Greater Victoria Real Estate Market Remains Steady in February
March 3, 2025
The Victoria BC real estate market saw continued stability in February 2025, with a notable increase in sales activity compared to both the previous month and the same time last year. According to the Victoria Real Estate Board (VREB), a total of 528 properties changed hands this February, reflecting a 12.3% increase over February 2024 and a significant 25.1% jump from January 2025.
Among property types, condominium sales saw the largest year-over-year growth, rising 26.3% with 192 units sold. Single-family home sales also increased, up 4.5% from February 2024, with 234 transactions recorded.
A Balanced Market for Buyers and Sellers
“February was another stable month for local real estate,” said Dirk VanderWal, Chair of the Victoria Real Estate Board. “The combination of slowly growing inventory and slightly increased sales means that our market remains in balance from the start of the year, which creates comfortable conditions for both buyers and sellers. Nearly two years of steady prices combined with recent favorable interest rates are positive factors for our market. Thus far, 2025 has been a good year to buy and sell.”
The number of active listings continues to trend upward, providing more options for buyers. At the end of February 2025, there were 2,630 active listings on the Victoria Real Estate Board Multiple Listing Service® (MLS®), marking a 9.8% increase from January and an 11.3% rise from the 2,364 listings available in February 2024.
Spring Market Outlook
“In these market conditions, properties need to be well presented and properly priced to be successful,” VanderWal advised. “We are following our typical early spring market cycle, which generally peaks in late spring. Hopefully, in the upcoming weeks, we’ll see more inventory enter the market to meet consumer demand. We will also watch what impacts any changes to global economic policies may have on our market if and when they occur. Right now, there are many factors that impact your housing decisions, and your favorite local REALTOR® is ready to help you navigate the current market.”
Home Prices Show Modest Increases
The MLS® Home Price Index benchmark value for a single-family home in the Victoria Core area reached $1,309,500 in February 2025, reflecting a 3.7% increase from the $1,262,200 benchmark recorded in February 2024. This also represents a rise from January 2025, when the benchmark sat at $1,287,200.
Meanwhile, condominium prices in the Victoria Core area saw a slight year-over-year decrease. The MLS® HPI benchmark value for a condo in February 2024 was $554,700, while in February 2025, it dipped by 0.5% to $551,900. However, this marks an increase from January 2025’s benchmark value of $548,100.
Key Takeaways for Buyers and Sellers
With inventory increasing, favorable interest rates, and steady pricing trends, the Victoria BC real estate market remains a balanced environment for both buyers and sellers. As we approach the peak spring market, those looking to enter or exit the market should consider working closely with a knowledgeable REALTOR® to navigate the latest trends and opportunities.
For those looking for the top realtor in Victoria BC, working with an experienced professional like Brad Maclaren can provide valuable insights into the current market conditions. Whether you’re buying or selling, working with the best real estate agent in Victoria BC ensures you get expert guidance every step of the way.