A balanced market brings opportunity for both buyers and sellers

Victoria’s real estate market continued its steady trend in May 2025, offering a welcomed sense of stability for both buyers and sellers. According to the Victoria Real Estate Board (VREB), a total of 758 properties were sold across the region this past month—an 18.1% increase over April, and only 0.7% fewer than May 2024, which was the peak month for sales last year.

Despite broader economic uncertainty and interest rate conversations making headlines, the Greater Victoria housing market remains resilient, with ample inventory, steady prices, and balanced conditions making this one of the most navigable markets in recent years.

Sales Activity: Steady Demand Across Property Types

May saw a healthy pace of transactions across all categories:

• Single family home sales rose 0.5% year-over-year, with 401 homes sold

• Condominium sales dipped by 6% compared to May 2024, with 221 units sold

• Townhomes experienced a 1.1% decrease, with 90 units sold

While condos saw a modest decline in sales, the jump in overall transaction volume from April suggests that buyers are gaining confidence as inventory rises and interest rates hold steady.

“Victoria’s real estate market in the month of May was positive for consumers on both sides of the transaction,” said VREB Chair Dirk VanderWal. “Ample inventory coming to market outpaced brisk sales, which provided a consistent amount of choice and eased competition on high-demand properties.”

Home Prices: Slight Dip Signals Stability

After months of gradual increases, prices have shown signs of leveling—an indicator of a balanced market rather than a downturn.

MLS® HPI Benchmark Prices – May 2025:

• Single family homes (Victoria Core):
  $1,326,600 – up 1.3% year-over-year, but slightly down from April’s $1,345,200

• Condominiums (Victoria Core):
  $564,100 – down 0.9% from May 2024, and slightly down from April’s $566,300

This slight dip in prices month-over-month suggests greater flexibility for buyers, especially those entering the market for the first time or looking at condos. However, year-over-year growth in single family home values confirms long-term confidence in Victoria’s real estate market.

Inventory: Highest New Listings Since 2008

One of the most notable trends in May was the surge in new listings. The region saw the highest number of new listings since May 2008, adding much-needed choice to the market.

• Active listings at the end of May:
  3,716, up 8.5% from April and 11.3% year-over-year

This influx of inventory helped ease competition, giving buyers more time to compare options and sellers the opportunity to attract serious offers without the pressure of bidding wars.

“We’ve also tracked the highest number of new listings incoming since May 2008, which helped to keep the market balanced,” VanderWal noted.

Sales-to-Active Listings Ratio: A Balanced Market

The sales-to-active listings ratio helps determine whether we’re in a buyer’s, seller’s, or balanced market:

• Below 14%: Buyers’ market

• 14–20%: Balanced market

• Above 20%: Sellers’ market

As of May 2025, Victoria’s ratio remains within the balanced zone, reflecting a healthy equilibrium between supply and demand. This creates a more relaxed environment for negotiations, price discovery, and buyer decision-making.

What This Means for Buyers

If you’ve been waiting for the right time to enter the Victoria housing market, this may be your moment. With more homes to choose from and less competition per listing, buyers are in a better position to:

• Take time touring properties

• Compare price points and locations

• Negotiate favorable terms

• Avoid overbidding in hot markets

And with prices holding relatively stable, there’s no need to rush—or hesitate. It’s about finding the right property with the right strategy.

What This Means for Sellers

Sellers, too, are in a good position. Well-priced homes are still moving quickly, especially in high-demand neighborhoods and property types. With sales up nearly 20% month-over-month, the market is active, and quality listings are drawing serious attention.

If you’re considering listing your home this summer, it’s crucial to:

• Price competitively based on current data

• Stage the property for maximum appeal

• Use professional marketing tools (photography, video tours, and targeted exposure)

Working with a REALTOR® who understands how to position your property in today’s balanced market is key to selling quickly and for the best price.

Advice From Brad Maclaren: Navigating Victoria’s Market With Confidence

Whether you’re buying, selling, or investing, the May 2025 stats reinforce that stability is the new strength in the Victoria real estate market.

As one of the top realtors in Victoria BC, I help clients cut through the noise and make smart, data-informed decisions. My approach is rooted in:

• Real-time market insight

• Custom strategies for your goals

• A trusted network of professionals to support every stage of the transaction

And because Victoria is made up of many micro-markets—what’s true in Oak Bay may not apply in Langford—having hyperlocal knowledge on your side can make all the difference.

Ready to Take the Next Step?

Whether you’re looking to sell, buy, or simply want to better understand your options in today’s market, I’m here to help.

Contact me today to schedule a no-pressure consultation and receive a custom market analysis tailored to your property or home search.