Victoria market exceeds expectations but remains balanced

November 1, 2024  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…

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Understanding the New Mortgage Rates in Canada: What You Need to Know for Your Home Purchase in BC

BREAKING NEWS:

The Bank of Canada lowered its key interest rate to 3.75% with a significant 50 basis-point cut, responding to subsiding inflation concerns and aiming to stimulate economic growth. This marks the fourth consecutive cut since June and reflects the Bank's strategy to manage borrowing costs as the economy faces challenges under high rates. With inflation back to the 2% target, the Bank is focused on maintaining stable rates to support consumers and businesses. These lower interest rates can lead to more favourable mortgage options for homeowners and potential buyers, making it an ideal time to explore refinancing or new financing…

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Victoria real estate market current conditions benefit buyers and sellers

October 1, 2024  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…

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Black Creek, BC-Vancouver Island

Black Creek, situated on the eastern shore of Vancouver Island and is just north of Courtenay. This quaint village is mainly agricultural and serves as a residential area for those commuting to Courtenay and Campbell River, which are to the north. There are approximately 9400 people in the area.

The charming rural community of Black Creek welcomes travelers passing through the scenic farmlands along the Island Highway. This idyllic segment of a journey to the North Central Vancouver Island enchants visitors with its fresh scents, lush greenery and quaint farm scenes.  The area is also known for its several wineries that benefit from the moderate oceanic climate with sufficient rainfall even in the driest months. 

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Victoria’s summer real estate market meets seasonal expectations

September 3, 2024  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…

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Victoria housing market remains steady for buyers & sellers over summer

August 1, 2024  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…

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 Trends & Insights: The Luxury Real Estate Market

The luxury real estate market continues to captivate investors and high net worth individuals with its promise of opulence, exclusivity and high returns. As we navigate through 2024, several trends are emerging that shape the landscape of luxury real estate. Understanding these trends is crucial for anyone looking to invest in or purchase high-end properties.

Rise of Sustainable Luxury

Luxury buyers are increasingly prioritizing sustainability without compromising on elegance. Eco-friendly features are becoming standard in luxury properties:

  • Green Building Materials: The use of sustainable materials such as reclaimed wood, recycled metal and low  VOC (Volatile Organic Compounds) paints…

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Victoria real estate market slow and steady for buyers and sellers

July 2, 2024  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…

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Plan Your Summer in Victoria

Victoria, BC, is a vibrant city that comes alive in the summer with a myriad of events and activities. From music festivals and outdoor concerts to art exhibitions and the latest culinary delights, there’s something for everyone to enjoy. Whether you’re a long time resident or a prospective homebuyer exploring the city, here’s a guide to a few summer events, festivals, activities and the hottest new restaurants in Victoria.

Art & Culture

1. Art Gallery of Greater Victoria Explore contemporary and historical art at the Art Gallery of Greater Victoria. Their summer exhibitions often feature local artists, providing a platform for emerging talents. The gallery’s serene gardens are also worth a visit, offering a…

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More time & choice in the Victoria market

 June 3, 2024  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…

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