Victoria Real Estate Market Navigates Political and Economic Uncertainty

April 2025 brought a mixed bag of results for the Victoria real estate market, with sales reflecting both resilience and caution amid broader uncertainties. According to the Victoria Real Estate Board, a total of 642 properties were sold in the region this April, marking a 5.3% decline from the 678 properties sold in April 2024. However, sales saw a 4.7% uptick compared to March 2025, signaling a modest rebound as the spring market unfolds.

Sales Trends: Single Family Homes and Condos

Breaking down the numbers, single family home sales held relatively steady, with 335 homes sold—a slight 0.6% dip from April 2024. Condominium sales, on the other hand, saw a more pronounced decline, dropping 10.1% year-over-year to 187 units. Despite these decreases, the market’s ability to maintain momentum from March suggests underlying stability.

“While sales were up from March, activity in April was most likely impacted by events in play well beyond our immediate real estate market,” said Dirk VanderWal, 2025 Chair of the Victoria Real Estate Board. “Political uncertainty associated with the federal election, combined with broader economic concerns stemming from the United States, tempered our spring market growth. And yet, like last month, despite these external factors, the Victoria market demonstrated continued stability, as evidenced by flat price growth and steady inventory levels.”

Inventory: A Balanced Market

Inventory levels continue to support a balanced market, with 3,425 active listings on the Victoria Real Estate Board’s Multiple Listing Service® at the end of April 2025. This represents a 13.3% increase from March 2025 and a 13.5% rise compared to the 3,017 listings available in April 2024.

“We remain in that sweet spot of inventory, which we currently find is between 3,000 and 4,000 listings,” VanderWal noted. “This amount of inventory ensures that overall demand can be met and pressure on pricing is lessened. It also means consumers have more time to compare options, make plans, and evaluate their decisions.”

However, market dynamics vary across property types and neighborhoods. Single family homes in specific price ranges are seeing strong demand, occasionally attracting multiple offers, while condominiums are experiencing a surplus, giving buyers more options. VanderWal advises, “Since the Greater Victoria market is made of many sub-markets, it is important to connect with your favorite local REALTOR® to discuss a strategy for your property type.”

Price Trends: Modest Growth

Home prices in Victoria have shown modest growth, reflecting the market’s stability. The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core rose to $1,344,800 in April 2025, a 3.3% increase from $1,301,800 in April 2024 and up slightly from $1,335,300 in March 2025. Condominium benchmark values in the same area edged up by 0.9% year-over-year, reaching $566,100 from $561,200, and saw a small increase from March’s $560,400.

Looking Ahead

As Victoria’s real estate market navigates a landscape shaped by political and economic uncertainties, its ability to maintain balance is a testament to its resilience. With healthy inventory levels, stable prices, and varied opportunities across property types, buyers and sellers alike have room to make informed decisions. For those looking to enter or move within the market, partnering with a local REALTOR® can provide valuable insights into the nuances of Victoria’s diverse sub-markets.

Stay tuned for next month’s update as we continue to track the trends shaping Victoria’s real estate landscape.