2025 housing market kicks off with good balance of inventory and stable pricing

February 3, 2025

A total of 422 properties sold in the Victoria Real Estate Board region this January, 23.8 per cent more than the 341 properties sold in January 2024 and 0.2 per cent more than in December 2024. Sales of condominiums were up 30.4 per cent from January 2024 with 146 units sold. Sales of single family homes increased by 19.8 per cent from January 2024 with 194 sold.

"We've seen a strong hand off from the December market to January with a good sense of momentum building," said 2025 Victoria Real Estate Board Chair Dirk VanderWal. "Over the course of the month, we saw an uptick in new listings, and it is the first time in ten years that over one thousand new listings were added to our inventory in a January. This is a positive sign for our market as we head into 2025."

There were 2,395 active listings for sale on the Victoria Real Estate Board Multiple Listing Service(R) at the end of January 2025, an increase of 4.6 per cent compared to the previous month of December and an 11.9 per cent increase from the 2,140 active listings for sale at the end of January 2024.

"The overall housing market in the Greater Victoria Area continues to show signs of balance," adds Chair VanderWal. "There are strong fundamentals underpinning our market. Pricing remains stable, inventory levels are favourable when compared to recent years and interest rates continue to trend in a positive direction for consumers. Of course, there may be uncertainty in the coming months as international trade relationships are tested, so we will track if these deliberations impact the market moving forward. As always, buying or selling your home is one of the largest financial decisions you'll make, and your favourite local REALTOR(R) is your best resource to help you navigate the process."

The Multiple Listing Service(R) Home Price Index benchmark value for a single family home in the Victoria Core in January 2024 was $1,252,200. The benchmark value for the same home in January 2025 increased by 2.8 per cent to $1,287,200, down from December's value of $1,306,400. The MLS(R) HPI benchmark value for a condominium in the Victoria Core area in January 2024 was $551,900 while the benchmark value for the same condominium in January 2025 decreased by 0.7 per cent to $548,100, up from the December value of $547,800.

https://www.vreb.org/mls_statistics/current_statistics.html