Canada's turbulent political climate caused the growth of Greater Victoria's real estate market to slow in April in comparison to last year.
The latest report from the Victoria Real Estate Board (VREB) found that a total of 642 properties were sold in the region, 5.3 per cent fewer than the 678 properties sold in April 2024, but 4.7 per cent more than in March this year.
Condominium sales were down by 10.1 per cent from the same time last year, and sales of single family homes also decreased, down by 0.6 per cent.
“While sales were up from March, activity in April was most likely impacted by events in play well beyond our immediate real estate market,” said 2025 VREB chair Dirk VanderWal in a news release. “Political uncertainty associated with the federal election, combined with broader economic concerns stemming from the United States tempered our spring market growth.
"And yet like last month, despite these external factors, the Victoria market demonstrated continued stability, as evidenced by flat price growth and steady inventory levels.”
The number of active listings for sale rose to 3,425 in April reports VREB, an increase of 13.3 per cent compared to the previous month of March and a 13.5 per cent increase compared to April last year.
“The good news is we remain in that sweet spot of inventory, which we currently find is between 3,000 and 4,000 listings,” said VanderWal. “This amount of inventory ensures that overall demand can be met and pressure on pricing is lessened. It also means consumers have more time to compare options, make plans, and evaluate their decisions.
"That said, activity is not the same across all areas or property types. Currently, single family homes in certain price ranges are in demand and may see multiple offers, while there is a larger supply of condos waiting for buyers."
The multiple listing service home price index benchmark value for a single family home in the Victoria Core rose to $1,344,800 in April, reports VREB, up from March’s value of $1,335,300 and an increase of 3.3 per cent compared to April last year.
The benchmark value for condominiums in the Victoria Core area rose to $566,100, up from the March value of $560,400.
