Victoria Market Report - April.2024

Supply still key to Victoria's housing market

April 2, 2024  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 percent from March 2023 with 177 units sold. Sales of single family homes increased 1.8 percent 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…

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Victoria Market Report - Mar.2024


More inventory means greater opportunity in Victoria real estate market

March 1st, 2024 - 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…

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Victoria Market Report - Feb.2024

A balanced market means opportunity for buyers & sellers in Victoria

February 1, 2024  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…

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Victoria Market Report - Jan.2024

The 2023 Victoria real estate market year in review 

A total of 329 properties sold in the Victoria Real Estate Board region this December, 2.8 per cent more than the 320 properties sold in December 2022 and a 16.5 per cent decrease from November 2023. Sales of condominiums were up 14.9 per cent from December 2022 with 108 units sold. Sales of single family homes increased 1.3 per cent from December 2022 with 158 sold.

A grand total of 6,207 properties sold over the course of 2023, 8.77 per cent fewer than the 6,804 sold in 2022.

“I’ve spoken a lot this year about our market’s return to traditional seasonal patterns,” said 2023 Victoria Real Estate Board Chair Graden Sol. “And at the conclusion of 2023…

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 Victoria Market Report - Dec.2023



Slower winter markets can benefit buyers and sellers

December 4, 2023 - A total of 394 properties sold in the Victoria Real Estate Board region this November, a 2.6 per cent increase from the 384 properties sold in November 2022 and a 3.2 per cent decrease from October 2023. Sales of condominiums were down 11.8 per cent from November 2022 with 120 units sold. Sales of single family homes increased by 6 per cent from November 2022 with 193 sold.

“It’s unsurprising to see this slight relaxation of sales in the market,” said Victoria Real Estate Board Chair Graden Sol. “Given the current interest rate environment, our sales numbers are lower than long term averages, but the pattern of seasonality within those lower…

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VICTORIA MARKET REPORT - Nov. 2023



Interest rates a large factor in Victoria market


November 1, 2023 -A total of 407 properties sold in the Victoria Real Estate Board region this October, 15.2 per cent fewer than the 480 properties sold in October 2022 and a 17.4 per cent decrease from September 2023. Sales of condominiums were down 7.2 per cent from October 2022 with 141 units sold. Sales of single family homes decreased 16.1 per cent from October 2022 with 193 sold. 

“Overall, property sales drifted down in October compared to the previous month, likely due to consumers continuing to navigate interest rates higher than those seen in nearly two decades,” said Victoria Real Estate Board Chair Graden Sol. “The uncertainty around the direction of…

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VICTORIA MARKET REPORT - Oct. 2023


While value of homes in Victoria remains stable,
the cost to own continues to rise

 

October 3, 2023  A total of 493 properties sold in the Victoria Real Estate Board region this September, 20.2 percent more than the 410 properties sold in September 2022 and a 9.4 percent decrease from August 2023. Sales of condominiums were up 23 per cent from September 2022 with 155 units sold. Sales of single family homes increased 3.2 percent from September 2022 with 228 sold.

 

“What we saw in our market last month was a continuation of the seasonal market trend we expect in a typical year as we move into fall,” said Victoria Real Estate Board Chair Graden Sol. “We have seen a slight return to a more balanced…

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VICTORIA MARKET REPORT - Sept. 2023

Victoria real estate market needs better mix of housing supply to help restore balance

September 1, 2023  A total of 544 properties sold in the Victoria Real Estate Board region this August, 13.8 per cent more than the 478 properties sold in August 2022 and an 8.6 per cent decrease from July 2023. Sales of condominiums were up 10.8 per cent from August 2022 with 164 units sold. Sales of single family homes increased 9.6 per cent from August 2022 with 273 sold.

"Real estate activity this month reflected what we'd expect to see in an average late summer housing market," said Victoria Real Estate Board Chair Graden Sol. "The beginning of the month was reasonably slow, and sales ramped up through the last half of the…

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Victoria Market Report - August 2023

Victoria real estate sales reflect summer trends

August 1, 2023  A total of 595 properties sold in the Victoria Real Estate Board region this July, 16.7 per cent more than the 510 properties sold in July 2022 and a 15.6 per cent decrease from June 2023. Sales of condominiums were up 16.3 per cent from July 2022 with 200 units sold. Sales of single family homes increased 15.4 per cent from July 2022 with 293 sold.
"We talked about the return to seasonal norms last month," said Victoria Real Estate Board Chair Graden Sol. "The July numbers reinforce the re-establishment of seasonal patterns with a slow-down in activity as the summer season set in. This dip in activity doesn't come as a surprise - it…

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VICTORIA MARKET REPORT - July 2023


Conclusion of a strong spring Victoria real estate market

July 4, 2023  A total of 705 properties sold in the Victoria Real Estate Board region this June, 15.2 per cent more than the 612 properties sold in June 2022 and a 9 per cent decrease from May 2023. Sales of condominiums were up 19.8 per cent from June 2022 with 242 units sold. Sales of single family homes increased 6.6 per cent from June 2022 with 322 sold.

"As we consider the first half of the year, we see a return to a more traditional sales trend which follows the seasons," said Victoria Real Estate Board Chair Graden Sol. "During and shortly after the pandemic, we couldn't rely on our usual comparisons to explain the market. This year we have seen a…

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