Market Conditions - May 2025
Calm Under Cross-Currents
April’s real estate market in Victoria and the Gulf Islands gained a touch of spring momentum, with sales edging higher than the previous month, yet still shy of last year’s busier tempo. At the same time, the pool of available properties swelled, giving buyers room to compare options and negotiate at a measured pace. This deeper inventory cushion has kept overall conditions steady - even as headline-grabbing global tensions and mixed U.S. economic signals swirl in the background.
Sales Activity Presses Forward
April’s market had a little more wind in its sails - residential sales were about 4.5% higher than March, yet were roughly 5.5% shy of April 2024. “Single Family Detached” houses have led the spring push with sales almost 15% higher than March and virtually level with last year’s tally. The jump from March points to enduring buyer enthusiasm, while the near-flat year-over-year figure highlights the stability of this segment.
Listings Expand
Inventory remained in the “sweet-spot” range – a level that cushions prices from sharp swings and lets buyers compare options at a measured pace. Supply rose 13.3% compared to March and 13.5% compared to last year, giving spring shoppers noticeably more choice.
Market Balance Holds
With sales near 20% of active listings, market conditions remained “balanced”. This equilibrium translates into few bidding wars, while sellers continue to command fair values for well-priced properties.
Prices Edge Up
Price growth remained measured. The MLS® Home Price Index benchmark for a single-family home reached $ 1,188,200 in April 2025 - a 0.6% increase from March and 3.5% higher than April 2024.
Key Takeaway
April confirms a theme we’ve seen all year: our Island markets are navigating external turbulence with quiet confidence. Balanced conditions mean both buyers and sellers can move forward deliberately - an ideal backdrop for strategic real estate decisions this spring. Gulf Islands performance has shown resilience as lifestyle-motivated purchasers target Salt Spring for its combination of rural character and strong services.
If you’re considering buying or selling, give me a call for expert advice and to begin exploring your options.
Gina Jacobsen, PhD
REALTOR®
(250)539-0828
gina@ginajacobsen.com
Sources:
Victoria Real Estate Board MLS® STATISTICS
British Columbia Real Estate Association Economics
Canadian Real Estate Association