Victoria’s Real Estate Market
Is Waking Up
As we move into spring, real estate headlines start to pick up again. Let’s step back and look closely at the data so you have a clear picture of what’s actually happening in the market — and what it means for you.
in March
sales increase
decade high
The spring market is waking up
There were 579 properties sold in March across Greater Victoria, up 24.5% from February, but still about 5% below March of last year (613 sales). For March, this is the lowest sales total since 2014. Activity is building into the typical busier spring season — but it’s not a surge.
Buyers are returning to the market with more confidence than the slow winter months, but they’re moving deliberately. It’s an active spring — just not the urgency we saw a few years ago.
Inventory is meaningfully higher than a year ago
Active listings in Greater Victoria have climbed above 3,200 homes — the highest March inventory in roughly a decade.
Buyers now have more options and less urgency than in the ultra-tight markets of the past few years. Sellers are facing more competition, which means preparation, pricing, and positioning are increasingly important.
Prices are moving differently depending on property type
Detached homes continue to show strength, with HPI Benchmark prices trending up slightly across Greater Victoria — though still down roughly 1–4% compared to one year ago. Townhomes remain stable, with Saanich, Westshore, and Peninsula prices outpacing the Victoria Core. Condominium prices remain softer across the region.
Buyers may find the best value and negotiating room in the condo market right now. Sellers in that segment need to be especially strategic with pricing.
Victoria continues to show resilience
Across Canada, housing activity has struggled to regain strong momentum due to borrowing costs and economic uncertainty. By contrast, Victoria has remained relatively steady, supported by lifestyle migration, limited long-term supply, and consistent local demand.
Our market tends to be more stable than many larger Canadian cities — but it’s still price-sensitive. Homes that align with market expectations continue to sell; those that don’t often sit.
Pricing strategy matters more than the season
One emerging theme this spring is the reappearance of listings that didn’t sell last fall — meaning some sellers are now competing against homes that have been on the market before.
For sellers, success is increasingly tied to realistic pricing and strong positioning from day one. For buyers, this environment can create opportunities — especially when a property has been sitting longer than expected.
Our Perspective
Victoria’s market is balanced and thoughtful — active, but not overheated. Well-priced homes are selling, buyers are engaged, and increased inventory is creating a healthier environment for both sides.
It’s also important to remember that Victoria consists of many micro-markets, each with unique conditions and demand. Buyers and sellers benefit from analyzing these in detail rather than relying solely on broad regional trends.
If you’re curious what these trends mean for your own plans, we’re happy to walk through the numbers and discuss strategy.
Thinking about a move this spring?
