Your Monthly real estate update

““We’ve seen a strong hand off from the December market to January with a good sense of momentum building,” said 2025 Victoria Real Estate Board Chair Dirk VanderWal. “Over the course of the month, we saw an uptick in new listings, and it is the first time in ten years that over one thousand new listings were added to our inventory in a January. This is a positive sign for our market as we head into 2025.”

There were 2,395 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2025, an increase of 4.6 per cent compared to the previous month of December and an 11.9 per cent increase from the 2,140 active listings for sale at the end of January 2024.

“The overall housing market in the Greater Victoria Area continues to show signs of balance,” adds Chair VanderWal. “There are strong fundamentals underpinning our market. Pricing remains stable, inventory levels are favourable when compared to recent years and interest rates continue to trend in a positive direction for consumers. Of course, there may be uncertainty in the coming months as international trade relationships are tested, so we will track if these deliberations impact the market moving forward.”

 (VREB January Press Release – read full article here)

This month I wanted to share two graphs of median prices the past 2 years versus where we are in January 2025 for both single family detached and condos in Greater Victoria. 

The statistics below show changes in average prices over the year & month, and the full press release from the board is linked below!

Average Sale Price              Dec 2024       Jan 2024       Jan 2025

Single Family Dwelling       $1,308,665       $1,219,501       $1,279,464

Condo/Apt                            $569,078        $579,983          $625,897

Row/Townhouse                   $847,753       $712,445          $807,302

 

Financing Update

  • Bank of Canada’s first announcement of the year on Jan 29th led to another rate cut of 25 basis points this time to reduce the overnight lending rate to 3.25%. 
  • An interesting article on variable versus fixed rates:

    • “After the Bank of Canada’s latest rate reduction 5-year variable mortgage rates are now on par with their fixed-rate counterparts, raising the question: Is now the time to go variable?” See article here for details

SOLD!
Buyer Represented

214-290 Regina Ave

SOLD!
Seller Represented

40-1287 Verdier Ave

FEATURE PROPERTY!
SOLD QUICKLY

1800 Midgard Ave

Listed at $995,000

Picturesque one-level character home nestled on treed lot. Privacy & green outlook for this home with outbuildings to flex your lifestyle. Tucked into mature shrubbery the home boasts much more than you would expect from the modest curb view. Long driveway & another spot tucked behind the privacy hedge. Inside, the home is sunny with skylights and character rooms with french doors. Large flex room on the back for a bigger primary bedroom or a large living area with sliding doors to the private and fenced yard. Used currently as an office and sitting area, separate from the sunny front room with fireplace. All this and a fully contained studio for the university student renting, the friends visiting or your own hide-a-way or private office. Another outbuilding for an art or writing studio. All that and the location: close to the ocean, walking distance to the university, close to all amenities & shopping.

View Listing

February Events

💥 MLS Bronze Award 💥

✨I’m proud to be recognized as the top 30% of all Realtors part of the Greater Victoria Real Estate Board with the MLS Bronze Award. So incredibly grateful for my clients, friends, and family for their support over the past year!

🙏🏼 I couldn’t have done it without you and your continued trust, referrals, and loyalty. I love helping my clients achieve success through real estate, whether buying or selling.

🏡 I am looking forward to another busy year ahead building relationships in this amazing community and helping clients achieve their real estate goals.