Is Now a Good Time to Buy a Home in Victoria? (2025 Update)
If you’ve been watching the Victoria real estate market in 2025 and wondering whether now is the right time to buy, you’re not alone.
Across Canada, potential homebuyers are asking the same question: “Should I wait, or should I buy now?” Between interest rate fluctuations, rising inventory, and a changing economic landscape, it’s no surprise that many are feeling uncertain. But for buyers in Victoria, this year may actually present the best conditions we’ve seen in years.
In this post, I’ll break down what’s happening in our local market, what’s changed in 2025, and what it all means if you’re considering buying a home in Victoria this year.
The Short Answer: Yes, 2025 Offers a Window of Opportunity
Victoria’s real estate market has shifted into balanced territory, with more inventory, steady pricing, and less competition than we saw during the peak years of 2021–2022. That means buyers now have more options, more time, and more negotiating power.
Here’s a deeper look at the trends driving this shift—and why it matters.
1. More Homes Are Available Than We’ve Seen in Years
In May 2025, active listings in the Victoria Real Estate Board (VREB) region reached 3,716, the highest inventory level in over a decade. That’s 11.3% more listings than May 2024 and an 8.5% increase month-over-month.
What this means for you:
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More variety to choose from across neighborhoods and price ranges
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Less urgency, fewer bidding wars, and more room to think
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A chance to negotiate favorable terms or purchase below asking in some cases
If you’ve been frustrated by low inventory or having to compete with multiple offers in the past, this environment is a welcome change.
2. Interest Rates Have Stabilized
After two years of interest rate hikes across Canada, the Bank of Canada has held rates steady in 2025. While borrowing costs remain higher than pre-pandemic levels, rate stability gives buyers more predictability.
If you’ve been waiting for a more stable financing environment to lock in a mortgage, 2025 is offering just that. And with inflation cooling and long-term rates flattening, many economists expect minor rate relief by late 2025 or early 2026, which could renew buyer competition.
Buying now allows you to:
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Secure a home before demand surges again
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Refinance later if rates drop, while gaining value through long-term appreciation
3. Home Prices Have Leveled Off (But Not Collapsed)
Victoria hasn’t seen the steep price drops that some Canadian markets experienced, but prices have cooled off slightly compared to the highs of 2022–2023.
According to the VREB:
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The benchmark price for a single-family home in the Victoria Core in May 2025 was $1,326,600—up 1.3% year-over-year, but down slightly from April’s $1,345,200
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Condo prices dropped 0.9% year-over-year to $564,100, offering better affordability in the entry-level segment
This flattening of prices is a sign of a healthy, balanced market—one where long-term appreciation remains likely, but buyers don’t need to panic-buy.
4. You Have Time to Make the Right Decision
One of the biggest advantages of buying in today’s market is time.
In past years, buyers often had hours to make life-changing decisions—submit an offer, waive conditions, and compete with 5–10 other buyers. Now, with increased supply and fewer buyers rushing in, you can:
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View multiple homes before committing
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Ask more questions and do proper inspections
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Negotiate on price, closing date, or even get incentives from sellers
This slower pace gives first-time buyers, families, and downsizers the breathing room to make smarter, less pressured decisions.
5. Victoria Remains One of Canada’s Most Desirable Places to Live
While prices may feel high compared to smaller markets, Victoria’s real estate continues to hold value due to strong fundamentals:
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Limited land supply
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High quality of life
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Stable employment sectors (tech, healthcare, public service)
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Access to nature, culture, and amenities
If you’re buying with a long-term mindset, history shows that real estate in Victoria tends to appreciate steadily—even when national markets fluctuate.
But Should You Wait for Prices to Drop Further?
It’s a fair question—and one many buyers are asking.
Here’s the reality: There’s no perfect time to buy, only the right time for your situation. Trying to time the market perfectly often leads to missing great opportunities.
And with the possibility of interest rates easing in 2026, we may start to see more buyers re-enter the market. That means competition and prices could begin rising again—and the window for negotiating power could close.
If you’re financially prepared, have stable income, and plan to stay in your home for 3–5+ years, then 2025 offers a balanced moment with real opportunity.
Advice From Brad Maclaren: Think Long-Term, Not Just Headlines
Every buyer’s situation is different. That’s why I encourage my clients to think in terms of what makes the most sense for their goals, not just market noise.
If you’re considering a purchase this year, I can help you:
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Understand which areas are undervalued or emerging
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Compare historical vs. current pricing trends
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Connect with trusted mortgage professionals
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Walk you through homes that align with your needs and budget
My goal is always to help you feel informed, supported, and confident—whether you’re buying this month or just starting the process.
Final Thoughts: 2025 Is a Smart Year to Buy for the Right Buyer
Victoria’s market in 2025 is neither too hot nor too cold—and that’s good news.
With stable pricing, rising inventory, and a less aggressive buying environment, this year may offer one of the best buying opportunities we’ve seen in a long time.
If you’re ready to take the next step, let’s talk. Whether it’s your first home, a move-up purchase, or an investment, I’ll help you navigate the process from start to sold—with clarity, care, and a deep understanding of what makes Victoria real estate special.
Contact Brad Maclaren today!