February marked another steady month for the Victoria's real estate market, but the future remains uncertain as tariffs come into effect.  

B次元官网网址淭he combination of slowly growing inventory and slightly increased sales means that our market remains in balance from the start of the year, which creates comfortable conditions for both buyers and sellers,B次元官网网址� said Dirk VanderWal, the Victoria Real Estate Board chair.  

B次元官网网址淣early two years of steady prices combined with recent favourable interest rates are positive factors for our market. Thus far, 2025 has been a good year to buy and sell.B次元官网网址� 

Through February a total of 528 properties were sold in the Victoria Real Estate Board (VREB) region, marking a 25.1 per cent increase from January, and a 12.3 per cent increase year over year.  

Listings also saw increases from February and last year, with a 9.8 per cent improvement on the number of listings from January and 11.3 per cent from February 2024.  

According to VanderWal, for the moment things seem to be going normally.  

B次元官网网址淲e are following our typical early spring market cycle, which generally speaking peaks in late spring. Hopefully in the upcoming weeks weB次元官网网址檒l see more inventories enter the market to meet consumer demand.B次元官网网址�

However, as President Donald Trump's tariffs take effect, Casey Edge, the Victoria Residential Builders AssociationB次元官网网址檚 (VRBA) executive director, explains that a trade war would likely throw things off track, as costs rise and housing starts diminish. Something that would not bode well for a market that Edge says already is experiencing some of its lowest housing start rates in the past five years.  

B次元官网网址淭he problem with these tariffs is the uncertainty that's created within the housing market,B次元官网网址� said Edge.  

B次元官网网址淲e import materials like glass and steel from the U.S. $3 billion in appliances, $3.5 billion in glass, hardware $2.2 billion, tile $1 billion. The issue here is if Canada launches countervailing tariffs against the United States, all these prices are going to increase.B次元官网网址�  

Edge further explained that the provincial government could look into tax cuts to curb potential damage to the housing market, such as property transfer taxes along with GST and development cost charges.  

B次元官网网址淚f all the government does is put on countervailing tariffs, then yes, housing prices will increase,B次元官网网址� said Edge.  

B次元官网网址淭his will reduce housing starts. If you have unemployment combined with higher housing prices, housing starts will decline, supply will decline, and affordability will decline.B次元官网网址�  

Time will tell how the trade war will affect the housing market here in Victoria. But, despite concerns through at least the month of February, the cost of housing remains steady, with VREB reporting the MLS Home Price Index indicating a 3.7 per cent increase in the cost of a single-family home over the past year, while condominium prices fell by 0.5 per cent over the past year.