The Victoria Real Estate Board has released their statistics for the month of May. The following is an excerpt from their press release.
June 2, 2025 A total of 758 properties sold in the Victoria Real Estate Board region this May, 0.7 per cent fewer than the 763 properties sold in May 2024 but 18.1 per cent more than in April 2025. Sales of condominiums decreased by 6 per cent from May 2024 with 221 units sold. Sales of single family homes increased by 0.5 per cent from May 2024 with 401 sold.
"Victoria's real estate market in the month of May was positive for consumers on both sides of the transaction," said 2025 Victoria Real Estate Board Chair Dirk VanderWal. "Ample inventory coming to market outpaced brisk sales, which provided a consistent amount of choice and eased competition on high-demand properties. More balanced market conditions were supported by stability both in prices and in interest rates. The May market was resilient, and that steady pace is a little boring to report on but has been much more comfortable for buyers and sellers to navigate than markets we've seen in past years."
There were 3,716 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of May 2025, an increase of 8.5 per cent compared to the previous month of April and an 11.3 per cent increase from the 3,338 active listings for sale at the end of May 2024.
"The past month we saw the highest total sales that we've seen since May 2024, which was the peak month last year," adds Chair VanderWal. "We've also tracked the highest number of new listings incoming since May 2008, which helped to keep the market balanced. It is important to remember that our housing market is made up of many micro markets, and if you are shopping for a downtown condo your experience and strategy is going to be much different than someone who is shopping for a suburban detached home. Enlisting the help of a local REALTOR® will help ensure that one of the biggest financial transactions you'll make in your lifetime is a great success."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in May 2024 was $1,309,700. The benchmark value for the same home in May 2025 increased by 1.3 per cent to $1,326,600, down from April's value of $1,345,200. The MLS® HPI benchmark value for a condominium in the Victoria Core area in May 2024 was $569,500 while the benchmark value for the same condominium in May 2025 decreased by 0.9 per cent to $564,100, down from the April value of $566,300.
This chart tracks the ratio of total residential sales over total active residential listings at month-end for each of the last 25 months:
Based on a regression analysis performed by the economics department at the BC Real Estate Association in each market area of the province, the Sales to Active Listings Ratio for Victoria can be interpreted as follows:
below 14%, there is downward pressure on prices (buyers' market)
above 20%, there is upward pressure on prices (sellers' market)
in the 14-20% range, there is little pressure on prices either way (balanced market)