The Victoria, BC real estate market continued its trend of steady performance in May 2025, offering welcome consistency for buyers and sellers alike. A total of 758 properties changed hands across the Victoria Real Estate Board (VREB) region, a marginal 0.7% decrease from the 763 sold in May 2024, but a notable 18.1% increase compared to April 2025.
Stable Activity Across Property Types
Sales volumes remained healthy across most housing categories. Single-family home sales saw a modest increase of 0.5% year-over-year, with 401 units sold, while condominium sales dipped by 6%, totaling 221 units.
This balanced pace helped support a calm, consumer-friendly market environment. As Dirk VanderWal, 2025 Chair of the Victoria Real Estate Board, noted, “Victoria’s real estate market in the month of May was positive for consumers on both sides of the transaction.”
A Market of Choice
Inventory continued to rise, with 3,716 active listings on the Multiple Listing Service® (MLS®) at the end of May, an 8.5% increase from April 2025 and an 11.3% jump from May 2024’s total of 3,338 listings. The surge in new listings not only supported the highest sales month since May 2024, but also helped relieve pressure on buyers navigating a traditionally competitive market.
“We’ve also tracked the highest number of new listings incoming since May 2008,” added VanderWal, highlighting a significant milestone in local housing supply.
Home Prices Remain Stable
Price trends further illustrate the market’s steady hand. The MLS® Home Price Index benchmark value for a single family home in the Victoria Core rose by 1.3% year-over-year, landing at $1,326,600 in May 2025. However, this figure dipped slightly from April’s $1,345,200, suggesting some short-term softening.
Conversely, condominium values saw a small decline. The benchmark value in the Victoria Core dropped by 0.9% from May 2024 to $564,100, also down from $566,300 in April.
A Balanced Market for All
Overall, May 2025 exemplified the benefits of a balanced real estate market, with more inventory, stable pricing, and reduced competition creating a more manageable environment for both homebuyers and sellers.
Still, VanderWal reminds us that “Victoria’s housing market is made up of many micro markets.” Whether you’re shopping for a downtown condo or a suburban detached home, your experience will vary, and the guidance of a knowledgeable local real estate agent remains essential.
