The 2025 housing market is off to a strong start, with balanced inventory and stable pricing setting the stage for the months ahead. January saw a significant increase in new listings—over 1,000 properties were added to the market for the first time in a decade. This boost in inventory is a positive sign for buyers and sellers alike, as we enter the new year with strong momentum.
Market fundamentals remain solid. Pricing is steady, inventory levels are favorable compared to recent years, and interest rates continue trending in a positive direction for consumers. However, global trade uncertainties may introduce shifts in the market, and we are closely monitoring potential impacts.
As of January 30, 2025, Canada’s prime rate stands at 5.20%. The Bank of Canada has made its sixth consecutive rate cut, lowering its benchmark rate to 3%. This decision comes as inflation drops to 1.8%, aided by a temporary GST break from the federal government. The economic landscape remains dynamic, with concerns surrounding potential tariffs from the U.S. creating uncertainty for Canadian markets.
Staying informed is key in this evolving real estate climate. For expert insights and the latest updates on the Victoria market, sign up for our Victoria Real Estate Insider! Email us at team@mcleanrealestategroup.ca or sign up by contacting us.
Victoria Real Estate Stats for Condos and Apartments in January 2025
The real estate market for condos and apartments has started the year far stronger than last. The average selling price of these homes has gone from $579K to $625K and the number of units sold surged 30%. Even the average time to sell inched down by a day.
Victoria Real Estate Stats for Single Family Homes in January 2025
The single family home market also started the year off on strong footing. With the market well balanced, the average price of homes in Victoria jumped 14%, and the number of units sold kept pace with a similar increase.
Victoria Real Estate Stats for Townhomes and Duplexes in January 2025
The market for townhomes and duplexes leaning towards a seller’s market thanks to a 13% improvement in average selling price and a surge in units sold – there were 44% more townhomes and duplexes sold in Victoria than last January.
