Is Victoria Still Affordable in 2025? A Real Estate Market Update

With its picturesque coastline, temperate climate, and thriving cultural scene, Victoria remains one of Canada’s most desirable places to live. From retirees and remote workers to students and young families, the city attracts a diverse population looking for livability, lifestyle, and natural beauty. But as demand continues and housing supply struggles to keep pace, prices have steadily climbed.So, is Victoria still affordable for buyers in 2025? Let’s take a closer look at where the market stands today—and what it means for your real estate decisions.

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Average Home Prices in Early 2025 (Greater Victoria)

As of Q1 2025, average sale prices in Victoria reflect a continued upward trend, although the pace of increase has somewhat stabilized due to higher interest rates and new housing starts:
Neighbourhoods such as Fernwood, Fairfield, and Oak Bay continue to lead in detached home pricing, while areas like Langford, Colwood, and View Royal offer more budget-friendly options—especially for first-time buyers or those looking at townhomes and condos.

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How Victoria Compares to Other Canadian Cities

Victoria isn’t the most expensive city in Canada—but it’s certainly in the top tier:

• Vancouver: Avg. detached home = $1.9M
• Toronto: Avg. detached home = $1.45M
• Victoria: Avg. detached home = $1.175M
• Calgary: Avg. detached home = $710K
• Halifax: Avg. detached home = $620K

Compared to Vancouver and Toronto, Victoria still presents better value. But when weighed against other mid-sized cities like Calgary or Halifax, the affordability gap is widening—especially for young professionals and middle-income families.

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Inventory Shortages Continue to Drive Up Prices

One of the biggest challenges affecting affordability in Victoria is inventory. While provincial initiatives have begun to allow gentle densification (like fourplexes on single-family lots), actual development takes time. In the short term, buyers are still competing for a limited pool of properties.Some key factors impacting inventory:

• Slow permitting processes at the municipal level
• Resistance to density in established neighbourhoods
• Labour shortages in the construction sector
• Investor interest in rental-ready properties

Until these barriers are fully addressed, prices are expected to remain high and competition strong.

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What About First-Time Buyers?

For first-time homebuyers, the dream of owning property in Victoria remains possible—but it often comes with compromises:

• Condo living over detached homes
• Pre-sale opportunities in new developments (sometimes with lower deposit requirements)
• Shared ownership models or co-ownership agreements
• Moving to the Westshore or farther into Sooke for better pricing
• Using the First Home Savings Account (FHSA) and other government assistance programs to bridge gaps

You can still get on the property ladder in Victoria—it just may take a creative strategy.🔗 Looking for alternative entry points to the market? Read our blog on low-rise vs. high-rise condo options in Victoria »

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Is Victoria Still Affordable in 2025?

Affordability is relative. Compared to larger urban markets, Victoria offers a more relaxed pace of life, natural beauty, and strong long-term value. But for many locals and newcomers, especially first-time buyers, affordability is being tested.What’s important now is:

• Understanding where opportunities still exist
• Exploring all housing options—from condos to laneway homes
• Knowing how zoning and development are reshaping the market
  (Learn more about zoning trends in our Victoria real estate development blog »)

If you’re considering buying in Victoria—or planning your next move—let’s talk. As a local expert, I’ll guide you through the numbers and help you find the right path forward.

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Explore Related Blogs:

• Low-Rise vs. High-Rise Condos in Victoria: Which One Should You Choose?
• How Zoning and Development Rules Are Shaping Victoria’s Real Estate Market