The Blog

I’m here to help you understand the latest in our market, influenced by both recent federal developments and local trends.

Federal Election Impact on Housing & Mortgages: A Quick Look

Following the recent federal election where the Liberal Party secured a minority government, several housing-related promises are on the horizon. Key proposals include potential GST removal on new homes under $1 million for first-time buyers and significant investment in homebuilding, particularly for rental and affordable units.

While interest rates may see further easing later this year, economic uncertainties remain. The full impact of these policies will become clearer with the upcoming federal budget.

Victoria Real Estate Market: April 2025 in Review

April saw a total of 642 properties sold in the Victoria region, a slight decrease year-over-year but an increase from March. Condominium sales decreased, while single-family home sales remained relatively stable. VREB Chair Dirk VanderWal noted that federal election uncertainty and broader US economic concerns likely tempered the spring market, yet the local market showed "continued stability" with steady pricing and inventory.

Active listings rose to 3,425, indicating a balanced market with more options for buyers. While single-family homes in certain price ranges are in demand and may see multiple offers, the condo market has a larger supply. The benchmark price for a single-family home in the Victoria Core was $1,344,800 (a 3.3% annual increase), and for a condo, it was $566,100 (a 0.9% annual increase).

What This Means for Buyers

• More inventory provides greater choice.

• Price growth is relatively stable, though some competition exists for single-family homes.

• Potential GST savings for first-time buyers on new homes are worth monitoring.

• Explore various property types, as the condo market offers more options.

What This Means for Sellers

• Strategic pricing and presentation are key in a balanced market.

• Well-priced single-family homes in desirable areas can still see strong interest.

• The condo market requires competitive pricing to attract buyers.

• Be mindful of broader economic and political influences on buyer sentiment.

Navigating Your Real Estate Future:

Understanding the nuances of interest rate decisions and their potential impact on your real estate plans is crucial. Whether you're considering buying your first home, looking to sell your current property, I'm here to provide clarity and expert guidance.

And speaking of expert guidance, navigating the mortgage landscape can feel overwhelming. If you're looking for assistance with a mortgage renewal or are considering a purchase and need trusted advice, I highly recommend connecting with Paul Macara and Dan Miller of The Mortgage Group. They are seasoned professionals who can help you understand your best options in this evolving economic environment.

Don't hesitate to reach out with any questions you may have. I'm always happy to help you make informed decisions and achieve your real estate goals right here in beautiful Victoria!

Jacqueline Ross, REALTOR® 
Coldwell Banker Oceanside
(250) 415-5656
jac@yourvanislehome.com
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Victoria Real Estate Market Stable in the Face of Uncertainty
The Victoria real estate market demonstrated resilience in March 2025, maintaining a stable and balanced state despite ongoing global economic uncertainties. According to the Victoria Real Estate Board, a total of 613 properties changed hands in the region this past March, marking a 4.3 per cent increase compared to the 588 sales recorded in March 2024 and a significant 16.1% jump from February 2025.

Here's a quick look at the average prices in the Victoria Core:
* Single Family Detached Homes: $1,283,842
* Townhomes: $804,796
* Condos: $642,059

Breaking down the sales by property type, condominiums saw a notable surge in activity, with 202 units sold, representing a 14.1% increase from March of the previous year. The single-family home market also experienced positive growth, with 292 sales, a 2.1% rise compared to March 2024.

"The economic uncertainty the world faces right now certainly colours our local real estate market," commented 2025 Victoria Real Estate Board Chair Dirk VanderWal. "In spite of this, our market remains as it has in recent months - stable and balanced. Inventory levels this past month held steady at over three thousand listings, which meant that there was a good amount of selection for buyers, while relatively flat pricing meant more predictability for sellers and buyers."

The number of active listings on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2025 stood at 3,023. This represents a substantial increase of 14.9% from the 2,631 listings in February and a 14.2 per cent rise from the 2,647 active listings available at the end of March 2024.

Chair VanderWal further noted, "As in past months, the balanced market in March softened the demand-side pressures of markets we've seen in recent years. There is more time for decision making, which is a positive aspect for both sellers and buyers. Thoughtfully priced and presented homes are selling well and we do see instances of multiple offers, which is often a hallmark of the spring market. For the best outcomes in your property search or sale, connect with your favourite local REALTOR® to navigate the current market."

Looking at benchmark pricing in the Victoria Core, the Multiple Listing Service® Home Price Index benchmark value for a single-family home in March 2025 reached $1,335,300, a 3.6% increase from the $1,288,400 recorded in March 2024 and up from February's $1,309,500. The benchmark value for a condominium in the Victoria Core area saw a more modest increase, reaching $560,400 in March 2025, a 0.4% rise from $558,200 in March 2024 and an increase from February's $551,900.

Local Market Activity
Across southern Vancouver Island, we've seen great turnouts at open houses for single-family detached and townhomes in the $900,000 to $1.3 million range. Many of these sales were competitive due to multiple bids on listings. The recent decrease in interest rates has made this segment of the market very attractive to buyers, especially for properties that could provide rental income.

Navigating the Victoria Real Estate Market
The current stability of the Victoria real estate market presents both opportunities and considerations for buyers and sellers. With a healthy inventory and more balanced conditions, now is an opportune time to make informed decisions. 

Whether you're looking to buy your dream home or sell your property for the best possible price, having expert guidance is crucial. Contact me today to discuss your real estate goals and navigate the Victoria market with confidence.

Jacqueline Ross, REALTOR® 
Coldwell Banker Oceanside
(250) 415-5656
jac@yourvanislehome.com
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The Greater Victoria real estate market has shown remarkable stability in February, offering a balanced landscape for both buyers and sellers. According to the Victoria Real Estate Board, February saw a total of 528 properties sold, marking a 12.3% increase compared to February 2024 and a significant 25.1% jump from January 2025. This steady activity, coupled with a growing inventory, paints a promising picture for the local market.

Key Highlights from February 2025:

• Increased Sales: Overall property sales surged, with condominium sales experiencing a notable 26.3% rise from February 2024 (192 units sold) and single-family home sales increasing by 4.5% (234 units sold).

• Growing Inventory: Active listings reached 2,630 at the end of February, indicating a 9.8% increase from January and an 11.3% rise from February 2024.

• Balanced Market: The combination of increased sales and growing inventory has created a balanced market, fostering comfortable conditions for both buyers and sellers.

• Stable Price Appreciation: The benchmark value for a single-family home in the Victoria Core increased by 3.7% year-over-year, reaching $1,309,500. Condominium benchmark values experienced a slight decrease of 0.5% year over year, settling at $551,900.

What This Means for Buyers:

• More Options: The increase in active listings provides buyers with a wider selection of properties to choose from, increasing the chances of finding the perfect home.

• Stable Prices: Nearly two years of steady prices combined with recent favourable interest rates provide a degree of confidence for buyers.

• Balanced Market: A balanced market means less pressure and a more relaxed buying experience. Buyers have more time to make informed decisions.

• Favourable Interest Rates: Recent favourable interest rates help with affordability.

What This Means for Sellers:

• Increased Sales Activity: The surge in sales indicates strong buyer demand, increasing the likelihood of a successful sale.

• Growing Market: A healthy increase in sales from the previous year, and the previous month shows market momentum.

• Balanced Market: A balanced market allows sellers to achieve fair market value for their properties.

• Importance of Proper Pricing and Presentation: Well-presented and properly priced properties are crucial for success in the current market.

Looking Ahead:

The Greater Victoria real estate market appears to be following its typical early spring cycle, with expectations of peak activity in late spring. The hope is that increased inventory will continue to meet consumer demand. However, the market remains sensitive to global economic policy changes, underscoring the importance of staying informed.

Navigating the Market with a REALTOR®:

In today's dynamic market, having a knowledgeable and experienced REALTOR® is essential. I can provide invaluable guidance, help you understand market trends, and navigate the complexities of buying or selling a home.

Ready to discuss how these market trends impact your real estate goals? Contact me today for personalized advice and expert guidance.

Jacqueline Ross 
REALTOR®
Coldwell Banker Oceanside
250.415.5656
YourVanIsleHome.com
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The Victoria real estate market has started 2025 with a healthy balance of inventory and stable prices. This positive start signals a promising year for both buyers and sellers in the Greater Victoria Area.

A total of 422 properties were sold in the Victoria Real Estate Board region this January, a significant 23.8% jump from the 341 properties sold in January 2024 and a slight 0.2% increase from December 2024. This strong performance reflects growing market momentum.

Breaking down the sales figures, condominiums saw a 30.4% increase from January 2024, with 146 units sold. Single-family home sales also rose, with a 19.8% increase from January 2024, totalling 194 sales.

“We’ve seen a strong handoff from the December market to January with a good sense of momentum building,” said 2025 Victoria Real Estate Board Chair Dirk VanderWal. “Over the course of the month, we saw an uptick in new listings, and it is the first time in ten years that over one thousand new listings were added to our inventory in January. This is a positive sign for our market as we head into 2025.”

Adding to the positive news, there were 2,395 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2025. This represents a 4.6% increase compared to December and an 11.9% increase from the 2,140 active listings at the end of January 2024.

“The overall housing market in the Greater Victoria Area continues to show signs of balance,” adds Chair VanderWal. “There are strong fundamentals underpinning our market. Pricing remains stable, inventory levels are favourable when compared to recent years, and interest rates continue to trend in a positive direction for consumers. Of course, there may be uncertainty in the coming months as international trade relationships are tested, so we will track if these deliberations impact the market moving forward. As always, buying or selling your home is one of the largest financial decisions you’ll make, and your favourite local REALTOR® is your best resource to help you navigate the process.”

Looking at benchmark prices, the Multiple Listing Service® Home Price Index benchmark value for a single-family home in the Victoria Core in January 2024 was $1,252,200. In January 2025, this value increased by 2.8% to $1,287,200, although it’s down slightly from December’s value of $1,306,400. For condominiums in the Victoria Core, the benchmark value in January 2024 was $551,900. In January 2025, it decreased slightly by 0.7% to $548,100, up from December’s value of $547,800.  

This January 2025 Victoria real estate market update presents a mixed bag of news, offering both opportunities and considerations for home sellers and buyers:

For Home Sellers:

• Positive Signs: The increase in sales volume and new listings suggests a healthy level of market activity. This means there are more potential buyers out there, which is good news for you if you’re selling. The stable pricing also indicates that while the market isn't skyrocketing, it's holding its value.

• Competition: The significant jump in new listings (over 1,000 in January) means increased competition. To stand out, you need to ensure your property is priced competitively and in top condition. Professional staging and high-quality photography are more important than ever—I can help with outstanding marketing.

• Strategic Pricing: While prices are stable, they are slightly down from the previous month. Work closely with me to determine the optimal listing price that attracts buyers without undercutting your potential profit. Overpricing could lead to longer days on market.

• Market Awareness: The chair's comments about potential uncertainty due to international trade relations are worth noting. Stay informed about any developments that could affect the market, and be prepared to adjust your strategy if necessary.

For Home Buyers:

• More Choices: The increase in active listings means buyers have more inventory to choose from. This gives them more negotiating power and time to find the right property.

• Stable Prices: Stable prices provide a degree of predictability for buyers. You can be more confident in their budget and less worried about rapidly escalating prices.

• Favourable Inventory: The current inventory levels are considered favourable compared to recent years. This is a positive for buyers who have been struggling with low inventory in the past.

• Interest Rate Watch: While interest rates are currently trending positively, buyers should still carefully consider their affordability and get pre-approved for a mortgage to know their budget limits.

• Act Fast (But Wisely): While inventory is better, the increased sales volume shows that the market is still active. Don’t be too complacent, and be prepared to act quickly when you find a property you like! However, don’t rush into a decision without doing your due diligence.

In summary, the market presents a balanced scenario. Due to increased competition, sellers need to be strategic with pricing and presentation, while buyers benefit from more choices and stable prices. Both buyers and sellers should stay informed about market trends and work closely with a knowledgeable real estate professional to navigate the market successfully.

Contact me today for a personalized consultation:

Jacqueline Ross
REALTOR®
Coldwell Banker Oceanside
250.415.5656
jac@yourvanislehome.com
YourVanIsleHome.com
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Get the newsletter!

Understanding Strata Ownership: A Guide for Victoria Home Buyers

Are you thinking about buying a home, condo or townhouse in Victoria with a strata? It's a great way to enjoy the benefits of homeownership without the hassle of maintaining a single-family home. However, there's one important thing to understand before you take the plunge: strata ownership.

What is Strata Ownership?

Strata ownership is a form of ownership where you own your individual unit within a larger building or complex. You also share ownership of the common property, which includes everything outside your unit's walls. This includes things like the building exterior (roof, walls, landscaping), shared amenities (pools, gyms), and building systems (plumbing, electrical). A strata can be associated with a single-family home, duplex or half duplex (freehold), row/townhome, or condominium.

The Strata Plan document outlines all of the details on who owns what—whether exclusive use or common shared ownership. In addition, the strata has a set of rules and by-laws that govern the use of the units and surrounding property. These types of documents—called supplements—can be found with the listing information accessed by Realtors.

What Does This Mean for You as a Homeowner?

As a strata owner, you are responsible for:

• The interior maintenance of your unit

• Your share of common expenses, which are covered by strata fees

• Potential special levies for major repairs

Common Misconceptions About Strata Ownership

One common misconception is that you are only responsible for what's inside your unit. The strata corporation handles everything outside. However, this is not the case. As a strata owner, you are jointly responsible for the maintenance and upkeep of the entire property.

Another misconception is that strata fees are a fixed cost. Strata fees can fluctuate depending on the needs of the building. For example, if the building needs a major repair, a special levy may be assessed to all owners.

Why Understanding Strata Ownership is Important

Understanding strata ownership is important for several reasons. First, it can help you avoid unexpected costs. If you are not aware of your responsibilities as a strata owner, you may be surprised by a special levy or a bill for repairs to the common property.

Second, understanding strata ownership can help you avoid disagreements with other owners. If you are not sure who is responsible for what, it can lead to conflict.

How to Get Informed About Strata Ownership

If you are considering buying a strata-managed property in Victoria, it is important to do your research on strata ownership. Here are a few tips:

• Read the strata documents carefully. These documents will outline the rights and responsibilities of owners, as well as the rules and regulations of the strata corporation.

• Attend strata meetings. This is a great way to learn about the financial health of the strata corporation and any upcoming projects.

• Talk to me. I can help you understand the specific strata corporation for the property you are interested in.

Buying a home in Victoria? I Can Help!

If you are thinking about buying a condo or townhouse in Victoria, I can help. I’m an experienced professional who can help you understand strata ownership and find the perfect property for your needs.

Contact me today to learn more!

Jacqueline Ross, REALTOR®
250.415.5656
jac@yourvanislehome.com