple offers, indicating sustained demand. The average price for single-family homes in the Victoria Core was $1,309,500 in February 2025, up from $1,262,200 in February 2024.
🌆 Municipality Highlights
Victoria Proper: The heart of the city offers a vibrant urban lifestyle with access to cultural amenities, dining, and waterfront views. Properties here continue to attract professionals and retirees alike.
Esquimalt: Known for its military presence and proximity to downtown, Esquimalt offers more affordable housing options with potential for future growth.
Oak Bay: A prestigious area known for its heritage homes, top-rated schools, and proximity to the ocean, Oak Bay remains a sought-after neighborhood for families and retirees.
Saanich: Offering a mix of urban and rural living, Saanich provides larger lot sizes and a more relaxed pace, appealing to those seeking space and tranquility.
Looking Ahead
As we approach the peak of the spring market, inventory levels are expected to rise, providing more choices for buyers. While the condo market experiences a temporary slowdown, detached homes continue to be in demand, especially in desirable neighborhoods. For both buyers and sellers, now is an opportune time to engage with a local REALTOR® to navigate the current market dynamics.
