December 2024 - Victoria MLS Market Update

The Victoria real estate market reflected typical seasonal trends this December, with 421 properties sold in the region. This represents a 28% increase compared to the 329 sales in December 2023, yet a 23.6% decline from November 2024’s sales figures. The decrease aligns with expected patterns during the holiday season when buyers and sellers often pause their activity.

Sales Breakdown:

• Condominiums: 135 units sold, reflecting a 25% increase year-over-year.
• Single-Family Homes: 191 units sold, up 20.9% from December 2023.

Laurie Lidstone, 2024 Victoria Real Estate Board Chair, reflected:
"2024 was a fairly calm year for local real estate. This kind of market stability benefits consumers by creating more predictability. Prices have remained relatively level for the past two years, making transactions more manageable and less stressful for buyers and sellers. Even with some fluctuations, we’ve seen strong consumer confidence throughout the year."

Annual Summary and Market Inventory

A total of 6,893 properties were sold throughout 2024—an 11% increase compared to the 6,207 properties sold in 2023, marking a year of increased sales despite economic uncertainty and evolving market conditions.

The number of active listings at the end of December 2024 was 2,290, down 19.3% from November 2024 but up 7.4% from the 2,132 listings available at the end of December 2023.

Lidstone added:
"While we had more months with over 3,000 listings in 2024 than in recent years, overall inventory is still lower than historical averages. If demand increases significantly in 2025 without corresponding inventory growth, we could return to a market with upward pressure on prices. This is why the Victoria Real Estate Board continues to advocate for gentle density development to meet future housing needs."

Pricing Trends

Single-Family Homes:
In December 2024, the MLS® HPI benchmark value for a single-family home in the Victoria Core was $1,306,400, representing a 2.7% increase from $1,272,000 in December 2023 and a 0.3% rise from $1,302,900 in November 2024. This steady increase reflects a more balanced pricing environment following the volatility seen in previous years.

Condominiums:
The benchmark value for a condominium in the Victoria Core was $547,800 in December 2024, a 1.6% decrease compared to $556,500 in December 2023. However, it showed a 0.6% increase from $544,400 in November 2024. The condominium market continues to adjust as buyers prioritize more affordable options amid economic pressures.

Broader Insights:
Single-family home prices saw moderate growth, while the condominium market remains more flexible, creating opportunities for budget-conscious buyers. With stable inventory levels, both buyers and sellers can navigate transactions with greater confidence.

Factors Influencing the Market and Looking Ahead

The real estate market is shaped by a range of factors, from government policy changes to economic shifts. Recent measures—such as extended amortization periods for first-time buyers and updates to property transfer tax thresholds—have improved housing accessibility and may encourage more buyers to enter the market in 2025.

Chair Lidstone emphasized:
"We’re optimistic that consistent interest rates will continue to support stability in 2025, enabling more buyers to feel confident making a move. However, the market remains complex, influenced by local, national, and global factors."

With inventory remaining below long-term averages, the need for sustainable development remains at the forefront of housing discussions. If you’re considering buying or selling in 2025, connecting with your local REALTOR® will ensure you have the right strategy tailored to your goals.

For more detailed market insights, visit the Victoria Real Estate Board’s current statistics page.