For those searching for a new home, fresh stats just dropped for Greater Victoria’s real estate market here’s what’s happening in the housing market right now
The Victoria Real Estate Board just released its latest snapshot, and while the market isn’t breaking records, it’s showing signs of stability and renewed energy.
Whether you’re house hunting, considering selling, or just love checking home prices (we see you), here’s what stood out in May 2025:
1. Sales were the strongest we’ve seen in a year
May saw 758 properties sold — the most since May 2024. That’s only 5 fewer sales than last year, but a noticeable 18.1% jump compared to April, as more buyers jumped into the market.
2. Inventory just had its biggest boost since 2008
There were 3,716 active listings at the end of May — up 11.3% from a year ago. Even more eye-catching, we had the most new listings in a single month since May 2008, which helped balance the market and ease some pressure on buyers.
3. Single-family homes are still trending up
The benchmark price for a single-family home in the Victoria Core is now $1.33 million, up 1.3% year-over-year. While that’s slightly down from April, it’s still holding steady overall.
4. Condos cooled off just a bit
Condo sales dropped 6% from last May, and benchmark prices slipped 0.9% to $564,100. But if you’re looking for an entry point into the market, this could be a good time to keep your eye on condos.
5. We’re still in a seller’s market — but it feels calmer
With the sales-to-active-listings ratio staying above 20%, Victoria is technically still in a seller’s market. But it’s not the chaos of previous years — things are more stable, and both buyers and sellers have a bit more breathing room.
6. Townhome prices are surprisingly down
Townhomes, which often sit between condos and houses in price and size, saw a 1.1% drop in sales and a small dip in value. The benchmark price is now around $859,700, making them a potentially overlooked option for upsizing.
7. Every neighbourhood is its own story
The board stresses that Victoria’s market is made up of micro markets — meaning your experience will vary a lot depending on where and what you’re shopping for. A downtown condo and a Saanich home might feel like entirely different markets, even in the same month.
