Canada’s purpose-built rental market showed signs of renewed momentum in March 2025, reversing a multi-month downward trend with a modest monthly increase in asking rents. While year-over-year figures remain slightly negative, purpose-built units are demonstrating greater stability and long-term growth compared to their condominium rental counterparts. 

According to data from Rental.ca’s April 2025 Rent Report, average asking rents across all residential property types rose by 1.5% month‑over‑month to $2,119 in March. This marks the first monthly increase since September 2024, as markets emerged from the seasonal winter slowdown and leasing activity picked up in advance of spring. Despite this rebound, rents remained 1.5% lower than they were a year ago, reflecting the impact of elevated new supply and affordability pressures that have persisted over recent quarters.

Source: Rentals.ca

Within the purpose-built segment,three-bedroom apartments saw the largest year‑over‑year (y/y) increase, rising by 3.7% to $2,711. Studio units also posted y/y gains, up 1.8% to $1,593. On the other hand, one- and two-bedroom purpose-built units saw annual declines of 2.2%, averaging $1,883 and $2,280, respectively. These remain the most common unit types and are therefore more sensitive to supply-side dynamics.

While purpose-built rentals showed some signs of stabilization, the condominium rental market continued to experience mounting pressure. Average asking rents for condominium apartments fell by 3.8% year-over-year in March to $2,232. Two-bedroom condo rents dropped 4.3% to $2,374, while one-bedroom units declined by 3.7% to $2,032. 

Unlike purpose-built buildings, which are typically managed by institutional landlords or professional property managers, condo rentals depend heavily on individual investor decisions. This can create more volatility, particularly in cities where a large share of new housing supply has come from condo construction. Additionally, purpose-built buildings may be more likely to include on-site services, longer-term tenancy options, and more predictable rent structures, which appeal to potential tenants.

Despite recent fluctuations, purpose-built rental rates remain significantly higher than pre-pandemic levels. Since March 2020, average asking rents for purpose-built apartments have increased by 35.5%, with three-bedroom units up 39.6% and two-bedroom units up 38.4%. These gains exceed those seen in the condo segment, where rents have risen just 0.6% over the same period.

On April 16, Ottawa City Council received an update on the implementation of the City’s Economic Development Strategy and Action Plan, alongside the second draft of a comprehensive new Zoning By‑law. The report addresses five key issues raised during last year’s consultations on the first draft, offering a range of options to refine parking requirements, building height limits, zone conversions, transition frameworks and communal parking permissions. Council also approved surplus‑land declarations for eight properties to support affordable housing and adopted amendments to protect the South Bear Brook Wetland.

Zoning By‑law Second Draft

The second draft maintains the first draft’s stance on minimum parking rates in rural villages—proposing no fixed minimums—but introduces options for staff to consult this spring on requiring some parking in specific hamlets. In suburban neighbourhoods (N1 and N2 zones), the draft reinstates a three‑storey height limit to preserve existing development rights. Rather than converting all R4 zones to N4 as initially proposed, the revision would rezone certain R4 areas as N3 to reflect current standards. A new building‑height transition framework simplifies regulations by allowing high‑rise development as‑of‑right on larger lots while ensuring mid‑rise feasibility on smaller parcels. Finally, the draft expands communal parking‑lot permissions across all neighbourhood zones, offering a more permissive approach than the first draft’s restriction to multi‑building developments.

Affordable Housing Land Transfers

Council declared eight City‑owned properties surplus and approved their transfer to not‑for‑profit housing providers for a nominal fee. Sites—including 40 Beechcliffe Street, 2548 Cléroux Crescent and 1770 Heatherington Road—are earmarked for affordable housing. Ottawa Community Housing Corporation will develop the first two buildings at Heatherington Road and oversee the construction of a connecting public road, funded jointly by the Province’s Building Faster Fund and the City.

Environmental Protection Measures

To safeguard the ecological integrity of the South Bear Brook Wetland, Council approved concurrent Official Plan and zoning amendments, strengthening protection against future development pressures and ensuring long‑term wetland conservation.

Next Steps and Public Engagement

Consultations on the second draft of the Zoning By‑law will continue through June. Residents and stakeholders can review timelines and details, and provide feedback. Submissions will inform the preparation of a third draft later this year.

On April 15, 2025, the Canadian Real Estate Association (CREA) released its quarterly forecast for home sales and prices, updating its January outlook to reflect heightened economic and political risks. 

For 2025, the CREA now anticipates 482,673 residential transactions, a 0.02% decline from 2024, which is a sharp reversal from the 8.6% growth projected in the first quarter forecast in January. The national average home price is forecast to dip 0.3% to $687,898, roughly $30,000 below earlier estimates. Looking to 2026, sales are expected to rise modestly by 2.9% to 496,487 units, with prices edging up 1.2% to $696,074.

Source: CREA

Source: CREA

Shaun Cathcart, CREA’s Senior Economist, noted that previously, uncertainty about tariffs was contributing to declining home sales, but that going forward, the housing market will need to weather the “actual economic fallout”.

On April 16, the Bank of Canada held its key policy rate at 2.75%, citing unpredictable trade policy and tariff fluctuations as a drag on growth. In its Monetary Policy Report, the Bank outlined a scenario in which a broader trade war could plunge Canada into recession and push inflation above 3% by mid‑2026. The CREA emphasized that all forecasts remain subject to “unprecedented levels of uncertainty,” given unclear interest‑rate trajectories and potential stagflation.

In a recent legislative update, British Columbia has shortened the no-fault eviction notice period available to landlords from four months to three months when they, or their close family members, wish to move into the property.

Individuals who move into a unit following a personal-use eviction are required to occupy the premises for at least 12 months. Failure to meet this requirement, or engaging in bad-faith eviction practices, may result in penalties for landlords.

Landlords must use the online system to generate Notices to End Tenancy for personal occupancy. This requirement ensures that necessary details about the intended occupant are provided upfront and facilitates compliance reviews through systematic audits.

Restrictions 

Specific rules restrict the use of no-fault evictions in larger, purpose-built rental buildings, including those with five or more units that are not strata-titled or where a single owner holds a significant number of the rental units. These restrictions are in place to protect tenants in multifamily housing arrangements.

Background

Following a July 2024 measure that extended the notice period from two months to four months, which was aimed at affording tenants greater time to secure alternative housing, BC has now rebalanced its approach by reducing the notice period again – this time to three months. The goal was to provide property owners with greater flexibility while addressing concerns that the lengthier notice period was discouraging some from renting out properties.

The change reflects a policy recalibration intended to cater to both tenant needs and landlord considerations; it also aligns more with the three-month notice required in the case of homebuyers where there are existing tenants.

Broader Legislative Context and Related Amendments

In August 2024, amendments to British Columbia’s Residential Tenancy Regulation were made, affecting evictions related to homebuyers. Landlords acting on behalf of purchasers who intend to occupy a unit now must also provide a minimum of three months’ notice when ending an existing tenancy. 

This adjustment addresses concerns that a four-month notice period was causing difficulties for first-time homebuyers, particularly those requiring insured mortgages that demand vacant possession at closing.

For notices served under the homebuyer context, the window for tenants to dispute the eviction has been reduced from 30 days to 21 days. These changes aim to streamline the process while accommodating the needs of buyers and ensuring a smoother transition.

Secondary suites – self‑contained living units within a home – are growing in popularity as an affordable, gentle‑density option across Canadian communities. They can be an excellent way to generate additional income. However, property owners need to be aware of relevant regulations and restrictions. The provincial or territorial building codes, which set the technical safety and construction standards, and the municipal zoning bylaws, which dictate where and under what conditions suites may exist need to be followed. 

Navigating these overlapping requirements can be daunting, so homeowners are strongly encouraged to engage early with municipal planning staff, architects or code consultants to interpret the rules that apply to their property.

A Common Technical Foundation

Virtually every province and territory in Canada has adopted some version of the National Building Code of Canada (NBC), often with local amendments, thereby establishing a baseline of technical requirements for any secondary suite project. At its heart, the code ensures that each suite is self‑contained (with its own kitchen, sleeping area and washroom), provides adequate fire resistance, maintains safe egress (doors or properly sized windows), and incorporates hardwired smoke and carbon monoxide alarms. Plumbing, electrical and mechanical systems must comply with the safety code standards, and ceiling heights generally cannot fall below a minimum of 2.0m in most living areas, although Ontario permits a height of 1.95m in basement suites.

British Columbia

In British Columbia, the BC Building Code carves out specific provisions for secondary suites, recognizing them as an “accessory” use within a principal dwelling. Certain key provisions apply:

• A suite must be a complete living unit, under the same title as the main dwelling.
• Fire‑resistance assemblies (walls and ceilings) must meet specific requirements.
• Egress windows must meet minimum sill height and opening size requirements.
• Smoke and carbon monoxide alarms must be hardwired into the building’s electrical system and interconnected.
• Building, plumbing, electrical and mechanical permits are mandatory.

Once code compliance is assured, each municipality’s zoning bylaw determines exactly which residential zones may host suites, often single‑detached and certain attached dwellings, and whether parking stalls or other site controls are required.

Alberta

Alberta follows the same two‑tier approach. The NBC – Alberta Edition mandates that every secondary suite be fully self‑contained, including separate heating and ventilation systems (for example, two furnaces or dedicated ductwork solutions), and meet fire‑resistance, egress and alarm‑system standards under the Alberta Safety Codes Act. 

Municipal land‑use bylaws then decide where suites are authorized. In Edmonton, for instance, any house zoned RF1 may accommodate one secondary suite if floor plans satisfy egress‑window dimensions and a separate entrance is provided; Calgary’s Land Use Bylaw offers similar provisions for zones, requiring a building permit regardless of when the suite was constructed.

Ontario

Ontario’s provincial policy tools (the Planning Act and the Provincial Policy Statement) actively encourage municipalities to permit second units in detached, semi‑detached and rowhouse neighbourhoods. 

The Ontario Building Code defines a second unit as a subordinate, self‑contained dwelling with its own kitchen, bathroom and sleeping space, and sets out detailed standards: minimum room and window sizes, one‑hour fire separations between units, interlinked smoke/carbon‑monoxide alarms, and separate water‑shutoff valves. 

Municipal zoning bylaws then specify exactly which neighbourhoods may host these units and often require a pre‑application review to confirm parking, lot coverage and heritage overlay requirements.

Québec

In Québec, self‑contained accessory units, or logements accessoires, must satisfy Québec’s Construction Code, which references the NBC for fire separations, egress and alarm requirements. Municipal zoning bylaws in Montréal, Québec City and other municipalities then govern which residential districts allow accessory units and set size or owner‑occupancy rules.

Prairies and Atlantic Canada

Similarly, Saskatchewan and Manitoba adopt NBC‑based provincial codes for unit safety and construction, while municipalities—through land‑use bylaws—define permitted zones, parking ratios and maximum suite sizes. In the Atlantic provinces (New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland & Labrador), provincial building regulations set the technical bar, and local planning authorities regulate siting and occupancy.

Practical Steps Toward Compliance

Because secondary suites straddle provincial code and municipal zoning domains, it is important to be clear on all requirements that affect your property.

Early Engagement

Contact municipal planning and building departments with draft site and floor plans to verify zone permissions, parking requirements and any heritage or environmental overlays.

Professional Collaboration

Retain architects, designers or building code consultants who understand both the technical code provisions and local bylaw intricacies. They can provide permit‑ready drawings and specifications for a smooth approval process. Consult with legal professionals as required.

Permitting

Secure all required permits—building, electrical, plumbing and mechanical—before breaking ground. Inspections at the foundation, framing, fire separation and final stages ensure all work meets the code.

Detailed Documentation

Keep fire‑separation assemblies, egress‑window sizes, ceiling height measurements and alarm installation details on record to demonstrate compliance, particularly if questions arise during an inspection.

By consulting with professionals and carefully complying with common technical requirements of the National Building Code (and its provincial iterations), as well as the relevant municipality’s tailored zoning rules, property owners can create safe, legal secondary suites that expand housing supply while respecting community plans. For site‑specific guidance, from registration processes to heritage overlays and parking waivers, it is critical to always get input from municipal authorities and qualified professionals before proceeding.

Ottawa’s Planning, Development and Building Services Department has launched an innovative, free educational service designed to empower residents with in-depth knowledge of the city’s land-use planning process. The new Planning Primer sessions provide an accessible platform for individuals interested in understanding and engaging with the complexities of urban planning. 

Anyone looking to buy, sell, renovate, or develop property in Ottawa will find these sessions particularly valuable. They’re also beneficial for individuals living or working near development sites who want to better understand how proposed projects may affect their community. With a comprehensive curriculum that delves into the legislative and policy framework governing land-use decisions, these sessions serve as an essential resource for both newcomers and seasoned professionals in the field. 

The core course at the heart of the Planning Primer offers a detailed explanation of how planning policies are formulated and amended. Participants learn about the various legislative requirements and policies in Ottawa that shape development applications and influence everyday urban growth decisions. This in-depth exploration of planning regulations is particularly beneficial for homeowners, prospective buyers, real estate agents, and developers who seek clarity on the processes that impact property transactions, renovations, and new construction projects.

Offered as virtual workshops, the sessions are scheduled to occur four times a year, ensuring ongoing access and engagement for the community. Interested participants can register to ensure they receive the latest updates and notifications about future primers. Registration operates on a first-come, first-served basis and opens two weeks prior to the session date.

Led by experienced planning staff, each workshop not only presents the core materials but also encourages an interactive dialogue through dedicated question and answer periods. Electronic copies of the course materials are emailed to participants after the sessions, further supporting continued learning and reference. 

In addition to the main course, the department occasionally offers elective workshops that focus on specialized planning topics such as Development Charges, Residential Intensification and Infill, Heritage Planning, Secondary Planning Processes, Natural Systems, and Planning for Healthy Communities. These electives allow residents to dive deeper into specific areas of interest, broadening their understanding of the many facets of urban development.

By offering these free educational sessions, Ottawa aims to build and maintain a strong, collaborative relationship with its communities while equipping stakeholders with key tools and insights. Whether individuals are directly involved in property development or simply curious about the factors influencing their surroundings, the Planning Primer sessions can help interested stakeholders stay better informed. 

For more detailed information, visit the City’s Planning Primer webpage.

Toronto City Council has approved a program to defer development charges on up to 3,000 near–show–ready condo units, providing an immediate fiscal reprieve for developers and aiming to stimulate housing construction in a cooling market.

This deferral of development charges could provide a modest, short-term relief measure that may improve the financial profiles of near–shovel-ready condo projects. By delaying tax costs, estimated to save roughly $19,000 per unit upfront, developers might have greater liquidity to advance construction, which could help stabilize market activity. However, it is important to note that the savings are deferred rather than eliminated, with the full charges due at a later date without interest. 

Affordable Housing Requirements

Under the new initiative, qualified developments must include a modest percentage of affordable housing, with projects incorporating a higher proportion of affordable units receiving priority. City staff estimate that, on average, the deferral will save developers approximately $19,000 per condo unit. This saving is achieved by postponing the payment of development charges, which normally range between $52,000 and $80,000 per unit depending on the number of bedrooms. No interest will accrue on these deferred charges.

Scope

The program specifically targets projects that are already well advanced in their development process (“near-shovel-ready”), ensuring that the initiative directly contributes to releasing stalled projects. City officials hope this measure will accelerate construction, thereby helping to mitigate further declines in Toronto’s housing starts, which have seen a significant downturn.

Financially, the plan represents a commitment by the city to absorb more than $180 million in deferred revenues. Additionally, by waiving the interest that would normally be generated on these funds, the city anticipates a potential revenue loss of up to $28 million over the course of four years. 

Bolstering Against Uncertainty

The approved measure comes at a time when the local housing market is facing heightened uncertainty. With the slowdown in housing starts raising concerns about meeting the demands of current and future residents, the program is viewed as a strategic intervention to unlock new development. In doing so, it directly supports the creation of owner-occupied homes, bolstering both the housing supply and the local economy. There has also been discussion that measures like this could provide some protection against the impacts of tariffs.

A new development which will be set within the serene beauty of Cabeza de Toro in Punta Cana, Palm View at Coral Golf Resort represents a rare convergence of luxury, investment potential, and an unparalleled lifestyle. Occupancy is expected for June 2027.

Developed by a trusted company, the Entorno Group, with a history of delivering high-quality communities across the Dominican Republic, this contemporary development offers an unmatched opportunity. With competitive pricing, exceptional amenities, and strategic tax advantages, Palm View appeals to investors, residents, and travellers alike.

Strategic Location at the Heart of Punta Cana

I have personally invested in properties in Punta Cana, because of its tourism-driven high demand and other benefits that the Dominican Republic offers real estate investors, including favourable tax policies.

Palm View is perfectly positioned within the master-planned Coral Golf Resort, just 10 minutes from Punta Cana International Airport. This ideal location makes it convenient for property owners and renters, while enhancing its appeal to international visitors. 

Proximity to downtown Punta Cana ensures access to urban conveniences, including shopping, dining, and nightlife, while the development itself provides a haven of tranquillity with lush golf course views and pristine natural surroundings. For beach lovers, the popular Pearl Beach Club and Coral Golf Resort’s exclusive beach club are just minutes away, with shuttle services providing easy access.

Why Palm View Stands Out

Affordable Entry Points

Palm View differentiates itself in several key ways. First, units are priced well below comparable resale properties. Similar one-bedroom units in the area that are completed are selling for approximately $250,000, which is significantly more than Palm View’s $146,000 entry point. This gives buyers immediate equity and positions their investment for a significant potential appreciation.

Tax Advantages

The Confotur Law in the Dominican Republic adds to this unique advantage. This government initiative offers significant tax incentives, including a 15-year exemption from property taxes and no land transfer fees. Additionally, buyers benefit from zero closing costs apart from legal fees, making Palm View an attractive proposition for international investors. 

Hotel-Managed, Turnkey Property

Perhaps most appealing is that all units come fully furnished, and are managed by a trusted hotel management company. This turnkey approach not only saves owners the hassle of furnishing and managing their properties but also ensures consistently high standards for rental guests, enhancing long-term returns and ease of ownership.

Amenities that Cater to Every Lifestyle

Designed to meet varied needs, Palm View will offer an impressive range of amenities. 

Within the community, residents and guests can enjoy the newly redesigned 18-hole golf course by world-renowned architect P.B. Dye, offering both challenging play and amazing scenery. For those seeking relaxation, an adults-only pool, spa, and sauna provide the perfect escape. Families are equally well-catered to, with a dedicated children’s pool and playground. 

Sports enthusiasts will appreciate facilities for tennis and pickleball, while a fully equipped fitness center ensures residents can maintain an active lifestyle. Hiking trails further add to active living options. The private beach club, with its crystal-clear waters and sandy shores, offers the quintessential Caribbean experience, complete with shuttle access to and from the resort.

Dining and entertainment are part of the Palm View experience. A full-service restaurant and bar provide on-site convenience and luxury, adding to the development’s appeal as a self-contained community.

Modern Units Built for Comfort and Style

Every unit in Palm View has been thoughtfully designed with high-quality finishes that blend modernity with functionality. Options include one-bedroom units priced at $146,000 and two-bedroom options starting at $248,000. For those seeking added indulgence, some units feature jacuzzis and private swim-up pools.

Tourism Fuels Growing Rental Demand

Punta Cana’s thriving tourism industry adds another layer of appeal for potential investors. In 2024, the Dominican Republic hosted over 4.4 million visitors, representing a 9.5% increase from the previous year. Hotel occupancy rates in Punta Cana remain high, averaging above 83%, creating strong demand for rental properties that offer a mix of convenience and modern amenities. This surge in tourism, combined with Palm View’s proximity to major attractions and its own high-end features, meets the growing demand for desirable rental options.

Rental performance projections for Palm View reflect this demand. For example, one-bedroom units, priced at $125 per night, could generate approximately $12,000 in annual income even with conservative occupancy rates of 25%. Larger two-bedroom units, suitable for families or groups, project higher annual returns of $20,000 or more. Cap rates are estimated at around 9%.

Investing in a recreational property, like a vacation home or a cottage, can offer the potential for rental income as well as provide a personal getaway location when it is not rented out. To maximize a vacation home’s investment potential, consider these key tips:

Choose a High-Demand Location

Location is critical. Choose an area that attracts tourists and has strong demand for vacation rentals. Is the property close to natural attractions and amenities? Is it easily accessible? These are factors that can influence the property’s appeal and rental income potential. Look for locations with a mix of seasonal and year-round attractions to maximize occupancy throughout the year.

Assess Rental Potential

Evaluate the rental potential of the property by analyzing similar rentals in the area. Look at occupancy rates, rental prices and guest reviews to gauge how much rental income you can realistically expect, and assess whether the property is a viable investment. Online rental platforms and local property managers can provide data on rental performance and demand.

Prepare for Seasonal Variations

Recreational properties often experience seasonal fluctuations in demand. Be aware of how different seasons affect occupancy and rental rates. The owner of a mountain property near a ski resort can charge more during the winter, while the peak season for lakefront properties is summer. Research historical rental data and adjust prices accordingly. Take advantage of higher income potential during peak seasons to compensate for periods of low demand, and use lower prices during off-seasons to attract visitors. Be aware that you will have fluctuating income from a vacation rental property, and budget accordingly.

Check Zoning Laws

Ensure that the property is zoned for rental use and that there are no restrictions on short-term rentals in the area. Some regions have specific regulations governing vacation rentals, including licensing requirements and occupancy limits. Compliance with these rules is essential in order to avoid legal issues.

Consult with local zoning authorities and a real estate attorney to verify that the property meets all legal requirements for rental use.

Prioritize Proactive Maintenance

Recreational properties often require more maintenance than traditional investment properties, especially if they are located in remote or rural areas. Factor in the cost and logistics of maintaining the property, including cleaning, repairs and managing utilities. Be proactive, as deferring maintenance can lead to more costly issues down the road. Developing a comprehensive budget helps ensure necessary work is completed promptly.

Establishing agreements with local service providers for routine maintenance and ensuring timely, dependable repairs are completed when needed can be highly beneficial.

Shop Around for Financing

Lenders usually require larger down payments or impose higher interest rates on loans for vacation properties. A mortgage broker with experience in recreational property financing may be able to find you better loan terms. Explore different financing options thoroughly before making a decision.

Consider Tax Implications

Rental income from recreational properties and proceeds from sales have tax implications. Understand how rental income is taxed and what deductions you can claim for expenses like mortgage interest, property taxes and maintenance. Consult with a tax advisor to optimize your tax strategy and have an accurate estimate of what you will pay in annual taxes. 

Be sure to keep detailed records of all income and expenses related to the property to simplify tax reporting and maximize deductions.

Plan Ahead

As with any investment, planning ahead, evaluating your goals and performing thorough due diligence is crucial. Assess all aspects of buying and managing a recreational investment property before committing, to ensure the property meets your financial and personal goals. If you intend to use the property for personal vacations, not just for rental purposes, plan how this will affect your income. Consider using it only during the low season or when it is not booked, as this will maximize the property’s income potential.

Benefit from Trusted Expertise

A recreational property is a significant investment and requires thoughtful planning. The guidance of experienced professionals can make all the difference. RLP InvestorsEdge™ is a real estate investment platform by Royal LePage®, designed specifically to support Canadian residential real estate investors. Agents receive exclusive and in-depth Masterclass Series training by Broker’s Playbook™, so you know they have the tools and insights needed to deliver detailed analysis and personalized advice.

Investors can expect to receive valuable support throughout the process. Backed by strong negotiation skills and proven marketing strategies, RLP InvestorsEdge™ experts can help you secure favourable terms and stay competitive in any market. Exclusive access to early listings gives you a further critical edge. Recreational properties require a nuanced investment strategy. With their unique considerations, having a knowledgeable partner is key. RLP InvestorsEdge™ connects you with experts who understand these distinctions, so you can invest with greater confidence, clarity and purpose.

The first quarter of 2025 saw Greater Victoria’s residential real estate market regain momentum. While single‑family homes continued to command premium values, condominiums emerged as the fastest‑growing segment by sales volume, and townhouses displayed signs of stabilization after a period of price softness. 

Pricing

Price trends in Q1 2025 varied significantly by housing type. The median sale price for single‑family homes rose 6% year‑over‑year to $1,199,900, suggesting sustained demand for detached properties despite elevated price levels. By comparison, condominium prices increased by 2.8% to a median of $560,000. Townhouses and row units bucked the upward trend, with median prices dipping 0.8% to $779,900. 

Source: VREB

Regional Price Variations for February 2025

In the context of the broader Vancouver Island region, as reported by the Vancouver Island Real Estate Board (VIREB), in February 2025, VIREB’s board‑wide MLS® Home Price Index benchmark price for a single‑family home reached $773,200, representing a 2% increase over February 2024. Condominiums across the VIREB area saw their benchmark rise by a similar 2% to $404,600, while townhouses recorded a 1% gain to $541,800.

Source: VREB

Sales

Residential sales in Victoria climbed 11% in Q1 2025 compared to the same period in 2024. Single‑family home sales rose by 4.7% year‑over‑year, while townhouse and row‑unit transactions increased by 4.4%. However, the most pronounced growth occurred in the condominium sector, where sales jumped 23.1% over Q1 2024. 

Sales growth was not uniform across price ranges. In the single‑family category, entry‑level homes priced below $800,000 saw a 27.5% decline in sales compared to the previous year, while the $800,000 to $1 million segment contracted by 13.5%. By contrast, homes in the $1.2 million to $1.4 million range recorded a remarkable 44% increase in sales, and properties above $1.4 million rose by 15.6%, showing an apparent demand for higher-end properties. 

Townhouses and row units also exhibited mixed performance by price band. Units under $700,000 enjoyed a modest 3.8% sales gain, and those between $700,000 and $800,000 rose by 10.4% year‑over‑year. In contrast, the $800,000 to $900,000 bracket saw a 16.2% drop in sales, while the $900,000 to $1 million segment surged 66.7%. Properties above $1 million experienced an 18.5% decline in transactions. 

Condominiums recorded the broadest-based growth across all price ranges. Sales of condos under $500,000 rose 13.9%, those in the $500,000 to $600,000 range increased by 15.4%, and units priced $600,000 to $700,000 climbed by 22.4%. Even the $700,000 to $800,000 segment posted a healthy 30% gain, while luxury condos above $800,000 led the pack with a 58.7% jump in sales. 

Inventory

Inventory levels in Victoria edged upward across all segments in Q1 2025, offering buyers a somewhat broader selection of homes than a year earlier. At the quarter’s end, single‑family homes had 4.2 months of inventory, up from 3.7 months in Q1 2024—a 13.5% increase. Townhouses and row units recorded 3.2 months of supply, a 14.3% rise from 2.8 months, while condominiums reached 4.1 months of inventory, up 7.9% from 3.8 months. 

Time on the market also shifted slightly. The median days on the market for sold single‑family homes fell from 25 days in Q1 2024 to 22 days in Q1 2025. In contrast, townhouses and row units saw median days on the market tick up from 21 to 23.5 days, while condominiums experienced a small reduction from 28 to 26 days.