​In February 2025, the Greater Victoria real estate market demonstrated stability, offering balanced opportunities for both buyers and sellers. A total of 528 properties were sold in the Victoria Real Estate Board (VREB) region, marking a 12.3% increase from the 470 properties sold in February 2024, and a 25.1% rise compared to January 2025. Condominium sales experienced a significant boost, with 192 units sold—a 26.3% increase from the previous year. Single-family home sales also saw growth, with 234 units sold, reflecting a 4.5% increase from February 2024. ​

The inventory of active listings reached 2,630 by the end of February 2025, showing a 9.8% increase from January 2025 and an 11.3% rise from the 2,364 active listings at the end of February 2024. This gradual growth in inventory, coupled with the uptick in sales, has contributed to a balanced market environment. VREB Chair Dirk VanderWal noted that the combination of steady prices over nearly two years and favorable interest rates has created comfortable conditions for both buyers and sellers. ​

Price trends have remained relatively stable. The Multiple Listing Service® Home Price Index (MLS® HPI) benchmark value for a single-family home in the Victoria Core was $1,309,500 in February 2025, a 3.7% increase from $1,262,200 in February 2024, and a slight rise from $1,287,200 in January 2025. Conversely, the benchmark value for a condominium in the Victoria Core decreased marginally by 0.5%, from $554,700 in February 2024 to $551,900 in February 2025, though it did see a slight increase from $548,100 in January 2025. ​

As we progress into the spring market cycle, which typically peaks in late spring, there is optimism for an influx of inventory to meet consumer demand. However, it's essential to remain attentive to potential impacts from global economic policies. In the current market conditions, properties that are well-presented and appropriately priced are more likely to succeed. Engaging with a local REALTOR® can provide valuable guidance to navigate these dynamics effectively. ​

In summary, the Greater Victoria real estate market in February 2025 has shown steady growth in sales and a gradual increase in inventory, fostering a balanced environment for both buyers and sellers. Maintaining awareness of market trends and seeking professional advice can help individuals make informed decisions in this evolving landscape.​vreb.org

Source: Victoria Real Estate Board, February 2025 Month End Statistics

The second annual Victoria Hot Chocolate Festival is warming up the city from February 1st to 28th, 2025. This year, over 25 local businesses are participating, each crafting unique hot chocolate creations. Notably, $1 from every hot chocolate sold is donated to the BC SPCA Victoria Community Animal Centre, blending indulgence with community support.

Featured Participants and Their Creations:

• Q Bar & Veranda at the Fairmont Empress: Offering "Marshall’s Marshmallow Melt," inspired by Paw Patrol’s firefighting Dalmatian, featuring milk chocolate crèmeux, roasted hazelnut, gooey marshmallows, and a spiced dog bone cookie.

• Courtyard Cafe: Serving a special hot chocolate combining rich chocolate syrup, house-made peppermint syrup, and house-made brownies, available at 463 Belleville Street.

• Caffe Fantastico: Collaborating with Victoria’s own Sirene Chocolate to melt their Winter Warmer chocolate, steamed with your choice of milk, offered at multiple locations including 965 Kings Road.

• Flourish BeauTea: Presenting a Strawberry Hot Chocolate at their downtown location, 667 Fort Street.

• Pendray Inn and Tea House: Focusing on quality ingredients, their Traditional Hot Chocolate is made without additives, syrups, or artificial flavorings, served with freshly made whipped cream at 309 Belleville Street.

• Duo Cafe Bakery: Indulge in their velvety Valrhona Hot Chocolate, balanced with a hint of vanilla and kosher salt, topped with a house-made peppermint marshmallow, located at the Inn at Laurel Point, 680 Montreal Street.

• Pure Lovin’ Chocolate: Offering a Black Forest Hot Chocolate made with 72% organic, Fair Trade chocolate and creamy oat milk, topped with coconut whipped cream, house-made candied cherry syrup, and gluten-free chocolate cookie crumble, found at 102-3 Fan Tan Alley.

• Cold Comfort Ice Cream: Featuring a Dairy-Free Chilly Chili Conetta—spicy hot chocolate ice cream with dairy-free fudge, marshmallow, and toasted meringue on a dairy-free/gluten-free cone, available at #2-1115 North Park Street.

• Malahat SkyWalk: Serving the "SkyWalker Hot Chocolate," a velvety steamed chocolate milk crowned with whipped cream, caramel sauce, a crispy stroopwafel, chocolate minis, and a chocolate M&M-covered marshmallow, located at 901 Trans Canada Highway.

• Working Culture Bread: Offering a Passionfruit Dark Hot Chocolate paired with a buttery shortbread cookie, at 2506 Douglas Street.

• Blue Crab Seafood House: Featuring a hot chocolate made with Callebaut Belgium chocolate, smoked lapsang souchong syrup, homemade whipping cream, double smoked bacon powder, and orange, located at 146 Kingston Street.

• Chocolats Favoris: Serving a Strawberries and Cream Hot Chocolate topped with whipped cream, mini meringues, and dehydrated strawberries, as well as a vegan dark peppermint hot chocolate made with oat milk, at 1010 Government Street.

• Beacon Brewing: Throughout February, offering three rotating hot chocolate-inspired beers—a Chocolate Stout with flavors of peppermint, marshmallow, and Mexican hot chocolate, located at 9829 Third Street in Sidney.

• The Courtney Room: Presenting a hot chocolate featuring Woods Crema Nocciola, Green Chartreuse, oat milk, chocolate, and orange oil, at 619 Courtney Street.

• Green Cuisine: Offering a Praline Brownie Hot Chocolate, located at 560 Johnson Street #5 in Market Square’s Courtyard.

• L’Apero Wine and Cheese Bistro: Introducing a Hot Chocolate Fondue with Belgian dark and milk chocolate, red wine reduction, and three fine cheeses for dipping, at 1028 Blanshard Street.

• The Drake Eatery: Serving "Beet This! Hot Chocolate," a blend of rich cocoa, earthy beets, and warming Árbol chilies, topped with oat milk whipped cream and beetroot powder, with optional additions of Lot 40 Dark Oak Rye Whiskey or Mezcal, at 517 Pandora Avenue.

• The Ruby: Offering a Mexican Hot Chocolate infused with cayenne, cinnamon, allspice, and nutmeg, topped with cinnamon-sugar whipped cream, with an option to add crème de cacao, and a Biscoff Hot Chocolate with caramel-infused delight topped with caramel and chocolate-dusted whipped cream.

For a complete list of participating businesses and their unique hot chocolate offerings, visit the festival's official website. This event not only showcases the creativity of Victoria's culinary scene but also supports a noble cause, making it a must-visit for locals and visitors alike.

For more information and updates, follow the Victoria Hot Chocolate Festival on Instagram.

On January 29, 2025, the Bank of Canada announced a 25 basis point reduction in its benchmark interest rate, bringing it down to 3%. This move, marking the sixth consecutive rate cut since June 2024, comes amid escalating concerns over potential U.S. tariffs on Canadian imports—a development that could significantly impact our national economy.

In tandem with this monetary policy adjustment, the Canadian government has introduced several mortgage reforms aimed at enhancing housing affordability and accessibility. These changes are particularly relevant for homebuyers and owners in the Greater Victoria area, where property values have seen substantial appreciation in recent years.

Understanding the Rate Cut

The Bank of Canada's decision to lower the interest rate is primarily a preemptive measure to cushion the economy against the anticipated adverse effects of proposed U.S. tariffs. President Trump's administration has signaled intentions to impose a 25% tariff on Canadian imports starting February 1, a move that could disrupt trade and economic stability.

By reducing the policy rate to 3%, the Bank aims to stimulate economic activity by making borrowing more affordable for consumers and businesses. However, it's important to recognize that while lower interest rates can lead to reduced mortgage rates, the broader economic uncertainties tied to international trade tensions may temper the housing market's response to this rate cut.

Key Mortgage Reforms

In response to ongoing housing affordability challenges, the federal government has enacted several significant mortgage rule changes:

1. Increased Insured Mortgage Cap: Effective December 15, 2024, the maximum price cap for insured mortgages has been raised from $1 million to $1.5 million. This adjustment allows buyers in high-cost markets, such as Victoria, to qualify for mortgages with a down payment of less than 20%.

2. Extended Amortization Periods: The government has expanded 30-year amortization options to all first-time homebuyers and purchasers of newly built homes. This change, effective December 15, 2024, aims to lower monthly mortgage payments.

Navigating the Path Forward

In these times of economic change, it's essential to approach home buying and ownership with a blend of optimism and caution. The recent policy shifts are designed to support Canadians in achieving their homeownership goals, but individual circumstances vary widely.

Engaging with a knowledgeable REALTOR® can provide personalized insights tailored to the Greater Victoria market. Additionally, consulting with financial advisors can help in understanding the long-term implications of mortgage choices and ensuring that decisions align with both current needs and future aspirations. Should you find yourself with real estate questions to your specific situation, please reach out - we’d be happy to hear from you.