The south Island’s March real-estate market appeared to give US tariff threats little time, as transactions outpaced 2023’s and 2024’s totals while prices posted fresh gains, according to the latest data from the Victoria Real Estate Board.

 

Single-family homes sold via the Multiple Listings Service (MLS) landed at a median price of $1,189,900 in March, a 5% jump over 2024’s $1,132,500 median (and 10% higher than 2023’s $1,080,000 March median). Last month’s median was, in fact, the highest since July of 2023’s $1,190,000. The average price paid across 292 sales for the month was $1,283,842, a 0.8% dip from $1,293,840 one-year-ago but 5% higher than 2023’s $1,225,446. Last year, the segment recorded 286 sales and in 2023, 281 houses sold.

 

The single-family-home category of Victoria’s housing market remains the holy grail of re-sales in Greater Victoria, and despite a strong showing over the first three months of 2025, Victoria realtor Ryan Cook (see website) with Re/Max Camosun believes the brunt of pent-up demand sidelined since 2022 has yet to enter into the buying equation.

 

“What we’ve seen in Victoria's single-family-home segment since the start of 2025 are buyers who appear to be responding to availability of quality inventory and not price or interest rates, as more sellers place their properties up for sale and give buyers greater choice. Those who are actively making offers now, are aware that this is the first spring market with depressed interest rates since 2022, meaning that once the broader market begins to respond to lower interest rates, plus rising choice on MLS, demand could rapidly materialize, which can lead to listing competition and price appreciation further into spring,” Cook said.

 

Cook also noted, that as Toronto and Vancouver home sales had a slow start to the year, Victoria's resilience even during March's tricky weather made the local situation all the more noteworthy, and will be a talking point for national discussions on housing supply and demand.

 

Meanwhile, the condominium segment on MLS saw its strongest buying activity in March since July of last year, posting 202 sales, as demand rose 14% above 177 sales in March of 2024. The average price paid was $642,059, a 2% increase over 2024’s $628,092, while the median at $565,000 was $10,000 higher than last year. This past March also saw sales overtake March of 2023’s 197-unit total.

 

Driving condominium uptake were two-bedroom units, increasingly in vogue due to rising costs of single-family homes and townhomes, and more enticing for dual-income purchases.

 

“Two-bedroom condos are quite popular currently on the re-sale market, and continue to have more draw among couples who can collectively afford larger floor plans, and in terms of affordability, it is much easier for a couple to carry a two-bedroom suite than a single buyer qualifying for a one-bedroom unit,” Cook says, adding that “one-bedroom condominiums are, in my opinion, ripe for bully offers as so much inventory is lingering on the market currently, primarily in the downtown area of Victoria and periphery. Many sellers are willing to negotiate, so there is opportunity there for someone working towards their first-time purchase.”

 

Townhomes had 79 sales via MLS in March, and one sale above last March’s 78 sales. Both the average and median prices fell year-over-year to $804,796 and $779,900, respectively, compared to $822,049 and $790,000, respectively.

 

Total sales for March, including manufactured homes and commercial properties, reached 613 transactions, 4.25% above last year’s 588.

 

Active listings on the market rose to 3,023 units and new listings settled at 1,487.

 

The interest rate environment continues to be favourable to buyers with five-year rates at alternative lending institutions falling below 4% for the first time since 2022. Major Canadian lenders are offering five-year rates in the range of 4.2%. Canada’s central bank has suggested a rate freeze is likely into spring, although the impact of US tariffs and policies that will follow Canada’s April 28th federal election could sway monetary policies. C

 

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