Victoria, British Columbia, continues to hold its spot as one of Canada’s most sought-after real estate destinations. With its blend of West Coast charm, mild climate, strong economy, and vibrant lifestyle, it’s no surprise that buyers and investors from across the country — and abroad — look here first. But what does the market really look like in 2025?
Housing Prices and Market Trends
Over the past few years, Victoria’s housing market has shifted significantly. After record highs in 2022 and a cooling-off period in 2023–2024, prices in 2025 are showing steady but moderate growth. Detached single-family homes in core neighborhoods like Oak Bay, Fairfield, and Gordon Head remain highly competitive, while condos in areas like Downtown Victoria, Langford, and Sidney continue to attract first-time buyers and downsizers.The benchmark price for a detached home in Greater Victoria hovers around $1.25M, while condos average around $600K. Demand for townhomes and duplexes has also grown as middle-market buyers look for more affordable alternatives.Rental Market Pressures
Victoria’s rental market is just as hot, with vacancy rates under 1%. Rents for a one-bedroom apartment are averaging $2,000/month, putting further pressure on younger renters and students at UVic or Camosun College who are exploring ownership sooner than planned.What’s Driving Demand?
- Population growth: Migration from other provinces remains strong.
- Limited land: Victoria is on an island, and expansion is restricted.
- Lifestyle appeal: Outdoor recreation, mild weather, and cultural vibrancy.