April Real Estate Newsletter

Victoria BC - Lightning on March 26th 2025

The Victoria Real Estate Market saw a Surge in Activity

There were 3,023 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2025, an increase of 14.9% compared to the previous month of February and a 14.2% increase from  March 2024.

A total of 613 properties sold in the Victoria Real Estate Board region this March, 4.3% more than the 588 properties sold in March 2024 and 16.1% more than in February 2025. Sales of condominiums were up 14.1% from March 2024 with 202 units sold. Sales of single family homes increased by 2.1% from March 2024 with 292 sold.

Liberation Day: From What, Wealth?

Liberation Day arrived, and wiped out over $2 trillion in value off the stock market. The newly announced tariffs, which ranged from 10%-54%, proved to be far worse than even the worst-case scenarios.

These new tariffs have been labeled as "Reciprocal Tariffs," but this term is misleading. These tariffs are claimed to mirror the levels that other countries impose on U.S. goods. However, a closer look reveals that it’s actually based on a formula tied to the size of a country’s trade imbalance with the U.S. The idea that imposing these tariffs would fix the trade imbalance is likely misguided and short-sighted.

Consider Vietnam, for instance, which has had a 46% tariff imposed on its goods. Although the country doesn’t import much from the U.S., it exports significant quantities of goods to the American market, thanks in part to the many factories operating there, such as Nike and Samsung. As a result, the U.S. has set high tariffs on Vietnamese goods, but this may never lead to a true balance in trade due to the inherent differences in trade flows. It’s also unlikely that shoe factories will start popping up in the USA.

Interestingly, Canada has largely avoided the most severe of these "reciprocal tariffs.", but previously announced tariffs do still remain in place. Should these tariffs remain in place globally, there is a growing concern that the resulting economic downturn could lead to a worldwide recession — one that would undoubtedly have ripple effects on the Canadian economy. The outcome of this tariff battle will not only affect stock markets but also negatively influence global economic growth, inflation, and ultimately, the real estate market. Hopefully, they are short-lived and reversed soon.

No Frills to Open in Victoria Public Market

On March 20, Townline announced the closure of the Victoria Public Market and informed business owners that they would have six months to vacate. The market first opened 12 years ago and has been home to a variety of local vendors and small businesses. Townline president Daryl Simpson acknowledged the impact on current tenants, noting that there may be future opportunities for some of them to relocate elsewhere within the Hudson District.

In its initial announcement, Townline stated that the indoor market would be replaced by an unspecified "full-service, urban-format Canadian grocery store" in early 2026. It has now been confirmed that No Frills, a grocery chain known for offering low prices, will be taking over the space. The addition of the store will bring a new grocery option to the downtown area, though it marks the end of an era for the Victoria Public Market and its vendors.

New Colwood Pedestrian Bridge Comes to Galloping Goose

Construction has officially begun on a new pedestrian and cycling bridge in Colwood, a long-anticipated project aimed at improving safety and connectivity along the Galloping Goose Regional Trail.

This new bridge will eliminate the existing gap where the trail intersects with Sooke Road, providing a seamless and safer route for pedestrians and cyclists. Currently, trail users must travel via Wale Road and Island Highway, crossing at a traffic light before continuing on the sidewalk to rejoin the trail. The bridge aims to streamline this connection, reducing delays and improving the overall user experience.

A detour is in place for trail users during construction and is expected to remain in effect until October 31, ensuring the work can be completed efficiently while maintaining access to the trail.

Once completed, the bridge will offer an enhancement to the region’s active transportation network.

Reminder: B.C.’s Short-Term Rental Registry Deadline Approaching!

In case you haven’t registered yet—here’s your reminder! If you operate a short-term rental in B.C., the new Short-Term Rental (STR) Registry launches on May 1st!

The Provincial Secondary-Suite Pilot Program is Quietly Scrapped

The provincial government scrapped a $120 million program to help homeowners develop secondary suites, with forgivable loans. At the time the program was first announced, the Premier claimed it would add “thousands of affordable rentals over three years.” However, after a year of the program only 200 have  taken the government up on the program.

At the time, many were skeptical that the program would lead to big increases in housing. The program offered 50 per cent of the cost of a home renovation with a forgivable loan of up to $40,000. However the requirement that homeowners must rent the suite at below market rates for five years deterred many homeowners from taking on such large loans. Especially considering construction of a self-contained suite could cost well over $100,000 and maybe as much as $200,000.

David Hutniak, CEO of Landlord B.C. Said the requirement of below market rents made it a “non-starter”. Adding “Rent caps, the …stress associated with ending tenancies where renters are abusive and destructive, and out-of-control expenses (insurance, utilities, property taxes) all conspire to discourage folks from remaining or becoming landlords,”

However, The provincial government claimed the program was scrapped because of “uncertain economic conditions and an unpredictable tariff situation with the U.S.”

However, for those interested there is a proposed federal program with an $80,000 loan, which is double the size of the scrapped provincial program. Click HERE to learn more.

6 Things to do in Victoria this April

Highlighted Listings

To View All of My Real Estate Newsletters, visit the Blog Page on my Website!