Victoria’s June real-estate market surged well past last year’s activity with 761 sales across the Capital Region, according to the Victoria Real Estate Board's latest data release.

 

June’s transactions via the Multiple Listings Service (MLS) rose more than 15% compared to last June's 661-units, driven by single-family homes, but also a spike in non-downtown Victoria condominium buying activity.

 

402 single-family homes sold throughout the month on MLS, at an average of $1,306,064, or 3% above 2024’s $1,268,241 average over 342 sales. The median this year was $1,145,000, 3.4% below last year’s $1,185,000 median.

 

Victoria real-estate agent Ryan Cook (see website), of Victoria-based brokerage Re/Max Camosun, says the south Island has weathered much of the market jitters impacting other jurisdictions, but especially so for single-family-home inventory.

 

“Demand remains quite strong for houses, even at a price point of over $1.3 million for an average purchase,” Cook said. “We are our own little island when you take into consideration what is happening here, and contrast our market health with the headlines we are seeing from other cities in Canada more exposed to tariff issues, an over-supply of new-build homes and other factors.”

 

The overall health of the local condominium market remains balanced, even with Toronto’s and Vancouver’s problems painting a picture that is often attributed to all jurisdictions across Canada. In Greater Victoria, 249 sales were recorded in June via MLS, representing a whopping 23% uplift compared to 2024's 202 purchases, with prices fairly stable year-over-year. However, this segment of the market could have had an even stronger showing had it not been for the downtown Victoria stalemate, Cook says.

 

“The condo market in June was the strongest in 33 months, and that came despite the problems downtown Victoria is facing with stagnant inventory and not many buyers interested in investing in an area that is challenged by what have proven to be difficult to address social problems."

 

The average price paid for a condominium on the south Island was the lowest since December, at $581,278 with a median of $547,000. That compares to $586,978 last year, when the median was $549,950.

 

Cook believes that if downtown Victoria’s problems could find themselves on a trajectory towards resolution, the market may turn quickly, but it hasn’t happened yet. Cook was recently featured in a Citified story on the downtown condominium market’s woes and opportunities for buyers, available here.

 

“Downtown Victoria is the Capital’s largest and most diversified cluster of high density condominium housing, except interest is virtually non-existent. Not having that pocket of listings operating at its fullest potential is dragging down sales, and unfortunately, it is putting some sellers in a difficult situation of having to readjust pricing expectations that reflect values to as far back as 2021,” Cook said.

 

Further compounding downtown’s challenges is the difficulty for real-estate investors to pursue new acquisitions, given the current taxation and legislative environment in British Columbia.

 

Townhomes, a happy medium between houses and condominiums, trucked along in June with 75 sales via MLS. Last year, 81 sales were recorded, although this year, June’s average rose to $849,881 compared to $793,271 a year ago. The medians were $815,000 and $770,000, respectively.

 

Active listings in June totalled 3,778 units, a jump of 9% compared to last year. New listings rose to 1,547 units, or nearly on-par with last June’s 1,496.

 

As for a summer outlook, Cook says the market has found its groove despite the broader challenges facing Canada, and given the economy in Victoria being buffered from the ebbs and flows of much of the nation, many buyers have taken a somewhat cautious, but overall optimistic, view of real-estate’s potential in the current context.

 

“People are still a little concerned and some are hesitant to make large financial decisions, but more and more, I see buyers realizing there is unlikely to be a significant market correction in Victoria, or an over-supply dilemma like we’re seeing in heavily over-supplied condominium markets in Toronto and Vancouver. Some sellers are feeling the impacts of social problems in the downtown area, but at the prices we’re seeing, buyers really do have an opportunity to get into downtown Victoria real-estate at suppressed prices. How long this relative discount continues, remains to be seen.” C

 

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