The British Columbia Real Estate Association (BCREA) has released their housing report for February 2025 highlighting a continuing strong start for the housing market through January 2025.
Changes in the MLS Composite Price Index (HPI), which gauges neighbourhood home price levels and trends showed mostly positive change throughout the province.
In Victoria the HPI saw one of its more dramatic changes across the province rising 3 per cent from last January and 1.1 per cent compared to February 2024. Only the interior saw a more drastic change with the HPI increasing 4.1 per cent year over year and 1.8 per cent from December. Meanwhile Vancouver Island’s overall HPI increased 2.8 per cent year over year and was up the same amount from December 2024.
Over the past month Victoria saw 400 units sold, a 24.6 per cent increase from last year, with the average price of a home in the region clocking in at $968,258, a 5.3 per cent increase from 2024. Victoria had 1,799 active listings with an increase of 11.9 per cent from 2024.
“Home sales largely maintained momentum from the end of 2024 into January with home sales rising 6.4per cent year over year,” said Brendon Ogmundson, BCREA’s chief economist.
Provincial home sales reached new highs as 4,221 were sold over the past month, while listing activity also started the year strong with 27.1 per cent more active listings available compared to 2024, with just under 31,000 total listings available.
“Given the accumulation of inventory over the past two years the BC housing market will start 2025 with its healthiest inventory environment in close to a decade,” said Ogmundson. Furthermore, housing prices seem to be remaining stable into 2025.
"With most markets across the province in balance, average prices have remained relatively stable for close to two years the average price in January was $949,000 a 1 per cent decline from the prior January.”
