Greater Victoria Market Update – July 2025
Summer Surge Defies the Norm
Home sales in Greater Victoria bucked seasonal trends last month,
delivering the busiest June since 2021. Despite economic headwinds and
higher borrowing costs, sales in the first half of 2025 have outpaced both
2024 and 2023, setting a strong tone for the second half of the year. This
resilience stands in contrast to markets like Vancouver, where both sales
volume and price ranges have begun to contract.
Strong June Performance
- 761 properties sold in June—up 15.1%
year-over-year and slightly higher than May 2025. - Condo sales jumped 23.3%
to 249 units, signaling renewed interest in multi-family living. - Single-family home
sales
rose 17.5% to 402 units sold. - Benchmark prices remained stable:
- Single-family: $1,325,400
(↑2.3% YoY) - Condos: $562,800
(↓0.9% YoY)
July Mid-Month Snapshot
July is showing signs of typical mid-summer slowing, with sales
currently at just under half of what we saw in July 2024. However, active
listings at mid-month have already surpassed the total number of
listings recorded in July last year—3,754 active listings now vs. 3,348
for all of last July.
While new listings are coming on more slowly than this time last
year, inventory turnover remains strong—indicating continued buyer demand and
market confidence.
Luxury and Mid-Range Segments Heat Up
- Homes priced over
$3 million have seen a surprising surge, with multiple high-end sales
recorded recently. - The $1 million to
$1.1 million price range is especially active, with multiple offers
becoming more common. - Condo sales, which had
lagged earlier in the year, are now gaining traction and are expected to
continue rising if buyer activity holds through the summer.
What to Expect for the Rest of July
Given the current pace, total sales for July are forecast between
1,100–1,200, down from 2024 but in line with typical seasonal patterns. Month-end
active listings are expected to reach 3,700–3,900, which is above last
year’s numbers and supports a healthier, more balanced market.
Price trends are expected to remain steady overall, but:
- Single-family homes may fluctuate
slightly (±1%) around current benchmarks. - Condos could face minor
downward pressure unless sales momentum remains consistent. - The luxury and
competitive mid-range markets are likely to stay hot, with buyer
urgency driving up activity.
Key Takeaway: Smart Pricing Wins
The one constant in any market—pricing matters. If your home
isn’t attracting attention or offers, don’t wait too long to consider a price
adjustment. The market is active, but buyers are savvy, and they know value
when they see it.
💬 Ready to Talk Strategy?
If you’d like a current market evaluation or want to review
your home’s pricing strategy, we’d be happy to help. Whether you’re
planning to sell this summer or later in the year, we’re here to guide you with
facts, trends, and market-smart advice.