January 2024 - Victoria MLS Market Update

by Dirk Popen

Stability Returns to Victoria’s Real Estate Market

The Victoria housing market kicked off 2024 with a steady performance, showing a positive shift compared to the same time last year. According to the Victoria Real Estate Board (VREB), a total of 341 properties were sold in January 2024, reflecting a 22.7% increase from January 2023, when only 278 properties were sold. This also marked a modest 3.6% increase from December 2023.

Sales Breakdown

Condominiums: Sales increased by 10.9% compared to January 2023, with 112 units sold.
Single Family Homes: These saw a significant boost, with a 35% increase from January 2023, resulting in 162 sales.

According to Laurie Lidstone, the 2024 Chair of the Victoria Real Estate Board, "Our housing market eased into the new year with a renewed sense of balance. Sales were up slightly based off last year’s very low numbers, and overall, we saw the stabilization that we observed in late 2023 continue into 2024." This sense of balance is supported by the plateau in mortgage rates and a gradual increase in housing inventory. Buyers and sellers are no longer facing the pressure and complexity that defined recent years.

Inventory Levels and Market Conditions

As of the end of January 2024, there were 2,140 active listings on the Multiple Listing Service® (MLS®), a slight 0.4% increase from December 2023 and a more notable 23.1% jump from January 2023, when there were 1,739 active listings.

Chair Lidstone also emphasized optimism for the coming months: "If balanced conditions continue, buyers and sellers will have more time to make decisions, and there will be less pressure on pricing." However, she also reminded that market conditions can shift quickly, urging anyone considering a move to consult a local Realtor for guidance as spring approaches.

Pricing Trends

In terms of pricing, the MLS® Home Price Index (HPI) benchmark value for single-family homes in the Victoria Core rose by 1.6%, reaching $1,244,000 in January 2024, compared to $1,224,000 in January 2023. This was a slight decrease from December 2023’s value of $1,268,000.

For condominiums, the benchmark value in the Victoria Core dipped by 0.6%, standing at $559,000 in January 2024, down from both the January 2023 value of $562,200 and the December 2023 value of $562,000.

As we move forward into 2024, the stability in the market presents a more relaxed environment for buyers and sellers, allowing for well-thought-out decisions without the stress of a highly pressurized market.

For more detailed information, check out the full Victoria Real Estate Board report here.