January 2025 - Victoria MLS Market Update

by Dirk Popen

January Marks a Strong Start for Victoria’s Housing Market

The Victoria real estate market began 2025 on solid footing, with 422 properties sold in January, reflecting a 23.8% increase from the 341 sales in January 2024 and a slight 0.2% rise from December 2024. This steady activity suggests growing confidence among buyers and sellers as the new year unfolds.

Sales Breakdown:

Condominiums: 146 units sold, a 30.4% increase year-over-year.
Single-Family Homes: 194 units sold, up 19.8% from January 2024.

Victoria Real Estate Board Chair Dirk VanderWal noted the market’s strong momentum:

"We've seen a strong handoff from the December market to January, with a good sense of momentum building. 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."

Inventory Growth and Market Balance

The total number of active listings reached 2,395 at the end of January, marking a 4.6% increase from December and an 11.9% rise compared to January 2024. This increase in inventory provides buyers with more options and contributes to a more balanced market.

"The overall housing market in the Greater Victoria area continues to show signs of balance," added Chair VanderWal. "There are strong fundamentals underpinning our market. Pricing remains stable, inventory levels are favorable 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."

Pricing Trends

Single-Family Homes:
The MLS® HPI benchmark value for a single-family home in the Victoria Core was $1,287,200 in January 2025, a 2.8% increase from $1,252,200 in January 2024 but a slight dip from December’s $1,306,400 benchmark.

Condominiums:
The benchmark value for a condo in the Victoria Core was $548,100 in January 2025, reflecting a 0.7% decrease from $551,900 in January 2024 but a 0.1% increase from $547,800 in December 2024.

While single-family home prices remain on an upward trajectory, the condominium market continues to provide affordability for buyers seeking entry into the housing market.

Looking Ahead

With growing inventory and stable pricing, the Victoria real estate market is positioned for a steady start to 2025. Economic conditions, interest rate stability, and government policy changes will continue to shape the market, influencing both buyer confidence and housing affordability.

"As always, buying or selling your home is one of the largest financial decisions you'll make, and your favorite local REALTOR® is your best resource to help you navigate the process," said VanderWal.

For more in-depth market statistics, visit the Victoria Real Estate Board’s website.