Thinking about buying or selling a home in Victoria, BC, or the surrounding areas like Westshore or the Cowichan Valley? The latest Q2 2025 data is in—and it paints a clearer picture of where the South Island real estate market is heading.
Whether you're an investor, first-time buyer, or seasoned seller, here's what’s really happening behind the headlines—and what it means for your next move.
Big Picture: Balance is (Temporarily) Back in Victoria Real Estate
After several years of volatility, the Greater Victoria real estate market, as well as Westshore and Cowichan Valley, is showing signs of equilibrium. But don’t mistake balance for stagnation—strategy matters now more than ever.
Greater Victoria home sales in May hit 753, up from April’s 635 but slightly below May 2024’s 768.
Inventory is up 37% above the 10-year average, sitting at 3,333 active listings.
Months of Inventory (MOI) is at 4.4—an indicator of a balanced market.
Median Days on Market (DOM) is 23 days, up from the 10-year average of 19.
Cowichan Valley Leans Heavily Towards a Buyer’s Market
MOI is at 6.1, with 141 sales and 863 listings—well above the historical average.
Detached homes are taking about 26 days to sell.
Townhomes are sitting even longer—some over 45 days.
Victoria Real Estate Trends by Property Type
Victoria Core: Homes for Sale and What They’re Worth
Detached Homes (SFD)
Sales: 189
Benchmark Price: $1,326,600 (↑ 1.3% YoY, ↓ 1.4% MoM)
Inventory: 582
Median DOM: 17 days
Takeaway: Well-priced homes are still moving, but overall sales volume is below the 10-year average.
Condos
Sales: 169
Benchmark Price: $564,100 (↓ 0.9% YoY)
Inventory: 619
Median DOM: 30 days
Takeaway: Buyers are pushing back on pricing. Overpriced condos are sitting.
Townhomes
Sales: 42
Benchmark Price: $859,700 (↑ 1.6% YoY)
Inventory: 141
Median DOM: 20 days
Takeaway: Strong interest remains, but rising inventory = more negotiating room for buyers.
Westshore Real Estate Market Update
Detached Homes
Sales: 103
Benchmark Price: $1,051,200 (↑ 2.2% YoY, ↓ 1.2% MoM)
Inventory: 492
Median DOM: 29 days
Takeaway: Still active, but buyers are taking their time with more inventory to choose from.
Condos
Sales: 36
Benchmark Price: $528,800 (↓ 2.1% YoY)
Inventory: 233
Median DOM: 28 days
Takeaway: A cooling segment—price drops and longer DOM are becoming common.
Townhomes
Sales: 31
Benchmark Price: $717,700 (↑ 0.6% YoY, ↑ 2.2% MoM)
Inventory: 147
Median DOM: 23 days
Takeaway: Stable, but buyers still hold negotiation power.
Cowichan Valley Real Estate Market Snapshot
Detached Homes
Sales: 103
Benchmark Price: $806,800 (↑ 4% YoY)
Median DOM: 24 days
Takeaway: A solid showing for rural BC, but softening is expected in coming months.
Condos
Sales: 10
Inventory: 51
Median DOM: 34 days
Takeaway: Especially older units are lingering longer than usual.
Townhomes
Sales: 12
Inventory: 82
Median DOM: 46 days
Takeaway: This is now firmly a buyer’s market. Room for negotiation is growing.
What Smart Buyers, Sellers, and Investors Are Doing Right Now
Buyers
With homes for sale in Victoria, Westshore, and Cowichan sitting longer, savvy buyers are negotiating upgrades, price reductions, and credits at closing.
Sellers
Positioning matters more than ever. If you want to sell your home in Greater Victoria, pricing properly and marketing effectively will determine your success.
Investors
Pay attention to the condo and townhome markets. Rental returns could improve soon as units sit longer and sellers become more flexible.
GST Removed on New Homes for First-Time Buyers
As of May 27, 2025, the federal government has eliminated GST on newly built homes priced up to $1 million for first-time homebuyers in Canada.
This could save buyers up to $50,000.
Homes between $1M–$1.5M are eligible for partial rebates.
Applies to pre-sales, owner-built homes, and new construction bought after May 27.
👉 More details on the GST rebate
Featured Listings: Homes for Sale on Vancouver Island
Luxury & Acreage
7493 Westholme – $2,225,000 | 5-acre estate
1959 Ingot (Cobble Hill) – $1,999,900 | 2.5 acres
1850 Lakewood (Shawnigan) – $1,475,000 | 2 acres
Oceanview & Family-Friendly
242 Portsmouth (Colwood) – $1,225,000 | Ocean views
1401 Donnay (Duncan) – $1,125,000 | Half acre with suite
917 Louise (Ladysmith) – $975,000 | Panoramic ocean views
403 1533 Joan (Crofton) – $593,000 | Steps to the ocean
New Construction in The Properties – Duncan
3203 Woodrush – $1,099,900 | Custom specs welcome
3206, 3214, 3211, 3218 Woodrush – From $1,049,000 | New homes with views
Affordable & Entry-Level
30-850 Parklands (Esquimalt) – $850,000 | Spacious townhome
907 Vine (Langford) – From $799,900 + GST | 16-unit townhome development
795 Short (Nanaimo) – $599,000 | Double garage, great value
1067 Waterman (Mill Bay) – $440,000 | Own the land, not just the home
Bank of Canada Holds Interest Rates Steady at 2.75%
As of June 4, 2025, the BoC held the overnight rate at 2.75%, following earlier rate cuts totaling 2.25% since mid-2024.
Governor Tiff Macklem cited trade uncertainties—especially with the U.S.—as the reason for the pause.
The next interest rate announcement is set for July 30, 2025. Buyers and investors should stay tuned.
Looking to Buy or Sell in Victoria, BC?
Whether you're looking for homes for sale in Oak Bay, a new townhome in Langford, or acreage in the Cowichan Valley, we’re here to help you navigate the current market with clarity, strategy, and impact.
📞 Contact The Webbers today and let’s talk about how to make your move a smart one.