Your Monthly real estate update
Welcome to May!
As we step into May, Victoria’s real estate market is holding steady, though leaning toward the cooler side of balanced. April saw stable sales and growing inventory—with the highest number of active listings in nearly a decade. Despite a slower pace, the average price for single-family homes hit $1.396M—its highest in three years—thanks to more high-end sales. This doesn’t necessarily mean prices are rising overall, but it’s a trend worth watching.
While April sales were slightly down from last year, they rose modestly from March. Political uncertainty from the federal election and economic jitters from the U.S. may have cooled activity, but the market remains resilient. Inventory is up, buyer confidence may improve post-election, and we’re entering the heart of spring—a season that typically brings stronger listings and sales.
Let’s see what May has in store!
Victoria Real Estate Market Snapshot – May 1, 2025
April brought a relatively steady month for Greater Victoria’s real estate market. A total of 642 properties sold, down 5.3% from April 2024, but up 4.7% from March—a sign of gradual seasonal momentum.
Detached homes saw minimal change, with 335 sold (down just 0.6% year-over-year), while condo sales dipped more noticeably, down 10.1% from the same time last year.
Inventory continues to climb, with 3,425 active listings on the market by month’s end—a 13.3% increase from March and 13.5% higher than last April. According to VREB Chair Dirk VanderWal, this puts us in a healthy range of inventory (3,000–4,000 listings), giving buyers more options and reducing price pressure.
External factors like the federal election and economic concerns in the U.S. have introduced some uncertainty. Yet, the market has shown continued stability, with flat pricing and healthy supply. Not all segments are moving at the same pace—single-family homes in certain price points may attract multiple offers, while condos are experiencing slower demand.
Financing Update
Garden suites are becoming an increasingly popular way for homeowners to add long-term rental housing to their properties. A garden suite is a detached, ground-level home located in the backyard of a single-family property. While they cannot be used as short-term rentals or be strata-titled, they offer a fantastic option for creating rental income or providing housing for family members.
Who Can Build One?
If you own a single-family home (not a duplex or with an existing suite) and your property is appropriately zoned (excluding small lot zones), you may be eligible to build a garden suite. You can either convert an existing accessory building or build a new one—provided it meets the city’s Zoning Bylaw Schedule M and Garden Suite Policy and Guidelines.
How to Get Started
Creating a garden suite requires a delegated development permit and a building permit. Here’s a simplified look at the process:
Confirm your property is eligible and review zoning rules.
Check your neighbourhood plan and tree protection requirements.
Contact Development Services to discuss your plans.
Submit your application with all required documents and fees.
Once approved, proceed with building permits and construction.
Energy Efficiency Alert
As of May 1, 2023, all garden suites must meet Step 3 of the B.C. Energy Step Code. This means higher energy-efficiency standards for new builds.
Ready to get started or want to learn more?
Click here for the full City of Victoria Garden Suite Guide.
FEATURE PROPERTIES
| Perched high on the 14th floor, this bright and airy 2 bedroom, 2 full bathroom condo offers a fantastic urban lifestyle. Imagine sipping your morning coffee while looking out at distant ocean and mountain views, or enjoying the sunset over downtown unfolding before your eyes. Sunlight floods this well-appointed unit, creating an inviting atmosphere. Enjoy the convenience of in-suite laundry, a primary bedroom with walk in closet and full ensuite. Don’t forget the prime underground parking space and separate storage locker. Step outside your door and find yourself in the heart of downtown, with easy access to shops, restaurants, entertainment, and Inner Harbour. New bike lanes make getting around a breeze! The building boasts excellent amenities, including ample bike storage, a common hot tub, well-equipped gym, sauna, change rooms, meeting area, on site management/caretaker, and a workshop. Don’t miss this opportunity to experience elevated downtown living! |
Listed at $650,000
Just Sold! This beautifully updated 3-bedroom townhome in a family-friendly complex has found its new owners! Featuring new hardwood floors, a modern kitchen, refreshed bathrooms, and a sunny fenced backyard, this move-in-ready home offered comfort and convenience. With amenities like a pool, playground, and prime location near Tillicum Mall, parks, and transit—this one checked all the boxes!
May Events
Swiftsure International Yacht Race
Witness the Pacific Northwest’s premier long-distance sailing race, starting and ending in Victoria. The Swiftsure Yacht Race attracts sailors from around the world, offering a thrilling spectacle as boats navigate challenging courses in the Strait of Juan de Fuca.
More Details HERE- Health in Space: Daring to Explore
Health in Space: Daring to Explore is now open at the Sidney Museum!
Explore how astronauts stay healthy in space through hands-on exhibits, real artifacts, and video interviews with Canadian astronauts — including highlights from David Saint-Jacques’ ISS mission.
On now until Nov 30, 2025
Sidney Museum, 2423 Beacon Ave (Lower Level)
Open daily, 10am–4pm | Admission by donationDiscover how space health research is shaping the future — in orbit and on Earth
Nestled in Langford’s northwest corner, Bear Mountain is a master-planned community that perfectly blends luxury, nature, and active living. Here’s what you should know if you’re considering making Bear Mountain your next home—or marketing it to prospective buyers:
Championship Golf: Two 18-hole courses designed by Mike Weir and Jack Nicklaus Jr.
Health & Fitness: A fully equipped fitness centre, indoor pool, spa services, and tennis courts.
Dining & Events: The award-winning clubhouses offer fine dining, cozy lounges, and year-round social events.
Single-Family Homes: From traditional to contemporary, many with valley or ocean views.
Townhomes & Condos: Patio homes and low-rise condos provide lock-and-leave convenience.
Custom Builds: Opportunities for bespoke luxury residences on larger lots.
Trails & Parks: Over 700 acres of protected greenspace with hiking, mountain biking, and nature walks.
Wildlife Encounters: Keep an eye out for deer, eagles, and other BC critters right in your backyard.
Year-Round Activities: Seasonal events like golf tournaments in summer, holiday markets in winter.
Schools & Daycares: Close proximity to quality schools and daycare options.
Playgrounds & Parks: Multiple playgrounds, sports fields, and community gardens.
Neighbourhood Feel: Regular markets, outdoor movie nights, and charity fundraisers foster strong community connections.
Easy Commute: Quick access to the Trans-Canada Highway for downtown Victoria, West Shore shopping, and the airport.
Local Services: On-site grocery store, salon, and professional offices for daily convenience.
Current Mortgage RatesFixed Rates: Five-year fixed mortgage rates are hovering around 3.89% to 4.34%, depending on the lender and whether the mortgage is insured. For instance, Vancity offers a 5-year fixed insured rate at 3.89% and a standard 5-year fixed at 4.34% .
Variable Rates: Variable rates are generally slightly lower than fixed rates, with expectations of further decreases later in the year
Bank of Canada Policy Rate Economic OutlookHomebuyers: With stable rates and potential decreases on the horizon, it’s an opportune time to explore mortgage options.
Homeowners: Those with upcoming mortgage renewals might benefit from anticipated rate cuts. It’s advisable to consult with mortgage professionals to assess the best course of action.
💥 APRIL Top Producer - Team 💥
We are Proud to be recognized as a Top Producer for April 2025! Thank you to our amazing clients and partners for your continued trust and support. Got real estate goals? Big or small — we're here to help! Reach out with any of your real estate needs.