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.

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.