Posted on
March 7, 2025
by
Kelsey Woolley
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
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