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Victoria real estate activity tempered by political and economic uncertainty

In April 2025, the Victoria Real Estate Board (VREB) reported the sale of 642 properties, marking a 5.3% decrease from April 2024's 678 sales, but a 4.7% increase compared to March 2025. Condominium sales declined by 10.1% year-over-year to 187 units, while single-family home sales saw a marginal 0.6% decrease, totaling 335 units sold.

VREB Chair Dirk VanderWal attributed the tempered market activity to external factors, stating, "Political uncertainty associated with the federal election, combined with broader economic concerns stemming from the United States tempered our spring market growth." Despite these challenges, he noted the market's resilience, evidenced by stable prices and consistent inventory levels. It is important to note that while certain price ranges of homes are experiencing high demand the condo market is seeing a surplus of inventory.

At the end of April 2025, active listings on the VREB Multiple Listing Service® reached 3,425, reflecting a 13.3% increase from March and a 13.5% rise from April 2024. This inventory level is the "sweet spot," balancing supply and demand, reducing pricing pressures, and providing buyers ample opportunity to make informed decisions.

Price trends remained steady, with the MLS® Home Price Index benchmark value for a single-family home in Victoria's core area rising 3.3% year-over-year to $1,344,800. Condominiums experienced a modest 0.9% increase, reaching a benchmark value of $566,100."

For more details: Victoria real estate board

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BC Government Announces New Housing Measures in 2024 Budget

 

February 22, 2024

This afternoon, Finance Minister Katrine Conroy introduced the provincial government’s Budget 2024. The budget unveiled several new housing related measures, including the BC Home Flipping Tax and various property transfer tax exemptions.

While BCREA commends the provincial government’s renewed commitment and efforts to improve housing attainability for British Columbians, the budget’s introduction of a “flipping tax” is unlikely to have a meaningful impact on housing attainability.  

 Flipping Tax 

The BC Home Flipping Tax is a 20 per cent tax on the gain from sale of a home within a one-year time horizon and a pro-rated tax on sales up to within a two-year period. The tax will apply to both properties and assignments of contracts and is in addition to any existing federal or provincial income taxes incurred from the sale of the property, including the federal anti-flipping tax. Exemptions will be available for certain life circumstances that might motivate the sale of a property within two years, including for added supply through the creation of rental accessory dwelling units. 


The BCREA Economics Department’s preliminary analysis estimates the flipping tax will decrease home sales by between 1-2 per cent over a three-year period. Given the relatively small impact, prices and housing attainability are essentially unchanged by the tax. This is unsurprising, given that short-term flipping represents a low share of sales activity (less than 2 per cent in both Vancouver and Victoria). 


However, because the government has now implemented a disincentive to sell within a two-year period after purchasing, there will be some potential sellers that are prompted to delay listing, resulting in a lower level of listings inventory than without the tax. As a result, home prices may increase with the flipping tax compared to a no-tax baseline. Ultimately, the only way to prevent harmful short-term speculation in the housing market is to ensure housing is abundant. Our team plans to continue to analyze the flipping tax and provide updates when available. 


Trevor Hargreaves 
Senior VP, Government Relations, Marketing & Communications BCREA

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New Property Transfer Tax Exemptions

When you purchase or gain an interest in property that is registered at the Land Title Office, you or your legal professional must file a property transfer tax return and you must pay property transfer tax, unless you qualify for an exemption. Click HERE for more information

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MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.