Monthly Market Update
Monthly Market Update
April 2025
Greater Victoria Real Estate Market Update – March 2025
Sales in Greater Victoria moved further from their long-run monthly average in March as tariff-related economic uncertainty restrained activity. In tandem with robust new listings activity, inventory continued to rise, reaching its highest level for March since 2015.
Market Overview
The economic uncertainty the world faces right now certainly colours our local real estate market. Despite this, our market remains stable and balanced as it has in recent months. Inventory levels this past month held steady at over three thousand listings, which meant that there was a good amount of selection for buyers, while relatively flat pricing meant more predictability for sellers and buyers.”
Balanced Market Creates Opportunities
“As in past months, the balanced market in March softened the demand-side pressures of markets we’ve seen in recent years. There is more time for decision-making, which is a positive aspect for both sellers and buyers,” adds Chair VanderWal. “Thoughtfully priced and presented homes are selling well, and we do see instances of multiple offers, which is often a hallmark of the spring market. For the best outcomes in your property search or sale, connect with your favourite local REALTOR® to navigate the current market.”
Local Trends
Open houses continue to be well attended, and the hottest segment of the market appears to be in the $900,000 to $1.3 million range, where multiple offers are occurring. The recent reduction in interest rates has made this price point particularly attractive, especially for properties with rental income potential.
Vancouver Market Comparison
While Victoria maintains a stable market, Vancouver home sales have hit their lowest March levels since 2019, despite an increase in housing supply. This contrast highlights the resilience of Greater Victoria’s market amidst broader economic challenges.
Current Statistics
� Total Sales: 613 properties sold in March 2025—a 4.3% increase from March 2024 and a 16.1% rise from February 2025.
� Condominium Sales: Up 14.1% from March 2024, with 202 units sold.
� Single-Family Home Sales: Increased by 2.1% from March 2024, with 292 homes sold.
� Active Listings: 3,023 active listings at the end of March 2025, marking a 14.9% increase from February 2025 and a 14.2% increase from March 2024.
Pricing Trends
� The MLS® Home Price Index benchmark value for a singlefamily home in the Victoria Core rose by 3.6% year-over-year, reaching $1,335,300 in March 2025.
� The benchmark value for a condominium in the Victoria Core increased by 0.4% year-over-year to $560,400.
With a stable and balanced market, Greater Victoria continues to offer opportunities for both buyers and sellers. If you're considering buying or selling, reach out to your trusted real estate professional for expert guidance.
Sincerely,
Michele, Mark and Eric
