August 2024 - Victoria MLS Market Update

Market Steadies Ahead of Fall Transition

August 2024 saw a relatively calm real estate market in Victoria BC, with 545 properties sold in the region, a slight increase of 0.2% from the 544 properties sold in August 2023. However, this represented a more notable 16.5% drop in sales from July 2024, marking a typical seasonal slowdown as many buyers and sellers take a break for summer activities.

Sales Breakdown:

• Condominiums: Sales rose by 10.4% from August 2023, with 181 units sold.
• Single Family Homes: Sales saw a 7.7% decline from August 2023, with 252 homes sold.

Laurie Lidstone, 2024 Chair of the Victoria Real Estate Board, commented on the seasonal nature of the market: “The final month of the summer is generally a rather relaxed one in terms of real estate sales and listings. Many folks pause their home shopping activities or sales listing to make the most of other summer activities and vacations. It’s no surprise that sales this year were so close to the sales from 2023 and that listings declined slightly from the number we saw in July.”

Inventory and Market Conditions

By the end of August 2024, there were 3,191 active listings on the Multiple Listing Service® (MLS®), representing a 4.7% decrease from July 2024, but a significant 28.2% increase from the 2,490 listings available in August 2023. This drop in listings compared to July follows a typical seasonal trend, as many sellers choose to wait until fall to re-enter the market, while the overall increase from last year points to a more balanced market with more options for buyers looking at real estate for sale in Victoria BC.

Chair Lidstone noted that while August may have been quieter, activity is expected to pick up soon. “It’s likely our market will trend a bit busier in the upcoming fall months,” she added. “In September, people return their attention to work and school and to bigger projects like making a move. Week by week into the fall, our market will evolve, so if you are considering locating and purchasing real estate in the Victoria area, connect with your favourite local REALTOR® to help develop your best strategy.”

Pricing Trends

The MLS® Home Price Index (HPI) benchmark value for single-family homes in the Victoria Core decreased by 3%, from $1,327,800 in August 2023 to $1,287,400 in August 2024. This also represents a slight drop from July 2024’s value of $1,296,100. The overall decline in home prices for single-family homes offers buyers a potential opportunity to enter the market at a lower price point.

For condominiums, the benchmark value in the Victoria Core followed a similar trend, decreasing by 2.9%, from $575,900 in August 2023 to $559,200 in August 2024. This is also down from July 2024’s value of $567,800. Despite these modest declines, condominium sales were up year-over-year, indicating continued interest, particularly for buyers looking for more affordable options in a market that has remained competitive.

Outlook for the Fall Market

While the summer months typically see a cooling off in market activity, as reflected in the lower sales and inventory numbers, September is expected to bring renewed energy to the market. As people return from vacations and refocus on larger projects such as moving, the fall season traditionally sees a bump in activity. This could be a great time for both buyers and sellers to engage with the real estate market in Victoria BC, especially with current inventory levels offering a wider range of choices.

Chair Lidstone advises anyone considering a move this fall to connect with a local REALTOR® who can help navigate the changing market conditions and develop a strategy tailored to their needs.

For more detailed statistics and market insights, visit the Victoria Real Estate Board. MLS® property information is provided by the Vancouver Island Real Estate Board, and all information is provided under copyright© by the Victoria Real Estate Board. Victoria is the capital of British Columbia, located on the southern tip of Vancouver Island.