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