The Victoria Real Estate Board (VREB) has announced a positive start for the 2025 housing market with good inventory balance and stable pricing, though the year's outlook remains uncertain.
“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 1,000 new listings were added to our inventory in January. This is a positive sign for our market as we head into 2025.”
While trends are good, VREB did state the future is not certain, as the possibility of U.S. Tariffs remain top of mind.
“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,” VanderWal stated.
This January saw a total of 422 properties sold within the VREB region, a 23.8 per cent increase from the 341 properties sold in January last year. One hundred and forty-six condominium sales marked a 30.4 per cent rise compared to January 2024, while 194 single family home sales saw a 19.8 per cent increase relative to this time last year.
A total of 2,395 active listings for sale on the VREB multiple listing service at the end of January 2025 highlighted a 11.9 per cent increase compared to last January and a 4.6 per cent gain from December 2024.
“The overall housing market in the Greater Victoria area continues to show signs of balance,” said 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.”
VREB’s Multiple Listing Service Home Price Index benchmark showed the value of a single home in the Victoria Core to be $1,252,200 as of January 2024, increasing 2.8 per cent to $1,287,200 in January 2025, although still a decrease from December 2024’s price of $1,306,400. Meanwhile condominium values decreased 0.7 per cent from last year but also saw a slight increase from December.
