Victoria market exceeds expectations but remains balanced

A total of 654 properties sold in the Victoria Real Estate Board region this October, 60.7 per cent more than the 407 properties sold in October 2023 and a 14.5 per cent increase from September 2024. Sales of condominiums were up 32.6 per cent from October 2023 with 187 units sold. Sales of single family homes increased by 76.2 per cent from October 2023 with 340 sold.

“Sales did increase notably over last year, but it’s important to include some context,” said 2024 Victoria Real Estate Board Chair-Elect Dirk VanderWal. “October 2023 saw the fewest sales in that month since 2008, which distorts a year-over-year comparison; in fact, last month’s sales count was almost exactly on the ten-year average for the month. With that context, although we’ve certainly seen a notable increase in sales month over month, this does signal a return to a more average market for this time of year. The number of homes available on the market has remained relatively consistent, which has also created the benefit of a more balanced market for buyers and sellers, even with the increase in sales numbers.”

There were 3,161 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2024, a decrease of 6 per cent compared to the previous month of September and a 14.7 per cent increase from the 2,756 active listings for sale at the end of October 2023.

Read the full report on VREB website!

The following data is a comparison between October 2024 and October 2023 numbers, and is current as of November 2024. Click here to check out last month’s figures!

You can also follow this link for all our Victoria Board monthly infographics!

Click on the images for a larger view!

Download Printable Version – October 2024 VREB, Victoria Market Report

Custom real estate infographics published by myRealPage.com

Victoria real estate market current conditions benefit buyers and sellers

A total of 571 properties sold in the Victoria Real Estate Board region this September, 15.8 per cent more than the 493 properties sold in September 2023 and a 4.8 per cent increase from August 2024. Sales of condominiums were up 21.9 per cent from September 2023 with 189 units sold. Sales of single family homes increased by 19.3 per cent from September 2023 with 272 sold.

“The real estate market in Victoria right now is much more stable and more predictable than it has been in recent years,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “We have seen a few solid months of near-balance in the market, which means it’s neither a seller’s nor a buyer’s market and positives exist for both sides of a transaction. With downward trending interest rates and stable pricing combined with more inventory on the market, our current conditions are the most comfortable for consumers to navigate that I’ve seen in a few years.”

There were 3,361 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September 2024, an increase of 5.3 per cent compared to the previous month of August and a 24.5 per cent increase from the 2,699 active listings for sale at the end of September 2023.

Read the full report on VREB website!

The following data is a comparison between September 2024 and September 2023 numbers, and is current as of October 2024. Click here to check out last month’s figures!

You can also follow this link for all our Victoria Board monthly infographics!

Click on the images for a larger view!

Download Printable Version – September 2024 VREB, Victoria Market Report

Custom real estate infographics published by myRealPage.com

Victoria’s summer real estate market meets seasonal expectations

A total of 545 properties sold in the Victoria Real Estate Board region this August, 0.2 per cent more than the 544 properties sold in August 2023 and a 16.5 per cent decrease from July 2024. Sales of condominiums were up 10.4 per cent from August 2023 with 181 units sold. Sales of single family homes decreased by 7.7 per cent from August 2023 with 252 sold.

“The final month of the summer is generally a rather relaxed one in terms of real estate sales and listings,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “Many folks pause their home shopping activities or pause their 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.”

There were 3,191 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August 2024, a decrease of 4.7 per cent compared to the previous month of July and a 28.2 per cent increase from the 2,490 active listings for sale at the end of August 2023.

Read the full report on VREB website!

The following data is a comparison between August 2024 and August 2023 numbers, and is current as of September 2024. Click here to check out last month’s figures!

You can also follow this link for all our Victoria Board monthly infographics!

Click on the images for a larger view!

Download Printable Version – August 2024 VREB, Victoria Market Report

Custom real estate infographics published by myRealPage.com

Victoria housing market remains steady for buyers and sellers over summer

A total of 650 properties sold in the Victoria Real Estate Board region this July, 9.2 per cent more than the 595 properties sold in July 2023 and a 1.7 per cent decrease from June 2024. Sales of condominiums were up 6.5 per cent from July 2023 with 213 units sold. Sales of single family homes increased by 8.9 percent from July 2023 with 319 sold.

“The month of July delivered another steady month of sales and listings, as we’d expect for an average summer season in our market,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “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. 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.”

There were 3,348 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the
end of July 2024, a decrease of 3.2 per cent compared to the previous month of June and a 38.4 per cent
increase from the 2,419 active listings for sale at the end of July 2023.

Read the full report on VREB website!

The following data is a comparison between July 2024 and July 2023 numbers, and is current as of August 2024. Click here to check out last month’s figures!

You can also follow this link for all our Victoria Board monthly infographics!

Click on the images for a larger view!

Download Printable Version – July 2024 VREB, Victoria Market Report

Custom real estate infographics published by myRealPage.com

Victoria real estate market slow and steady for buyers and sellers

A total of 661 properties sold in the Victoria Real Estate Board region this June, 6.2 per cent fewer than the 705 properties sold in June 2023 and a 13.4 per cent decrease from May 2024. Sales of condominiums were down 16.5 per cent from June 2023 with 202 units sold. Sales of single family homes increased by 6.2 percent from June 2023 with 342 sold.

“June followed our normal seasonal trends,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “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, and some sellers may have experienced longer than expected timelines to find their buyer. Of course, the Greater Victoria real estate market is made up of many smaller markets with unique conditions, so there are still areas and price points where we see intense competition. Overall, we saw the busier spring market shift into summer over the course of June, as we’d expect.”

There were 3,460 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2024, an increase of 3.7 per cent compared to the previous month of May and a 47.7 per cent increase from the 2,342 active listings for sale at the end of June 2023.

Read the full report on VREB website!

The following data is a comparison between June 2024 and June 2023 numbers, and is current as of July 2024. Click here to check out last month’s figures!

You can also follow this link for all our Victoria Board monthly infographics!

Click on the images for a larger view!

Download Printable Version – June 2024 VREB, Victoria Market Report

Custom real estate infographics published by myRealPage.com

More time and choice in the Victoria real estate market

A total of 763 properties sold in the Victoria Real Estate Board region this May, 1.5 per cent fewer than the 775 properties sold in May 2023 and a 12.5 per cent increase from April 2024. Sales of condominiums were down 5.2 per cent from May 2023 with 235 units sold. Sales of single family homes exactly matched the number from May 2023 with 399 sold.

“Spring is generally prime time for real estate in Victoria,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “And May is typically when we are at or near to 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. The additional listings also meant less pressure on pricing, so prices remained relatively flat.”

There were 3,338 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of May 2024, an increase of 10.6 per cent compared to the previous month of April and a 52.5 per cent increase from the 2,189 active listings for sale at the end of May 2023.

Read the full report on VREB website!

The following data is a comparison between May 2024 and May 2023 numbers, and is current as of June 2024. Click here to check out last month’s figures!

You can also follow this link for all our Victoria Board monthly infographics!

Click on the images for a larger view!

Download Printable Version – May 2024 VREB, Victoria Market Report

Custom real estate infographics published by myRealPage.com

Spring property market brings positives for buyers and sellers in Victoria

A total of 678 properties sold in the Victoria Real Estate Board region this April, 6.4 per cent more than the 637 properties sold in April 2023 and a 15.3 per cent increase from March 2024. Sales of condominiums were up 1.5 per cent from April 2023 with 208 units sold. Sales of single family homes increased 3.7 per cent from April 2023 with 337 sold.

“The spring market in Victoria kicked off with a gentle increase in sales when compared to last year and continued stable pricing,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “These factors, combined with growth in the available inventory, has created a welcoming and more balanced market for buyers and sellers.”

There were 3,017 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of April 2024, an increase of 14 per cent compared to the previous month of March and a 47.7 per cent increase from the 2,043 active listings for sale at the end of April 2023.

Read the full report on VREB website!

The following data is a comparison between April 2024 and April 2023 numbers, and is current as of May 2024. Click here to check out last month’s figures!

You can also follow this link for all our Victoria Board monthly infographics!

Click on the images for a larger view!

Download Printable Version – April 2024 VREB, Victoria Market Report

Custom real estate infographics published by myRealPage.com

Supply still key to Victoria’s housing market

A total of 588 properties sold in the Victoria Real Estate Board region this March, 0.3 per cent fewer than the 590 properties sold in March 2023 but a 25.1 per cent increase from February 2024. Sales of condominiums were down 10.2 per cent from March 2023 with 177 units sold. Sales of single family homes increased 1.8 per cent from March 2023 with 286 sold.

“We’ve concluded a rather quiet first quarter and are transitioning into the spring market,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “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.”

There were 2,647 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2024, an increase of 12 per cent compared to the previous month of February and a 34.4 per cent increase from the 1,970 active listings for sale at the end of March 2023.

Read the full report on VREB website!

The following data is a comparison between March 2024 and March 2023 numbers, and is current as of April 2024. Click here to check out last month’s figures!

You can also follow this link for all our Victoria Board monthly infographics!

Click on the images for a larger view!

Download Printable Version – March 2024 VREB, Victoria Market Report

Custom real estate infographics published by myRealPage.com

More inventory means greater opportunity in Victoria real estate market

A total of 470 properties sold in the Victoria Real Estate Board region this February, 2.2 per cent more
than the 460 properties sold in February 2023 and a 37.8 per cent increase from January 2024. Sales
of condominiums were down 5.6 per cent from February 2023 with 152 units sold. Sales of single family
homes increased 1.8 per cent from February 2023 with 224 sold.

“We saw glimmers of a start to the spring market over the course of February,” said 2024 Victoria Real
Estate Board Chair Laurie Lidstone. “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 much needed inventory
gives buyers more selection and more time to make their purchasing decisions. We’ve also seen prices
continue to remain stable, which is excellent for buyers and sellers because it makes the transaction much
more predictable.”

There were 2,364 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the
end of February 2024, an increase of 10.5 per cent compared to the previous month of January and a 30.7
per cent increase from the 1,809 active listings for sale at the end of February 2023.

Read the full report on VREB website!

The following data is a comparison between February 2024 and February 2023 numbers, and is current as of March 2024. Click here to check out last month’s figures!

You can also follow this link for all our Victoria Board monthly infographics!

Click on the images for a larger view!

Download Printable Version – February 2024 VREB, Victoria Market Report

Custom real estate infographics published by myRealPage.com

A balanced market means opportunity for buyers and sellers in Victoria

A total of 341 properties sold in the Victoria Real Estate Board region this January, 22.7 per cent more
than the 278 properties sold in January 2023 and a 3.6 per cent increase from December 2023. Sales of
condominiums were up 10.9 per cent from January 2023 with 112 units sold. Sales of single family homes
increased 35 per cent from January 2023 with 162 sold.

“Our housing market eased into the new year with a renewed sense of balance,” said 2024 Victoria Real
Estate Board Chair Laurie Lidstone. “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. Mortgage rates have
levelled out, inventory is slowly creeping back up, and we are no longer in that highly pressurized market
of recent years which created complicated and sometimes stressful conditions for buyers and sellers.”

There were 2,140 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the
end of January 2024, an increase of 0.4 per cent compared to the previous month of December and a 23.1
per cent increase from the 1,739 active listings for sale at the end of January 2023.

Read the full report on VREB website!

The following data is a comparison between January 2024 and January 2023 numbers, and is current as of February 2024. Click here to check out last month’s figures!

You can also follow this link for all our Victoria Board monthly infographics!

Click on the images for a larger view!

Download Printable Version – January 2024 VREB, Victoria Market Report

Custom real estate infographics published by myRealPage.com