Victoria Market Update - June 2024

I have noticed a bit of a slow down out there the past month or so, but todays rate decrease announce from the BOC could stir things up a bit. Fairly balanced conditions these days leaning slightly towards the sellers for properly priced homes. - mike vanderkruyk

More time and choice in the Victoria real estate market

Article courtesy of the Victoria Real Estate Board can also be viewed HERE

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. "After so many years of consumers navigating an unbalanced market, it is positive for buyers and sellers to see some months of consistent balance," adds Chair Lidstone. "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. Of course, as always, I recommend connecting with your favourite REALTOR® to create a strategy specific to your needs." The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in May 2023 was $1,300,900. The benchmark value for the same home in May 2024 increased by 0.7 per cent to $1,309,700, up from April's value of $1,301,800. The MLS® HPI benchmark value for a condominium in the Victoria Core area in May 2023 was $562,900 while the benchmark value for the same condominium in May 2024 increased by 1.2 per cent to $569,500, up from the April value of $561,200.

About the Victoria Real Estate Board - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of REALTORS®. The Victoria Real Estate Board represents 1,651 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.