FAIR REALTY | Victoria BC
serving Victoria B.C and surrounding area
"Success takes hard work, research, knowledge, and commitment, but the real victory comes through honesty, transparency, and being true to your word" - Fredrick Eklund
VICTORIA MARKET DATA
Victoria real estate market stable in the face of uncertainty
April 1, 2025 A total of 613 properties sold in the Victoria Real Estate Board region this March, 4.3 per cent more than the 588 properties sold in March 2024 and 16.1 per cent more than in February 2025. Sales of condominiums were up 14.1 per cent from March 2024 with 202 units sold. Sales of single family homes increased by 2.1 per cent from March 2024 with 292 sold.
"The economic uncertainty the world faces right now certainly colours our local real estate market," said 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."
There were 3,023 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2025, an increase of 14.9 per cent compared to the previous month of February and an 14.2 per cent increase from the 2,647 active listings for sale at the end of March 2024.
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2024 was $1,288,400. The benchmark value for the same home in March 2025 increased by 3.6 per cent to $1,335,300, up from February's value of $1,309,500. The MLS® HPI benchmark value for a condominium in the Victoria Core area in March 2024 was $558,200 while the benchmark value for the same condominium in March 2025 increased by 0.4 per cent to $560,400, up from the February value of $551,900.
Overview of the Real Estate Market
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4,090,000 existing homes were sold in 2023, according to data from the National Association of REALTORS®. Sales of new single‐family houses in May 2024 were at a seasonally adjusted annual rate of 619,000, according to the U.S. Census Bureau.
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There are over 360,000 real estate brokerage firms operating in the United States (Real Estate and Rental and Leasing: Summary Statistics for the U.S., States, and Selected Geographies: 2022).
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Preliminary results from the U.S. Energy Information Administration's Commercial Buildings Energy Consumption Survey (CBECS) show that there were 5.9 million commercial buildings in the United States in 2018, comprising 97.0 billion square feet of floor space.
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There are approximately 125.7 million occupied housing units in the United States, according to the 2022 American Community Survey.
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According to the 2023 Profile of Home Buyers and Sellers, the typical home seller has been in their home for 10 years. The typical home size is 1,860 square feet. The typical The typical first-time buyer was 35 years old this year, slightly down from 36 last year, while the typical repeat buyer age fell to 58 years from an all-time high of 59 years.
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In 2022, 66.1% of families owned their primary residence, according to the Federal Reserve's Survey of Consumer Financespdf.
Home Buyer Statistics
First-Time vs. Repeat Buyers:
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First-time buyers: 24%
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Median age of first-time buyers: 28
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Median age of repeat buyers: 61
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Median household income of first-time buyers: $97,000
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Median household income of repeat buyers: $114,300
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The typical home purchased was 1,900 square feet in size, was built in 1994, and had three bedrooms and two bathrooms.
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Among those who financed their home purchase, buyers typically financed 74% of the home price.
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88% of buyers purchased their home through a real estate agent or broker.
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Buyers who would use their agent again or recommend their agent to others: 88%
Home Seller Statistics
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The typical home seller in 2024 was 63 years of age, had a median household income of $112,500, and lived in their home for 10 years.
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90% of sellers were assisted by a real estate agent when selling their home.
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Recent sellers typically sold their homes for 100% of the listing price, and 21% reported reducing the asking price at least once.
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The typical home sold was on the market for 3 weeks.
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38% of sellers who used a real estate agent found their agents through a referral by friends or family, and 28% used the agent they previously worked with to buy or sell a home.
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Sellers who definitely would use same agent again: 72%
Source: 2024 Profile of Home Buyers and Sellers (National Association of REALTORS®)
For Sale By Owner (FSBO) Statistics
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FSBOs accounted for 6% of home sales in 2024. The typical FSBO home sold for $380,000 compared to $435,000 for agent-assisted home sales.
Why use a REALTOR®.?
To be a REALTOR®, an agent must be a member of The Canadian Real Estate Association (CREA). This means agents are duty bound to serve you to the best of their abilities, and follow a specific code. This code is the accepted standard of conduct for all real estate practitioners who are REALTORS® specifically. It’s our guarantee of professional conduct and quality service. Read more at CREA.ca
Referral options...
Not ready to buy yet?
But maybe you know someone that is...
I offer an EXCEPTIONAL referral bonus for all closed deals for both you and your friend/colleague/neighbour. Text or email me "phone a friend" at 250-551-2250 / meganjayne.realestate@gmail.com and I'll send you all the exciting details.
Lets help make your connections bring you closer to home ownership.
