The cost to buy a free-standing home in Greater Victoria skyrocketed to highs in April not seen in years, according to the Victoria Real Estate Board, which just released its latest market data for the first full month of spring. 

 

April’s transaction volume via the Multiple Listings Service dipped by more than 5% compared to April of 2024, but what was shed in market activity was more than made up for by a staggering $1.39 million single-family-home average, while the median reached $1,200,000. Both figures represent the strongest price points for south Island houses since the low interest rate era culminated in 2022. April’s 335 single-family-home purchases were just two deals shy of 2024’s, but each property cost buyers an average of 8.2% more, while the median rose by 2%.

 

Victoria real-estate agent Ryan Cook (see website) of Remax Camosun says with interest rates significantly lower now than a year ago, and the potential for additional downward rate adjustments still on the horizon, seasoned buyers appear to be taking advantage of favourable lending opportunities amid squeezed supply of new-build single-family homes.

 

“Houses with land are driving the market in Victoria, primarily because the supply of new options is nowhere near demand. There is no question that if someone can afford to purchase a single-family-home in Victoria’s real-estate market, they will strive to do so,” Cook says, adding that “what I believe we saw in April was a response among buyers who knew what they wanted, who may have been on the sidelines anticipating the right product at the right price, and who were willing to execute quickly when the right property came along.”

 

Cook notes that April data may have been even more animated had it not been for the federal election, given the reliance on government employment in the Capital and how party policies may impact job growth. Now that politics is out of the way, stability may give the market more legs.

 

“Victoria’s dependence on government jobs gives our region both a buffer from economic jolts that can be felt in other parts of Canada, but it also means we are more exposed to government-related changes that elections can bring,” Cook says. “With the Liberals winning re-election, many local buyers that are directly or indirectly employed by government will feel a sense of stability, and that means they’ll be better equipped to make major decisions.”

 

As for condominiums, that segment of the market continues to struggle throughout the south Island and remains particularly challenged in downtown Victoria. 187 sales via MLS were recorded in April, down from 208 last year. Prices also dipped to their lowest average in all of 2025, landing at $604,573, a slight notch below 2024’s $605,816. The median was $547,000, the lowest in 2025 so far, but slightly ahead of April 2024’s $543,500.

 

“The condominium market is still poised for concessions among sellers, especially those who have carried their listing for some time. I encourage buyers eyeing a condominium purchase to put their best foot forward and write offers that could be perceived as bullish, but may entice a seller. Now is a great time to take a chance as the market continues to retain inventory as listings grow,” Cook said.

 

Townhomes, the least busiest segment of the main three market sectors due to low availability of re-sale inventory, generated 79 transactions via MLS compared to 82 last year, at an average of $795,421 and at a $775,000 median. The average dipped from $828,896 one-year-ago, but the median rose by $5,000.

 

As for new listings and market inventory on MLS, the total for fresh offerings essentially mirrored that of 2024 at 1,629 units, as total inventory reached 3,425 units, just over 400 higher than last year’s 3,017.

 

Looking forward, May is historically the strongest month for sales in Greater Victoria and represents the peak of the busy spring market. Home sales tend to wane slightly in June, followed by even more tempered activity during the summer months. Given Canada’s now stabilized federal politics, the potential for even lower interest rates, and Victoria being one of the most desirable places to call home in all of Canada, the story of 2025’s housing market on the south Island is just beginning. C

 

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