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.

Market Shows Stability Heading into Fall September 2024 saw a steady real estate market in Victoria, BC, with 571 properties sold—a 15.8% increase from the 493 sold in September 2023, and a 4.8% rise from August 2024. This signals a more active market as buyers and sellers return from summer breaks. Sales Breakdown: Condominiums: Sales jumped 21.9% compared to September 2023, with 189 units sold. Single-Family Homes: Sales increased by 19.3%, with 272 homes sold. 2024 Victoria Real Estate Board Chair Laurie Lidstone commented on the current market dynamics: “The real estate market in Victoria right now is much more stable and predictable than it has been in recent years. We’ve seen a few solid months of near-balance, offering advantages for both buyers and sellers. With downward trending interest rates, stable pricing, and increased inventory, it’s one of the most comfortable markets for consumers to navigate in years.” Inventory and Market Conditions At the end of September 2024, there were 3,361 active listings on the MLS®, marking a 5.3% increase from August and a 24.5% rise from September 2023. This growing inventory provides more choices for buyers, but in-demand homes can still generate competition. “In a balanced market, there’s less pressure on pricing, and buyers have more time to make decisions,” Lidstone added. “However, homes in desirable locations or price points can still attract multiple offers. Connecting with a local REALTOR® can help you navigate these nuances and build the best strategy.” Pricing Trends Single-Family Homes: The MLS® HPI benchmark value for a single-family home in the Victoria Core dropped by 2.8% year-over-year, from $1,316,100 in September 2023 to $1,279,700 in September 2024. This also represents a slight decrease from August’s $1,287,400. Condominiums: The benchmark value for a condominium in the Victoria Core decreased by 5.1%, from $583,400 in September 2023 to $553,400 in September 2024, down from August’s $559,200. Looking Ahead to the Fall Market With the summer slowdown behind us, September signals a more active period in Victoria’s real estate market. Stable prices and a larger inventory make this fall an ideal time for both buyers and sellers. As always, consulting with a local REALTOR® is key to navigating the evolving market conditions. For more detailed statistics and market insights, visit the Victoria Real Estate Board.

Market Steadies Ahead of Fall Transition August 2024 saw a relatively calm real estate market in Victoria BC, with 545 properties sold in the region, a slight increase of 0.2% from the 544 properties sold in August 2023. However, this represented a more notable 16.5% drop in sales from July 2024, marking a typical seasonal slowdown as many buyers and sellers take a break for summer activities. Sales Breakdown: Condominiums: Sales rose by 10.4% from August 2023, with 181 units sold. Single Family Homes: Sales saw a 7.7% decline from August 2023, with 252 homes sold. Laurie Lidstone, 2024 Chair of the Victoria Real Estate Board, commented on the seasonal nature of the market: “The final month of the summer is generally a rather relaxed one in terms of real estate sales and listings. Many folks pause their home shopping activities or sales listing to make the most of other summer activities and vacations. It’s no surprise that sales this year were so close to the sales from 2023 and that listings declined slightly from the number we saw in July.” Inventory and Market Conditions By the end of August 2024, there were 3,191 active listings on the Multiple Listing Service® (MLS®), representing a 4.7% decrease from July 2024, but a significant 28.2% increase from the 2,490 listings available in August 2023. This drop in listings compared to July follows a typical seasonal trend, as many sellers choose to wait until fall to re-enter the market, while the overall increase from last year points to a more balanced market with more options for buyers looking at real estate for sale in Victoria BC. Chair Lidstone noted that while August may have been quieter, activity is expected to pick up soon. “It’s likely our market will trend a bit busier in the upcoming fall months,” she added. “In September, people return their attention to work and school and to bigger projects like making a move. Week by week into the fall, our market will evolve, so if you are considering locating and purchasing real estate in the Victoria area, connect with your favourite local REALTOR® to help develop your best strategy.” Pricing Trends The MLS® Home Price Index (HPI) benchmark value for single-family homes in the Victoria Core decreased by 3%, from $1,327,800 in August 2023 to $1,287,400 in August 2024. This also represents a slight drop from July 2024’s value of $1,296,100. The overall decline in home prices for single-family homes offers buyers a potential opportunity to enter the market at a lower price point. For condominiums, the benchmark value in the Victoria Core followed a similar trend, decreasing by 2.9%, from $575,900 in August 2023 to $559,200 in August 2024. This is also down from July 2024’s value of $567,800. Despite these modest declines, condominium sales were up year-over-year, indicating continued interest, particularly for buyers looking for more affordable options in a market that has remained competitive. Outlook for the Fall Market While the summer months typically see a cooling off in market activity, as reflected in the lower sales and inventory numbers, September is expected to bring renewed energy to the market. As people return from vacations and refocus on larger projects such as moving, the fall season traditionally sees a bump in activity. This could be a great time for both buyers and sellers to engage with the real estate market in Victoria BC, especially with current inventory levels offering a wider range of choices. Chair Lidstone advises anyone considering a move this fall to connect with a local REALTOR® who can help navigate the changing market conditions and develop a strategy tailored to their needs. For more detailed statistics and market insights, visit the Victoria Real Estate Board. MLS® property information is provided by the Vancouver Island Real Estate Board, and all information is provided under copyright© by the Victoria Real Estate Board. Victoria is the capital of British Columbia, located on the southern tip of Vancouver Island.