Monthly Market Update
Monthly Market Update
May 2025
Greater Victoria Real Estate Market Update – April 2025
Real estate Market Slower in April as Economic Uncertainty Lingers
Home sales in Greater Victoria slowed again in April, as economic uncertainty—especially around interest rates—continued to weigh on buyers’ confidence.
There were 613 homes sold through the MLS last month, which is 23% below the 10-year average for April (791 sales). This marks the fourth lowest April for sales since the year 2000.
Detached homes saw the biggest dip compared to their long-term average, with 330 sales—22% below average. Condo sales were also down 22%, with 181 sold, and townhomes were down 6% (81 sales).
Despite the slowdown in sales, sellers kept listing properties at a strong pace. There were 1,520 new listings in April, up 3% from last year and 22% above the 10-year April average.
Inventory continued to build. There were 2,737 active listings in Greater Victoria—52% higher than the 10-year average, and the highest since September 2015. Breaking it down by property type:
� Condo listings surged 82% (926 units)
� Townhome listings rose 79% (298 units)
� Detached home listings increased 33% (1,322 units)
The months of inventory (MOI)—a measure of market balance— climbed to 4.5 in April, up from 4.0 in March. That’s the highest MOI for April (outside of the pandemic) since 2014.
Market conditions vary by property type:
� Detached homes (4.0 MOI) and townhomes (3.7 MOI) are still somewhat seller-friendly
� Condos, with an MOI of 5.1, have entered balanced market territory
The Bottom Line
Buyers are facing more choice, but also more challenges—from rate uncertainty to stricter lending conditions. For sellers, the key will be realistic pricing in a market where inventory is high and competition is increasing. Staying informed and flexible will be essential in the months ahead.
Sincerely,
Michele, Mark and Eric
