October 2024 - Victoria MLS Market Update

by Dirk Popen

Market Remains Stable with Increased Sales Activity

October 2024 continued to show a stable real estate market in Victoria, BC, with 654 properties sold—a 60.7% jump from the 407 sold in October 2023 and a 14.5% increase from September 2024. This rise in sales activity, though substantial, aligns more closely with the ten-year average, reflecting a balanced market as we move deeper into fall.

Sales Breakdown:

Condominiums: Sales increased by 32.6% year-over-year, with 187 units sold.
Single-Family Homes: Sales saw a significant rise of 76.2% compared to October 2023, with 340 homes sold.

2024 Victoria Real Estate Board Chair-Elect Dirk VanderWal commented on the market's current dynamics: “Sales did increase notably over last year, but it’s essential to add context. October 2023 had the fewest sales in that month since 2008, which makes the year-over-year comparison appear more drastic. Last month’s sales numbers align with the ten-year average for October, indicating a return to more typical market conditions. Inventory levels have been stable, creating a more balanced market for buyers and sellers.”

Inventory and Market Conditions

At the end of October 2024, there were 3,161 active listings on the MLS®, marking a 6% decrease from September but a 14.7% increase from October 2023. This steady inventory provides buyers with choices, though desirable homes can still attract interest.

VanderWal noted, “With recent rate drops from the Bank of Canada, we may see more activity as November begins the typical winter slowdown. Even with elevated sales, we’re in a comfortable environment for negotiation. Fewer multiple offers and more decision-making time create an ideal market for both buyers and sellers.”

Pricing Trends

Single-Family Homes: The MLS® HPI benchmark for a single-family home in the Victoria Core was $1,300,200 in October 2024, a slight year-over-year decrease of 0.8% from $1,310,100 in October 2023 and up from September’s $1,279,700.
Condominiums: The benchmark value for a condominium in the Victoria Core decreased by 5.4%, from $578,800 in October 2023 to $547,800 in October 2024, also down from September’s $553,400.

Looking Ahead to the Winter Market

As we transition from fall, October’s steady activity hints at a balanced winter season. With prices stable and inventory sufficient, both buyers and sellers can approach the market with confidence. For tailored insights and strategic guidance, reach out to your local REALTOR®.

For more detailed statistics and market updates, visit the Victoria Real Estate Board.