Victoria Real Estate Market Holds Steady Amid Political and Economic Uncertainty
Victoria’s real estate market is proving its resilience this spring, holding steady despite growing political and economic uncertainty both locally and internationally. The latest figures from the Victoria Real Estate Board (VREB) reveal a nuanced market that continues to balance supply and demand, while price growth remains stable across key property types.
In April 2025, a total of 642 properties were sold across the Victoria Real Estate Board region. This marks a 5.3% decrease from the 678 properties sold in April 2024, yet a 4.7% increase over March 2025, signaling that while the market has cooled slightly year-over-year, momentum has picked up month-to-month heading into the spring season.
Breaking down the numbers by property type shows a mixed landscape. Sales of condominiums saw a more notable slowdown, with 187 units sold in April 2025, reflecting a 10.1% decrease compared to April 2024. In contrast, single family home sales remained comparatively stable, dipping only 0.6% year-over-year with 335 homes sold in April 2025.
“While sales were up from March, activity in April was most likely impacted by events in play well beyond our immediate real estate market,” explained Victoria Real Estate Board Chair Dirk VanderWal. “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.”
For buyers and sellers, these external influences—ranging from national politics to global economic signals—can create hesitancy in the market. However, Victoria continues to demonstrate underlying strength, with prices holding firm and inventory levels providing much-needed breathing room for consumers.
At the end of April 2025, there were 3,425 active listings for sale on the Victoria Real Estate Board’s Multiple Listing Service®. This is a 13.3% increase from March 2025 and a 13.5% increase compared to April 2024, when 3,017 listings were available.
“The good news is we remain in that sweet spot of inventory, which we currently find is between 3,000 and 4,000 listings,” VanderWal added. “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.”
This increase in available listings benefits buyers, offering greater choice and reducing the urgency to make snap decisions. However, VanderWal notes that not all property types or price ranges are experiencing the same dynamics: “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.”
This is where an experienced local agent like Brad Maclaren, widely regarded as one of the top realtors in Victoria BC, becomes an invaluable asset. With deep knowledge of Victoria’s neighborhoods, property types, and market trends, Brad helps clients navigate these shifting dynamics with tailored strategies, ensuring they’re well positioned whether buying or selling.
Despite a slower pace of sales compared to last year, home prices continue to rise modestly, reflecting the market’s underlying stability. The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core climbed 3.3% year-over-year, rising to $1,344,800 in April 2025 from $1,301,800 in April 2024. Compared to March 2025, when the benchmark was $1,335,300, prices are holding steady, signaling a balanced market.
Condominium prices also saw modest appreciation, with the benchmark value for a Victoria Core condo increasing by 0.9% year-over-year to $566,100 in April 2025, up from $561,200 in April 2024. This price stability offers opportunities for first-time buyers or investors looking to enter the market while interest rates and borrowing conditions remain competitive.
For sellers, this balanced environment provides confidence that properties will attract serious buyers without extreme competition or price volatility. For buyers, it represents a window of opportunity to make thoughtful decisions, explore more listings, and secure properties that align with long-term goals.
Brad Maclaren emphasizes that Victoria’s market is not a one-size-fits-all landscape. “Each neighborhood, property type, and price point has its own story,” Brad shares. “Whether it’s a family looking for their forever home in Oak Bay, an investor eyeing downtown condos, or retirees seeking a peaceful property in Saanich, the strategy needs to reflect the specific market conditions of that segment.”
With over two decades of award-winning service, Brad has built a reputation as one of the best real estate agents in Victoria BC, guiding clients through shifting markets with expertise, integrity, and personalized care. His approach ensures buyers and sellers alike feel confident and empowered in their decisions, no matter how the broader market evolves.
As political and economic factors continue to shape Canada’s real estate outlook, working with a trusted local expert is more important than ever. Brad offers up-to-date insights, tailored advice, and a proven track record to help you navigate Victoria’s complex and evolving real estate landscape.
Thinking of buying or selling a home in Victoria? Contact Brad Maclaren today to discuss your real estate goals with one of Victoria’s most trusted and top-performing REALTORS®.