VINCENT BAART
VICTORIA – Uncertainty is in the air—but let’s not lose perspective. Headlines about trade wars, policy changes, and interest rate speculation are fuelling anxiety among real estate investors. But if you’ve been in the game long enough, you know this isn’t new. From the 2020 pandemic to shifting lending rules and aggressive rate hikes, we’ve weathered worse—and come out stronger.
I’ve been investing in Victoria for just over a decade, which is nothing compared to what most of the readers of this article have experienced. During this time, we’ve seen all manner of uncertainty. Even when times are really good, my friends and clients will ask “Is this a bubble?” Victoria’s real estate market has proven time and again that it’s built on more than hype. The fundamentals remain solid: low rental vacancy, steady population growth, and an economy anchored by government, healthcare, and education. It’s not just a desirable place to live—it’s a resilient place to invest.
The numbers from the first quarter of 2025 back that up. January saw 422 sales and over 1,000 new listings—the highest volume of January listings in over a decade. February followed with 528 sales, marking a 25% increase over January and a 12.3% bump year-over-year. By March, the market had reached 613 sales, up another 16% from the month prior. Benchmark prices for single-family homes in the Victoria Core climbed steadily from $1.29M in January to $1.34M by the end of March. Condo prices remained stable. Inventory also grew across the quarter, offering balance to both buyers and sellers.
We are not in a recession—and even if we were, real estate would still move. People buy, sell, and rent homes for reasons that have nothing to do with macroeconomics: growing families, downsizing, career changes, divorce, or death. Life goes on, and real estate follows. As investors, we can’t control the winds of interest rates or global politics, but we can adjust our sails. What matters is how we manage our portfolios, serve our tenants, and make decisions with a long-term lens.
So yes, the headlines are noisy. But this is not a time for panic. It’s a time for thoughtful action. Review your cash flow, check in with your property manager or tenants, and explore your next opportunity. While others pause, you can build.
Victoria remains one of the most stable, in-demand real estate markets in Canada. The best investors don’t freeze during uncertainty—they get strategic. We’ve survived worse. And we’ll come through this, too.
Keep adjusting your sails, and keep moving forward.
Vincent Baart helps home buyers, sellers, and agents make smarter real estate decisions and build long-term wealth. Team Leader at CityNest.ca Licensed REALTOR® at RE/MAX Camosun
