Navigating a Shifting Landscape
Hey everyone, Jeff Bishop here with your April 2025 real estate market update for Victoria, British Columbia. As we move further into the spring market, it’s crucial to take a close look at the latest figures to understand the dynamics at play.
My analysis of the April data reveals some interesting trends. We’ve seen a year-over-year increase in both sales, up by 4.3%, and the number of new listings hitting the market, which has jumped by a significant 14%. This uptick in activity on both sides of the equation is something we’re carefully monitoring.
Looking at pricing, a recent chart from the British Columbia Real Estate Association highlighted that here in Victoria, our sale prices are up by 3.3% compared to where we were last year. This positive price movement stands in contrast to some other major markets in the province, like Vancouver, which have experienced price declines. This underscores the continued desirability and relative strength of our local market.
To get a clearer picture of the overall market balance, I’ve been focusing on a revised approach that considers both the months of inventory and the sales-to-new listings ratio. Based on these indicators, my assessment is that Victoria is currently in a balanced market environment, and we’re observing those prices trending upwards. This suggests a market that isn’t leaning heavily towards either buyers or sellers, but one where prices are gradually appreciating.
Victoria Real Estate Board’s Perspective on the April Market
Now, let’s take a look at the Victoria Real Estate Board’s findings for April. According to their report, a total of 642 properties sold in the Victoria Real Estate Board region this April, which is a 5.3 per cent decrease compared to the 678 properties sold in April 2024. However, it’s worth noting that sales did increase by 4.7 per cent from March 2025.
The Board specifically points out that sales of condominiums saw a more significant year-over-year decrease of 10.1 per cent, with 187 units sold. Single-family home sales also saw a slight decrease of 0.6 per cent from April 2024, with 335 homes sold.
Dirk VanderWal, the 2025 Victoria Real Estate Board Chair, commented on these figures, stating, “While sales were up from March, activity in April was most likely impacted by events in play well beyond our immediate real estate market. Political uncertainty associated with the federal election, combined with broader economic concerns stemming from the United States tempered our brisk 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.”
The VREB also reported on the number of active listings, noting 3,425 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of April 2025. This represents a 13.3 per cent increase compared to the previous month of March and a 13.5 per cent increase from the 3,017 active listings at the end of April 2024.
Chair VanderWal added, “The good news is we remain in that sweet spot of inventory, which we currently find is between 3,000 and 4,000 listings. 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. That said, activity is not the same across all areas or property types. Currently, single family homes in certain price ranges are in demand and may see multiple offers, while there is a larger supply of condos waiting for buyers. Since the Greater Victoria market is made of many sub-markets, it is important to connect with your favourite local REALTOR® to discuss a strategy for your property type.”
Finally, the VREB’s report provided benchmark price updates. For the Victoria Core, the Multiple Listing Service® Home Price Index benchmark value for a single-family home in April 2025 was $1,344,800, representing a 3.3 per cent increase from the April 2024 value of $1,301,800 and an increase from March’s value of $1,335,300. The MLS® HPI benchmark value for a condominium in the Victoria Core area in April 2025 was $566,100, a 0.9 per cent increase from the April 2024 value of $561,200 and also up from the March value of $560,400.
In Conclusion:
While my analysis highlights a year-over-year increase in sales and listings, coupled with a balanced market and rising prices, the VREB’s report provides valuable context. Their data indicates a slight overall decrease in sales compared to last year, potentially influenced by broader economic and political factors. However, the significant increase in active listings, as pointed out by the Board, is creating a more favorable environment for buyers with more choices and less intense pricing pressure. The differing market dynamics between single-family homes and condominiums, along with the nuances within specific sub-markets, underscore the importance of staying informed and seeking expert guidance in navigating the Victoria real estate landscape.