Greater Victoria Housing Market Soars in April 2025: Single-Family Homes Hit $1.39M

The Greater Victoria real estate market roared to life in April 2025, with single-family home prices soaring to an astonishing average of $1.39 million—a level not seen since the low-interest-rate frenzy of 2022. According to the Victoria Real Estate Board’s latest data, this surge underscores a robust spring market, despite a slight dip in overall transaction volume.

Single-Family Homes Steal the Spotlight

In April, 642 properties changed hands from Sooke to Sidney via the Multiple Listings Service, a 5% drop from April 2024. However, the 335 single-family home sales, nearly matching last year’s 337, came with a jaw-dropping 8.2% price increase, pushing the median to $1.2 million. These figures mark the strongest price points for south Island homes since 2022.

Ryan Cook, a Victoria real estate agent with Remax Camosun, attributes this surge to favorable lending conditions and a chronic shortage of new single-family homes.

“Houses with land are driving the market in Victoria, primarily because the supply of new options is nowhere near demand,” Cook says. “What we saw in April was buyers who knew what they wanted, had been waiting for the right opportunity, and acted swiftly when it arose.”

Cook suggests that lower interest rates compared to a year ago, combined with the potential for further rate cuts, have emboldened seasoned buyers to capitalize on the market’s dynamics.

Election Stability Fuels Confidence

The recent federal election, with the Liberals securing re-election, has added a layer of stability to Victoria’s government-heavy economy. Cook notes that this outcome likely reassured buyers, particularly those tied to public sector jobs.

“Victoria’s dependence on government jobs gives our region a buffer from economic jolts felt elsewhere in Canada, but it also ties us to election-driven changes,” Cook explains. “With the Liberals’ re-election, many local buyers feel a sense of stability, empowering them to make major decisions like purchasing a home.”

Condominiums Face Challenges

In contrast, the condominium market struggled, with 187 sales recorded in April—down from 208 the previous year. The average price dipped to $604,573, the lowest in 2025, while the median hit $547,000, slightly up from $543,500 in April 2024. Downtown Victoria’s condo market, in particular, remains under pressure.

“The condominium market is still poised for concessions among sellers,” Cook advises. “Buyers eyeing a condo should put their best foot forward with bold offers that might entice a seller. Now’s the time to take a chance as inventory continues to grow.”

Townhomes Hold Steady

Townhomes, the least active segment due to limited resale inventory, saw 79 transactions compared to 82 last year. The average price fell to $795,421 from $828,896, but the median rose slightly to $775,000, up $5,000 from April 2024.

Inventory and Outlook

New listings in April totaled 1,629, nearly identical to last year, while overall inventory climbed to 3,425 units, up from 3,017 in 2024. Looking ahead, May typically marks the peak of Greater Victoria’s spring market, with sales tapering off in June and the summer months. With stabilized federal politics, the potential for lower interest rates, and Victoria’s enduring appeal as one of Canada’s most desirable places to live, the 2025 housing market is poised for an exciting year.