As we move into the spring market, March brought a noticeable increase in both sales activity and inventory across Greater Victoria.

We’re seeing a fairly typical seasonal pattern, with momentum building toward what is usually the busiest time of year in May and June. Overall, the market remains balanced, creating opportunities for both buyers and sellers.

Overall Market Snapshot

A total of 579 properties sold in March, representing a strong increase from February, while still slightly below last year’s numbers.

Inventory also continued to rise, with 3,261 active listings at month end. This increase in supply is giving buyers more choice and reducing some of the urgency we’ve seen in past markets.

The result is a more balanced environment—one where both buyers and sellers have time to make informed decisions.

Market Breakdown by Property Type

Single-Family Homes

• 285 sales in March

• Average price: approximately $1.34M

• Median price: approximately $1.18M

• Average time to sell: ~38 days

Single-family homes continue to be the most stable segment of the market. Well-priced homes in desirable areas are still seeing solid activity, while overpriced listings are taking longer to move.

Condos

• 164 sales

• Average price: approximately $634K

• Median price: approximately $540K

• Average time to sell: ~47 days

The condo market is offering more selection than we’ve seen in recent years. Buyers are taking their time, comparing options, and negotiating more than they have in the past.

Townhomes

• 88 sales

• Average price: approximately $837K

• Median price: approximately $775K

• Average time to sell: ~38 days

Townhomes remain a strong option for buyers looking for more space without the price point of a detached home. Demand remains steady in this segment.

Market Activity by Area

Victoria (Core & Victoria West)

The Victoria core continues to be driven by condo activity, with strong demand for walkable, lifestyle-oriented living. Limited detached inventory continues to support pricing.

Westshore (Langford, Colwood, View Royal, Highlands, Metchosin)

The Westshore remains one of the most active regions in the market. Newer housing, relative affordability, and family-oriented communities continue to attract strong buyer interest.

Saanich (East & West)

Saanich continues to see steady demand across all property types. Its central location and established neighbourhoods make it a consistent performer in the market.

North Saanich

A smaller, higher price point market, North Saanich continues to attract buyers seeking privacy, larger properties, and a lifestyle-oriented setting.

Oak Bay

Oak Bay remains one of the most desirable and established areas in Greater Victoria. Limited inventory and strong demand continue to support premium pricing.

Sooke

Sooke continues to appeal to buyers looking for value and space. It offers a more accessible entry point into the market, though homes may take slightly longer to sell.

Malahat & Area

This area remains a niche market, attracting buyers looking for acreage, privacy, and a more rural lifestyle.

What This Means for Buyers and Sellers

The Greater Victoria market is currently balanced:

• Buyers have more inventory and time to evaluate options

• Sellers need to be strategic with pricing and presentation

• Well-prepared homes are still selling within a reasonable timeframe

As we move further into spring, we typically see activity continue to build, making this an important time to start planning if you’re considering a move this year.

If you’re watching the market and wondering what this means for your home or your next move, I’m always happy to provide honest, straightforward advice.

With 18 years of experience across all areas of Greater Victoria, I help clients navigate changing market conditions with clarity and confidence—whether buying, selling, or simply planning ahead.

Reach out anytime for a no-pressure conversation.

Cheryl Barnes
REALTOR® | Greater Victoria
📞 250-413-7943

1. Overprice and hope

2. Price at market and compete

3. Price slightly under and create urgency

The question isn’t which one exists…
It’s which one you’re choosing — and why.

Every strategy has a consequence.

The wrong one costs you time, momentum, and often money.

The right one creates leverage.

For a quick chat on how to price your home properly for sale, call me at 250-413-7943

The Bank of Canada has officially held its key interest rate at 2.25%, with no rate cut announced.

So… why no cut?

In simple terms, the Bank is being cautious.

Inflation is close to the 2% target, so there’s no urgent pressure to lower rates. The economy is growing slowly, not strong enough to raise rates, but not weak enough to force cuts. At the same time, there is ongoing global uncertainty, including trade tensions, geopolitical risks, and rising oil prices.

Bottom line: the Bank is in a “wait and see” position, watching closely before making any changes.

What this means for you:

Mortgage rates stay steady (for now). There’s no immediate change to borrowing costs, which gives buyers and homeowners more stability when planning.

Buyers: opportunity is still here. Many buyers are still waiting on the sidelines, which means less competition, more negotiating power, and more time to make confident decisions.

Sellers: the right buyers are still active. Homes are still selling, especially when priced well and presented properly. Today’s buyers are qualified, serious, and ready to act.

Bottom line:

This isn’t a slow market — it’s a strategic one.

The Bank of Canada is holding steady, and so is the market. The advantage right now goes to those who move with a plan, not those waiting on headlines.

Thinking of making a move this spring?

Let’s build a strategy that works for you in today’s market.

Call or text: 250-413-7943
www.cherylbarnes.ca