Wishing you a wonderful Victoria Day long weekend; lets hope the weather holds.
Victoria Day honors Queen Victoria’s birthday and marks the unofficial start of summer in Canada. While originally a colonial celebration of loyalty to the British crown, it has become a widely enjoyed long weekend across the country.
As we move into the second half of May, the Greater Victoria real estate market continues to show steady buyer activity. Sales are pacing closely with those recorded in May 2024, indicating consistent interest despite ongoing shifts in the broader economic landscape.
What’s most notable this month is the significant increase in available inventory. With 3,535 active listings already recorded by mid-month, we’ve surpassed the entire listing total for May 2024, which stood at 3,338. This trend is not unique to Victoria—it’s being echoed across major Canadian markets, including Vancouver and Toronto.
While these larger urban centres have experienced sharper price corrections—Vancouver seeing up to a 25% reduction in market values and Toronto not far behind—Victoria has fared more gently. We’re seeing only a slight softening in local prices, which has helped maintain buyer confidence.
Entry-level condos have increased inventory levels which has created more options and less urgency in that segment. On the other hand, demand is strong for townhomes, entry-level houses, and homes with suites—we have seen
multiple offers in certain neighbourhoods in these property types.. The “hot
zone” appears to be properties priced under $1.4 million, where competition
remains brisk.
Adding to buyer optimism is growing speculation that the Bank of Canada will begin cutting interest rates as early as June, with further reductions anticipated through the end of the year. This potential relief offers hope for improved affordability and may encourage more buyers to make a move despite the
broader political uncertainty.
In the community, some great events are coming up. On Friday, May 17th, head to Deep Cove School between 10 AM and 1 PM for a Free Repair Café Bike Day—a great chance to get your bike tuned up in time for summer. And mark your calendars for June 7th, when the Sidney by the Sea Rotary Club hosts its annual Lobster Fest, supporting the Youth Clinic on the Saanich Peninsula. Not a fan of lobster? No problem—crab and prime rib are also on the menu! Tickets are available at sidneylobsterfest.ca.
Wishing you a wonderful and relaxing Victoria Day weekend!