Buyers spent just under $6.9 billion on south Island real-estate in 2025, according to the latest data from the Victoria Real Estate Board for transactions through the Multiple Listings Service, cementing the year as the second-strongest in terms of a gross dollar sum. And that's not including new-build pre or post-completion pre-sales not listed via MLS, or off-market deals.

 

Despite a relatively flat 6,918 transactions across all market categories that settled only 25 units higher than 2024’s 6,893, Greater Victoria’s 2025 property market managed to attract an additional $271 million in real-estate dollars compared to the year prior, totalling a head-turning $6,871,336,705. The strongest year on record for gross revenues was set in 2021, VREB data shows, when $8.98 billion traded across all market categories tracked by the VREB on MLS, across 10,052 sales. In 2024, transactions totalled $6.6 billion.

 

Specifically for the month of December, sales fell by 12.8% compared to December of 2024, to 367 versus 421. Single-family homes recorded 186 transactions averaging $1,246,003 with a median of $1,127,500, compared to 191 sales in 2024 averaging $1,294,335, albeit with a markedly lower median of $1,075,000. For the year, 3,510 single-family-dwelling sales reached a second-highest annual average price for Greater Victoria, landing at $1,305,083, second only to 2021’s $1,333,869 all-time record.

 

Victoria-based real-estate agent Ryan Cook (see website) of brokerage Remax Camosun, says 2025 was arguably a 'year of the single-family-home,' with prices rising nearly 3% compared to 2024 and demand outpacing sales activity from a year ago.

 

“Across Canada, the real-estate market was substantially softer than in year’s prior, but in Victoria, on the whole, the region bucked that trend,” Cook said. “One segment stood out among the rest, and that’s the single-family-home sector of our real-estate market, which not only had its second-highest grossing year of nearly $4.6 billion in sales, but values actually rose by an average of more than $35,000 per sale, and transaction volume was up by 123 units. That’s impressive in light of the broader market conditions, and certainly not a metric shared across much of the country.”

 

Buyers focused on the single-family-home market, Cook said, were in competition for desirable homes, whereas homes with suites remained popular by catering to purchasers jumping from the condominium or townhome markets, or buyers in search of additional space for a growing family or extended family.

 

“Buyers had less sway on prices in 2025 for single-family homes, like they did with condominiums and townhomes. Some price retraction was evident throughout the year as sellers re-priced stale properties to reflect the market, but overall, concessions from sellers were not overly pronounced, and strong demand kept sellers in charge for the most part. That being said, other market segments pivoted into buyer market territory and sellers were more likely to offer concessions,” Cook said.

 

Condominiums saw their annual volume of sales drop by 65 units in 2025 to 2,112, from 2,177 in 2024. Coincidentally, the average price paid for a unit throughout the year was $609,243, a notable 1.8% increase from $598,403 the year before, while the median rose in 2025 to $545,000 from $540,000. Specifically in December, the average sale price jumped to $653,110 with a $550,400 median, ending the year with the second highest monthly average for 2025 ($659,479 was set in February). In December of 2024, the average was $569,078 with a $538,250 median.

 

However, while the overall condominium market had a flat year with a buyer’s market sentiment throughout the second half of 2025, Cook says the downtown Victoria market continued to experience a softening in terms of pricing, although, buyers began taking advantage of relative deals with sales in Victoria’s city centre rising over 2024.

 

“The average price paid for a downtown Victoria condominium unit in 2025 was $585,623, a drop of 2.7% from 2024’s average of $601,907. The softer prices helped increase sales to 371 units in 2025, from 343 units in 2024. The downtown area was definitely experiencing a buyer’s market trend, and the industry anticipates this relative value play specific to downtown inventory to extend into 2026,” Cook said, noting that for the time being, no new condominium inventory is expected to launch pre-sales in 2026 and quite possibly in 2027, which suggests that the lack of new product may eventually reverse the tide of sliding prices for inventory on the re-sale market.

 

Concurring with Cook’s remarks regarding new construction, Citified’s condominium project database does not currently show a downtown Victoria condominium development on the roster of upcoming pre-sale projects. With no new construction expected in 2026, the 2020s may end with no additional condominium inventory added to the downtown housing market, aside from potential small-scale or boutique product. The last project to complete in the downtown core reached occupancy in 2024.

 

Townhomes managed to produce a slight price edge over 2024, averaging $830,125 in 2025 compared to $823,381 in 2024, with medians of $792,000 and $774,000, respectively. Sales dipped in 2025 to 843 units from 855 a year earlier. In December, the average price paid over 44 sales was $862,383, an increase from $847,753 in December of 2024, when 52 units sold. The medians were $843,073 and $792,450, respectively.

 

With uncertainty still dominating much of the nation's outlook as economic pressures take their toll, Cook says the likelihood of an additional Bank of Canada interest rate cut could be on the horizon, and some economists are pondering whether two cuts are planned by mid-2026. Falling interest rates may revive sub-sectors of the local real-estate market skirting with an entrenched buyer’s market landscape, but for now, buyers remain on the lookout for value plays regardless of housing type, and in the single-family-home segment, Cook believes that homes with suites near amenities and transportation alternatives will remain top-of-mind with strong demand.

 

“Looking into the crystal ball for the year ahead, I can see buyers continuing to prize single-family-home offerings and even growing competition for notable listings. However, we can also expect more conditions set by buyers, and an expectation for sellers to be reasonable with pricing, even if that sub-market is still relatively well balanced between buyers and sellers,” Cook says. “Overall, I expect the Victoria market to remain active, and should we see another interest rate drop, or even two, buyers on the sidelines will see that as their cue that rates may have bottomed out and that it’s time to make moves.” C

 

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