Stay Informed: The Latest Market Updates in Victoria, BC

December 2024 - Victoria MLS Market Update

December Reflects Seasonal Calm in Victoria’s Housing Market The Victoria real estate market reflected typical seasonal trends this December, with 421 properties sold in the region. This represents a 28% increase compared to the 329 sales in December 2023, yet a 23.6% decline from November 2024’s sales figures. The decrease aligns with expected patterns during the holiday season when buyers and sellers often pause their activity. Sales Breakdown: Condominiums: 135 units sold, reflecting a 25% increase year-over-year. Single-Family Homes: 191 units sold, up 20.9% from December 2023. Laurie Lidstone, 2024 Victoria Real Estate Board Chair, reflected:"2024 was a fairly calm year for local real estate. This kind of market stability benefits consumers by creating more predictability. Prices have remained relatively level for the past two years, making transactions more manageable and less stressful for buyers and sellers. Even with some fluctuations, we’ve seen strong consumer confidence throughout the year." Annual Summary and Market Inventory A total of 6,893 properties were sold throughout 2024—an 11% increase compared to the 6,207 properties sold in 2023, marking a year of increased sales despite economic uncertainty and evolving market conditions. The number of active listings at the end of December 2024 was 2,290, down 19.3% from November 2024 but up 7.4% from the 2,132 listings available at the end of December 2023. Lidstone added:"While we had more months with over 3,000 listings in 2024 than in recent years, overall inventory is still lower than historical averages. If demand increases significantly in 2025 without corresponding inventory growth, we could return to a market with upward pressure on prices. This is why the Victoria Real Estate Board continues to advocate for gentle density development to meet future housing needs." Pricing Trends Single-Family Homes:In December 2024, the MLS® HPI benchmark value for a single-family home in the Victoria Core was $1,306,400, representing a 2.7% increase from $1,272,000 in December 2023 and a 0.3% rise from $1,302,900 in November 2024. This steady increase reflects a more balanced pricing environment following the volatility seen in previous years. Condominiums:The benchmark value for a condominium in the Victoria Core was $547,800 in December 2024, a 1.6% decrease compared to $556,500 in December 2023. However, it showed a 0.6% increase from $544,400 in November 2024. The condominium market continues to adjust as buyers prioritize more affordable options amid economic pressures. Broader Insights:Single-family home prices saw moderate growth, while the condominium market remains more flexible, creating opportunities for budget-conscious buyers. With stable inventory levels, both buyers and sellers can navigate transactions with greater confidence. Factors Influencing the Market and Looking Ahead The real estate market is shaped by a range of factors, from government policy changes to economic shifts. Recent measures—such as extended amortization periods for first-time buyers and updates to property transfer tax thresholds—have improved housing accessibility and may encourage more buyers to enter the market in 2025. Chair Lidstone emphasized:"We’re optimistic that consistent interest rates will continue to support stability in 2025, enabling more buyers to feel confident making a move. However, the market remains complex, influenced by local, national, and global factors." With inventory remaining below long-term averages, the need for sustainable development remains at the forefront of housing discussions. If you’re considering buying or selling in 2025, connecting with your local REALTOR® will ensure you have the right strategy tailored to your goals. For more detailed market insights, visit the Victoria Real Estate Board’s current statistics page.

November 2024 - Victoria MLS Market Update

November Brings Balanced Conditions to Victoria's Real Estate The Victoria real estate market continued to demonstrate stability this November. A total of 551 properties were sold, reflecting a 39.8% increase compared to the 394 sales recorded in November 2023. However, sales dropped by 15.7% compared to October 2024, consistent with typical seasonal trends. Sales Breakdown: Condominiums: 186 units sold, up 55% year-over-year. Single-Family Homes: 263 units sold, up 36.3% year-over-year. Laurie Lidstone, 2024 Victoria Real Estate Board Chair, observed: "I've found that buyers and sellers are feeling optimistic right now. With the steady decrease we've seen in interest rates and the continued balance in the market, consumers feel more empowered to make decisions around home ownership, knowing they have a stable real estate environment to navigate." Inventory and Market Conditions At the end of November 2024, there were 2,836 active listings, a 10.3% decrease from October but a 7.3% increase from November 2023. Lidstone added: "Though inventory dipped below three thousand listings, availability is far better than in recent years. As the holidays approach, seasonal factors are evident, but the momentum from November could carry into December. If you’re considering a new home for the holidays, connect with your local REALTOR® to plan your next move." Pricing Trends Single-Family Homes:The MLS® HPI benchmark value for a single-family home in the Victoria Core in November 2024 was $1,302,900, reflecting a 1% increase from November 2023, when the benchmark was $1,290,100. This marks a slight gain from October 2024’s benchmark of $1,300,200. Year-Over-Year Context: This modest increase suggests a more stable pricing environment for single-family homes after a period of fluctuation in 2023. Monthly Trends: November’s small upward tick is consistent with a balanced market, showing demand remains steady even as sales volume slows seasonally. Condominiums:The benchmark value for a condominium in the Victoria Core was $544,400 in November 2024, a 4.7% decrease from November 2023’s value of $571,300 and down from $547,800 in October 2024. Year-Over-Year Context: The decline in condominium values reflects ongoing affordability adjustments in this sector as buyers prioritize cost-effective options. Monthly Trends: The slight drop from October indicates the season’s impact on demand, as buyers potentially pause their searches amid holiday planning. Broader Insights:While the single-family home market has seen modest price growth, the condominium market continues to adjust, providing opportunities for buyers seeking affordability. Both markets, however, benefit from the stable inventory levels, making it easier for buyers to find homes within their budgets. Looking Ahead to the Winter Market The steady sales activity and balanced inventory create a favorable environment for both buyers and sellers. With interest rates trending downward and stable pricing, December may offer continued opportunities for those in the market. For tailored insights and assistance, connect with your local REALTOR® to navigate Victoria’s real estate market confidently. For more detailed statistics and market updates, visit the Victoria Real Estate Board.

October 2024 - Victoria MLS Market Update

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.

July 2024 - Victoria MLS Market Update

Steady Sales and Evolving Inventory Shape Victoria’s Summer Market July 2024 continued the steady pace of the Victoria real estate market, with a total of 650 properties sold. This represents a 9.2% increase over the 595 properties sold in July 2023, though slightly down by 1.7% from June 2024. Sales Breakdown Condominiums: Sales rose 6.5% from July 2023, with 213 units sold. Single Family Homes: Sales were up by 8.9% from July 2023, with 319 homes sold. Laurie Lidstone, 2024 Chair of the Victoria Real Estate Board, commented on the market’s performance: "The month of July delivered another steady month of sales and listings, as we’d expect for an average summer season in our market. The sales in July tracked very closely to June numbers, which may have surprised some who expected that summer vacations would take more buyers out of the market." Inventory and Market Conditions By the end of July 2024, there were 3,348 active listings on the Multiple Listing Service® (MLS®), marking a 3.2% decrease from June but still a 38.4% increase from the 2,419 active listings in July 2023. The slight dip in inventory is typical for this time of year, but it’s a trend to watch as inventory levels are crucial for keeping the market balanced. Lidstone highlighted the importance of these levels, saying, “We did see inventory shrink a little from the previous month. This is not unusual for this time of year, but it is a trend we’ll keep an eye on because inventory levels are crucial to keeping our market balanced.” Government Intervention and Its Impact An important factor shaping the real estate market in Victoria has been recent government interventions. The provincial government’s changes to the Residential Tenancy Act have introduced uncertainty, particularly for those considering properties with rental potential. Chair Lidstone noted that these changes have added complexity to an already intricate process and increased the risk for buyers and sellers. “If you are considering purchasing or selling a tenanted or rental property, it’s imperative to bring in the assistance of a REALTOR® to navigate new requirements and ensure your transaction is successful,” Lidstone advised. Pricing Trends In terms of pricing, the Multiple Listing Service® Home Price Index (HPI) benchmark value for single-family homes in the Victoria Core decreased by 2%, from $1,322,800 in July 2023 to $1,296,100 in July 2024, although this was slightly up from June’s value of $1,295,500. For condominiums, the benchmark value in the Victoria Core decreased by 0.6%, from $571,500 in July 2023 to $567,800 in July 2024, just below the June value of $567,900. Navigating the Market in July With a relatively stable market, buyers and sellers in Victoria experienced a typical summer slowdown but with consistent opportunities. While the slight dip in inventory may raise some concerns, the overall increase from last year offers both buyers and sellers a chance to engage in the market with more confidence. If you’re considering entering the market, particularly with tenanted or rental properties, it’s more important than ever to consult with a local REALTOR® who can help you navigate the complexities of today’s real estate landscape. For detailed market insights and statistics, visit the Victoria Real Estate Board here.

June 2024 - Victoria MLS Market Update

Victoria Steadies with Increased Inventory and Balanced Conditions June 2024 saw a continued shift in the Victoria real estate market, with 661 properties sold. This represents a 6.2% decrease compared to the 705 properties sold in June 2023 and a 13.4% drop from May 2024. Sales Breakdown Condominiums: Sales were down 16.5% from June 2023, with 202 units sold. Single Family Homes: Sales increased by 6.2% compared to June 2023, with 342 homes sold. According to Laurie Lidstone, the 2024 Chair of the Victoria Real Estate Board, “June followed our normal seasonal trends. With more inventory and slightly fewer sales when compared to May, most buyers last month would have experienced a market with more choice and more time to make decisions, while some sellers may have experienced longer-than-expected timelines to find their buyer.” This seasonal shift from a busier spring market to a more relaxed summer pace was anticipated. Inventory and Market Conditions One of the most significant changes this June was the growth in available listings. By the end of the month, there were 3,460 active listings on the Multiple Listing Service® (MLS®), marking a 3.7% increase from May and a significant 47.7% jump from the 2,342 active listings at the end of June 2023. This growing inventory has provided buyers with more options and contributed to longer decision-making timelines. Chair Lidstone added, “We can see by the flat numbers in terms of both sales and prices compared to last year that this is not going to be a tumultuous year for the real estate market. A stable market supports both buyers and sellers.” As summer progresses, the market is expected to cool off slightly, as consumer attention shifts to vacations and other activities, leading to potentially slower sales until activity picks up again in the fall. Pricing Trends In terms of pricing, the Multiple Listing Service® Home Price Index (HPI) benchmark value for single-family homes in the Victoria Core decreased by 1.4%, from $1,314,000 in June 2023 to $1,295,500 in June 2024. This value was also down slightly from May 2024’s figure of $1,309,700. For condominiums, the benchmark value in the Victoria Core increased slightly by 0.1%, reaching $567,900 in June 2024, compared to $567,300 in June 2023, though down from May’s value of $569,500. A Season of Stability The current market in Victoria offers a sense of stability and predictability for both buyers and sellers. With more inventory available, there’s less pressure to make rushed decisions, and many buyers are taking the time to carefully consider their options. Sellers, while seeing slightly longer timelines to find the right buyer, are still benefiting from steady demand, particularly in certain price points where competition remains strong. As summer unfolds, those still engaged in the market are likely to encounter a slower pace, but with plenty of opportunities. Chair Lidstone advises, “It’s a smart time to connect with your favourite local REALTOR® to discuss strategy and what opportunities exist in the Greater Victoria market.” For full details and market insights, visit the Victoria Real Estate Board here.

May 2024 - Victoria MLS Market Update

Increased Inventory and Stability Define Victoria's Market May 2024 saw steady activity in the Victoria real estate market, with a total of 763 properties sold in the region, reflecting a slight 1.5% decline compared to the 775 properties sold in May 2023. However, the market showed a strong 12.5% increase in sales from April 2024, further affirming that spring remains a busy period for both buyers and sellers. Sales Breakdown Condominiums: Sales were down by 5.2% compared to May 2023, with 235 units sold. Single Family Homes: Sales held steady, matching last year’s figures, with 399 homes sold. Laurie Lidstone, 2024 Chair of the Victoria Real Estate Board, commented on the market’s stability, stating, "Spring is generally prime time for real estate in Victoria, and May is typically when we are at or near the peak of activity in our property market. This May was another stable month for both buyers and sellers. With more inventory on the market, consumers had more choice and could take time to make decisions and complete their due diligence." Growing Inventory and Market Conditions One of the most significant developments this month was the continued growth in housing inventory. By the end of May 2024, there were 3,338 active listings on the Multiple Listing Service® (MLS®), an impressive 10.6% increase from April and a remarkable 52.5% increase from the 2,189 active listings in May 2023. This increase in listings has helped to ease market pressure, offering buyers more options and reducing the urgency that characterized previous markets. Chair Lidstone further emphasized the benefits of a more balanced market, noting, "After so many years of consumers navigating an unbalanced market, it is positive for buyers and sellers to see some months of consistent balance. A lot of folks who have been watching the market over recent years may find that now is a good time to sell and buy as market conditions have changed for the better." She added that it’s always wise to connect with a REALTOR® to develop a strategy tailored to individual needs. Pricing Trends The real estate market in Victoria also saw stability in pricing, with only modest changes across property types. The Multiple Listing Service® Home Price Index (HPI) benchmark value for a single-family home in the Victoria Core increased slightly by 0.7%, reaching $1,309,700 in May 2024, compared to $1,300,900 in May 2023. This figure also marked a small rise from April’s value of $1,301,800. Condominium prices also saw a similar trend, with the benchmark value in the Victoria Core rising by 1.2%, reaching $569,500 in May 2024, up from $562,900 in May 2023 and from April’s value of $561,200. A Balanced Market for Buyers and Sellers One of the key takeaways from the May 2024 market update is the sustained balance between supply and demand. With more inventory available and relatively stable pricing, buyers are no longer feeling the pressure to rush their decisions, while sellers benefit from a more predictable and less volatile market environment. The increased inventory, reaching levels not seen in years, is a strong indicator of a healthier, more accessible real estate market. As the spring market progresses, now is an opportune time for both buyers and sellers to make informed decisions with the support of experienced local REALTORS®. With the prospect of more balanced and predictable market conditions, both sides of the transaction stand to benefit. For more detailed statistics and insights, visit the Victoria Real Estate Board here.

Dirk Popen

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