Is this the time to buy or sell in Victoria? February offers a clearer answer than most months do.

This is not a market in free fall. But it’s not overheating. It’s levelling out.

There were 465 sales in February, down from 528 a year ago — about a 12% decline. In isolation, that sounds soft. But month over month, sales jumped 37% from January. That’s a meaningful surge for early in the year and a sign that buyers are active again as we move into spring.

The better measure of market health is the sales-to-active-listings ratio. Below 17% typically signals a buyer’s market with downward price pressure. Above 28% indicates a seller’s market. February landed around 20%.

Balanced.

In practical terms: buyers have options and room to negotiate, but well-priced homes are still selling. Sellers aren’t forced into discounts — but disciplined pricing counts. The days of naming a peak-2022 number and waiting for a bidding war are long gone.

Prices reflect that stability.

The benchmark price for a detached home in the Core was $1,307,400 — down about 1% year over year. Condos benchmarked at $545,600, essentially flat. Townhomes sat at $842,800.

Those are not dramatic movements. After the correction of 2022–2023, we’re seeing something much more important: prices holding steady.

Inventory also rose. There were 2,903 active listings across the region, up roughly 10% both monthly and year over year. For buyers, that means genuine selection. You can view multiple properties, take time to compare them, and write a clean offer. For sellers, it means competition is real. Preparation, presentation, and pricing separate the homes that move from the ones that linger.

So what does this mean heading into spring?

Strategy matters more than timing.

Buyers have breathing room and space to negotiate. They can make decisions based on long-term suitability rather than fear. Sellers who prepare their homes and price them well achieve strong values. The demand hasn’t disappeared; it’s just more discerning.

If you’ve been waiting for clarity, February provides it. Victoria is operating in balanced conditions — not too hot, and not frozen.

Balanced markets don’t generate dramatic headlines. They do reward thoughtful decisions.

And for most families, that’s exactly the kind of market you want.