Your Monthly real estate update
““February was another stable month for local real estate,” said 2025 Victoria Real Estate Board Chair Dirk VanderWal. “The combination of slowly growing inventory and slightly increased sales means that our market remains in balance from the start of the year, which creates comfortable conditions for both buyers and sellers. Nearly two years of steady prices combined with recent favourable interest rates are positive factors for our market. Thus far, 2025 has been a good year to buy and sell.”
There were 2,630 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2025, an increase of 9.8 per cent compared to the previous month of January and an 11.3 per cent increase from the 2,364 active listings for sale at the end of February 2024.
“In these market conditions properties need to be well presented and properly priced to be successful,” adds Chair VanderWal. “We are following our typical early spring market cycle, which generally speaking peaks in late spring. Hopefully in the upcoming weeks we’ll see more inventory enter the market to meet consumer demand. We will also watch what impacts any changes to global economic policies may have on our market if and when they occur. Right now, there are many factors that impact your housing decisions, and your favourite local REALTOR® is ready to help you navigate the current market.”
(VREB February Press Release – read full article here)
The statistics below show changes in average prices over the year & month, and the full press release from the board is linked above
Average Sale Price Jan 2025 Feb 2025 Feb 2024
Single Family Dwelling $1,279,464 $1,312,818 $1,262,314
Condo/Apt $625,897 $659,479 $596,896
Row/Townhouse $807,302 $836,199 $848,049
Financing Update
- As of March 7, 2025, Canada’s average 5-year fixed mortgage rate is 4.79%, and the average 5-year variable rate is 4.87%. These rates are down from the previous month.
- On January 29, 2025, the Bank of Canada cut its policy rate to 3.0%.
- The next rate decision is scheduled for March 12, 2025.
- Economists and mortgage brokers expect fixed rate mortgages to drop to the mid-3-percent range in the coming weeks and months.
FEATURE PROPERTY!
2510 Kinnoull Cres, Mill Bay
Listed at $1,299,000
This spacious family home in Mill Springs has been extensively updated and features a large separate walk-out suite. The spectacular kitchen, renovated just last year, boasts top-of-the-line finishes, granite countertops, new appliances, custom handmade tile, and a large island perfect for entertaining. The main floor has 3 spacious bedrooms, 2 bathrooms, and high ceilings with lots of windows for natural light. Downstairs, you’ll find 2 bedrooms, a den, and a bathroom. Built with energy efficiency and safety in mind, this custom home features ICF walls and a 96 EnerGuide rating. Backing onto a forested area ensures peace and quiet while still being close to Mill Bay beach, walking trails, and all the amenities Mill Bay has to offer. Enjoy the privacy of this home, whether relaxing in the backyard or soaking up the morning sun on the front patio. The suite can be easily converted back to part of the main house, which the owner is willing to assist with; please inquire for details.
9380 Bitterroot Pl, Sidney
Listed at $524,900
Welcome to Summergate Village, a wonderful 55+ community. This complex offers many shared amenities including a clubhouse with games, a pool, hot tub, library, and space for the residents to enjoy and come together during their many planned social events. This 2 bedroom home is just over 1,300 SqFt with updated vinyl flooring throughout. There are two full bathrooms with the second being a large ensuite off the primary bedroom for added privacy. This home has a large sunroom and South facing patio in the back, to enjoy the afternoon sun complete with a peach tree! There is lots of parking with a driveway as well as a carport; don’t forget the extra storage room out front. This is a bare land strata where owners actually own the land, and the low strata fee goes towards the impressive landscaping throughout. This complex is pet friendly and is conveniently located close to Sidney, the airport, and many parks/trails.
220-950 Whirlaway Cres, Langford
Listed at $625,000
This premium corner unit on the quiet side of the building offers an open concept design and quality finishings. This unit has 2 bedrooms, both with walk through closets and ensuite bathrooms, as well as an ideal floor plan with both bedrooms separated by the living area, giving all occupants a sense of privacy. The kitchen features a sleek design including a large island (with added storage) to gather around and a gas stove. The living room completes the main space with an electric fireplace, large windows, & access to the patio. There is heating & cooling, ensuring year round comfort. This unit in particular also includes 2 underground secure parking stalls and a separate storage locker. The building is pet and rental friendly, has bike storage, and a fitness studio. You’re only a few minutes from all Langford’s shopping & amenities with Costco and Millstream Village just down the street. For added convenience, this listing is providing the option to be fully furnished.
915 Arcadia St, Esquimalt
Listed at $1,075,000
Welcome to this charming family home, located on the Esquimalt & Vic West border. The main floor features a wood burning fireplace, hardwood floors, the main living area & kitchen, along with 2 bedrooms and full bathroom. Downstairs you will find laundry, storage, & a 1 bedroom, 1 bathroom suite with soundproofing & separate entrance. This layout provides flexibility to either have the suite as a studio, 1 bedroom, or easily converted back to part of the main family home making it convenient for any situation. Step out onto your large back patio overlooking the yard, it’s perfect for hosting friends & neighbours alike. Don’t forget the energy efficient upgrades done over the past few years, like a new high efficiency furnace & new insulation in the walls & ceiling to name a few! This home is nestled between many parks & green areas, including Banfield Park, Esquimalt Gorge Pavilion, Gorge Waterway Park, Lampson Park, & Gorge Vale Golf Club. Recreation and nature are at your fingertips!
SOLD!
Buyer Represented
2120 Malaview Ave
March Events
Savour Sidney – Sidney
Until March 15
Greater Victoria Flower Count
March 5 – 12
Roots and Renewal Wellness Market – Langford
March 22 – 23
Victoria Home Show – Victoria
February 21 – 23
💥 February Top Producer - Team 💥
💫Thrilled to be recognized as a top producing team at Royal LePage Coast Capital for another month (February)!
🔥WOW was it a busy month...and March is looking to be even busier judging by this first week! The Spring market is definitely in full swing.