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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.

Article taken from: https://www.vreb.org/current-statistics#gsc.tab=0

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.

Article taken from: https://www.vreb.org/current-statistics#gsc.tab=0

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.

Article taken from: https://www.vreb.org/current-statistics#gsc.tab=0

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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.

“The increases in inventory we’ve seen in recent months really help to improve the health of our market,” adds Chair Lidstone. “We have more inventory for consumers to consider when compared with recent years. 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. As people buy and move, more properties are added to the available inventory, which supports a much healthier market. Supply really is key, and looking to the future we need to ensure that focus continues on the creation of new homes of all types and price points. If you’re considering a move over the course of the spring market, connect with your favourite local Realtor for to-the-minute insight into our market to create your strategy.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2023 was $1,258,300. The benchmark value for the same home in March 2024 increased by 1.7 per cent to $1,279,300, up from February’s value of $1,247,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in March 2023 was $549,000 while the benchmark value for the same condominium in March 2024 increased by 3.3 per cent to $567,300, up from the February value of $557,000.

Article taken from: https://www.vreb.org/current-statistics#gsc.tab=0

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.

“We noted an increase in townhome sales this past month,” adds Chair Lidstone. “Townhomes are an important segment of missing middle housing, one that is undersupplied in the Greater Victoria area. Hopefully the fifty per cent increase in townhome sales compared to last year will encourage more development of this type of housing to meet our missing middle housing needs. If you are considering a move this coming spring, it’s a great time to connect with your REALTOR® to make a plan.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February 2023 was $1,251,000. The benchmark value for the same home in February 2024 decreased by 0.3 per cent to $1,247,400, up from January’s value of $1,244,000. The MLS® HPI benchmark value for a condominium in the Victoria Core area in February 2023 was $549,300 while the benchmark value for the same condominium in February 2024 increased by 1.4 per cent to $557,000, down from the January value of $559,000.

Article taken from: https://www.vreb.org/current-statistics#gsc.tab=0

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.

“We noted an increase in townhome sales this past month,” adds Chair Lidstone. “Townhomes are an important segment of missing middle housing, one that is undersupplied in the Greater Victoria area. Hopefully the fifty per cent increase in townhome sales compared to last year will encourage more development of this type of housing to meet our missing middle housing needs. If you are considering a move this coming spring, it’s a great time to connect with your REALTOR® to make a plan.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February 2023 was $1,251,000. The benchmark value for the same home in February 2024 decreased by 0.3 per cent to $1,247,400, up from January’s value of $1,244,000. The MLS® HPI benchmark value for a condominium in the Victoria Core area in February 2023 was $549,300 while the benchmark value for the same condominium in February 2024 increased by 1.4 per cent to $557,000, down from the January value of $559,000.

Article taken from: https://www.vreb.org/current-statistics#gsc.tab=0

The newly built home exemption reduces or eliminates the property transfer tax on qualifying purchases of a principal residence.

• Full exemption: Effective April 1, 2024, the fair market value threshold for a full exemption for newly built homes is increased from $750,000 to $1,100,000.
• Partial exemption: A partial exemption is also available for properties with fair market values just above the threshold. The phase out range is $50,000 above the threshold, with the complete elimination of the exemption at $1,150,000 for qualifying purchasers
• The property must:
• Be located in B.C.
• Only be used as your principal residence
• Be 0.5 hectares (1.24 acres) or smaller
• Have a fair market value of $835,000 or less (effective April 1, 2024)
• Qualifying first-time buyers can benefit when they purchase a home worth up to $835,000, with the first $500,000 completely exempt from the property transfer tax. That could mean as much as $8,000 in savings!

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.
“I think this balance and stability in our market brings with it an optimistic outlook for the coming months,”
adds Chair Lidstone. “If balanced conditions continue, buyers and sellers will have more time to make
decisions and there will be less pressure on pricing. Of course, there are many factors that impact
the market here in Victoria, and as we’ve seen in the past things can change very rapidly. If you are
considering selling or buying, connect with a local Realtor to identify where your opportunities are as we
move towards spring.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria
Core in January 2023 was $1,224,000. The benchmark value for the same home in January 2024
increased by 1.6 per cent to $1,244,000 down from December’s value of $1,268,000. The MLS® HPI
benchmark value for a condominium in the Victoria Core area in January 2023 was $562,200 while the
benchmark value for the same condominium in January 2024 decreased by 0.6 per cent to $559,000,
down from the December value of $562,000.

Article taken from: https://www.vreb.org/current-statistics#gsc.tab=0