Growing Inventory and Stable Prices Shape Victoria’s Spring Market The Victoria real estate market continued to build momentum in April 2024, with a total of 678 properties sold, representing a 6.4% increase over the 637 properties sold in April 2023 and a 15.3% rise from March 2024. Sales Breakdown Condominiums: Sales were up by 1.5% compared to April 2023, with 208 units sold. Single Family Homes: Sales saw a 3.7% increase, with 337 homes sold. Laurie Lidstone, the 2024 Chair of the Victoria Real Estate Board, noted that “The spring market in Victoria kicked off with a gentle increase in sales when compared to last year and continued stable pricing. These factors, combined with growth in the available inventory, have created a welcoming and more balanced market for buyers and sellers.” Inventory and Market Conditions Active listings reached 3,017 at the end of April 2024, marking a 14% increase from March and a significant 47.7% jump from the 2,043 listings available in April 2023. This healthy inventory level is reminiscent of market conditions not seen since the summer of 2019, providing more opportunities for both buyers and sellers. Chair Lidstone further explained, “Last year, interest rates were continuing upwards, creating unpredictability for buyers. This year, we have a much healthier supply of inventory with more stable pricing, making it easier for both buyers and sellers to navigate the market.” Pricing Trends The Multiple Listing Service® Home Price Index (HPI) benchmark value for single-family homes in the Victoria Core decreased by 0.9%, reaching $1,284,600 in April 2024, down from $1,295,800 in April 2023 but slightly up from March 2024’s value of $1,279,300. For condominiums, the benchmark value in the Victoria Core rose by 0.7%, reaching $567,800 in April 2024, up from both the April 2023 value of $564,000 and March 2024’s value of $567,300. As the spring market progresses, the combination of higher inventory and stable pricing offers an excellent environment for those considering a move. Buyers and sellers alike can benefit from these conditions, making now an ideal time to connect with a local REALTOR® for expert advice and strategy. For full details, visit the Victoria Real Estate Board here.

Rising Inventory Brings Stability to Victoria’s Real Estate Market March 2024 saw a slight decline in property sales within the Victoria Real Estate Board (VREB) region, with a total of 588 properties sold, 0.3% fewer than the 590 sold in March 2023. However, this represents a strong 25.1% increase in sales from February 2024, signaling a shift as the spring market picks up momentum. Sales Breakdown Condominiums: Sales were down by 10.2% compared to March 2023, with 177 units sold. Single Family Homes: Sales showed a modest 1.8% increase from March 2023, with 286 homes sold. According to Laurie Lidstone, 2024 Chair of the Victoria Real Estate Board, “We’ve concluded a rather quiet first quarter and are transitioning into the spring market. Many of our local REALTOR® members are noting that more shoppers are coming into the market – but this has not necessarily translated into sales numbers. This may change as we move into what is historically the busiest market of the year.” Inventory and Market Conditions Inventory continued to rise, providing a healthier environment for both buyers and sellers. By the end of March 2024, there were 2,647 active listings on the Multiple Listing Service® (MLS®), a 12% increase from February 2024 and a significant 34.4% jump from March 2023, when there were 1,970 active listings. Chair Lidstone remarked, “The increases in inventory we’ve seen in recent months really help to improve the health of our market. This additional inventory improves both buyer and seller confidence as it means people have more options and more reassurance that they are going to be able to find their new home.” The growing supply of homes, combined with the seasonal uptick in market activity, is expected to create more movement in the coming months, making this an opportune time for both buyers and sellers to engage with the market. Pricing Trends In terms of home prices, the Multiple Listing Service® Home Price Index (HPI) benchmark value for single-family homes in the Victoria Core increased by 1.7%, reaching $1,279,300 in March 2024, compared to $1,258,300 in March 2023. This was also up from February 2024’s value of $1,247,400. For condominiums, the benchmark value in the Victoria Core rose by 3.3%, reaching $567,300 in March 2024, up from $549,000 in March 2023 and $557,000 in February 2024. As the spring market unfolds, both buyers and sellers can benefit from the growing inventory and stable pricing. For up-to-date insights and strategic advice, it’s a great time to connect with your local REALTOR®. For the full report, visit the Victoria Real Estate Board here.

  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.