"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."
In January, we continued to see more over-ask sales than we’ve seen so far this year. In fact the rate approximately doubled, to 13% of sales for the last 14 days. Most of those are detached homes in the core under $1.5M. Overall though, the market is very solidly balanced.
"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.”
Overall, it seems like the current market is a good time to sell or buy no matter your real estate goals. If you have any questions about the market right now, I want you to know that you can reach out and connect at any time, I would love to hear from you!