February 2024 - Victoria MLS Market Update

by Dirk Popen

Rising Inventory Offers Buyers More Choices in Victoria

February 2024 saw a steady uptick in property sales within the Victoria Real Estate Board (VREB) region. A total of 470 properties were sold, reflecting a 2.2% increase compared to February 2023, when 460 properties were sold, and a significant 37.8% jump from January 2024.

Sales Breakdown

Condominiums: Sales were down by 5.6% compared to February 2023, with 152 units sold.
Single Family Homes: Sales increased slightly by 1.8%, with 224 homes sold.

According to Laurie Lidstone, 2024 Chair of the Victoria Real Estate Board, “We saw glimmers of a start to the spring market over the course of February. In addition to the increase in sales, more than five hundred new listings came to market when compared to last year’s inventory numbers.” This influx of new listings has provided buyers with more options and the time they need to make well-informed purchasing decisions. Stability in pricing has also created a more predictable environment for both buyers and sellers.

Inventory and Market Conditions

By the end of February 2024, there were 2,364 active listings on the Multiple Listing Service® (MLS®), marking a 10.5% rise from January 2024 and a notable 30.7% increase from February 2023, when there were 1,809 active listings. This expanding inventory is expected to provide more opportunities for homebuyers.

Chair Lidstone also highlighted the growing importance of townhomes in the local market: “Townhomes are an important segment of missing middle housing, one that is undersupplied in the Greater Victoria area.” February 2024 saw a 50% rise in townhome sales compared to the previous year, sparking optimism for more development to meet the region’s housing needs.

Pricing Trends

The Multiple Listing Service® Home Price Index (HPI) benchmark value for single-family homes in the Victoria Core decreased slightly by 0.3%, standing at $1,247,400 in February 2024, down from $1,251,000 in February 2023 but up from January’s value of $1,244,000.

For condominiums, the benchmark value in the Victoria Core in February 2024 was $549,300, closely aligning with last year’s figure, showing continued price stability in this segment as well.

With the spring market on the horizon, now is a great time to explore opportunities in Victoria’s real estate market. Buyers and sellers are encouraged to connect with a local REALTOR® to develop a strategy for the coming months.

For full details, visit the Victoria Real Estate Board report here.