Victoria’s Summer Real Estate market meets seasonal expectations.

A total of 545 properties were sold in the Victoria Real Estate Board region this August, 0.2 percent more than the 544 properties sold in August 2023 and a 16.5 percent decrease from July 2024. Sales of condominiums were up 10.4 percent from August 2023, with 181 units sold. Sales of single-family homes decreased by 7.7 percent 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 percent compared to the previous month of July and a 28.2 percent increase from the 2,490 active listings for sale at the end of August 2023.

“It’s likely our market will trend a bit busier in the upcoming fall months,” adds Chair Lidstone. “In September, people return their attention to work and school and to bigger projects like making a move. Week by week into the fall, our market will evolve, so if you are considering listing or buying a home in the Victoria area, connect with your favourite local REALTOR® to help develop your best real estate strategy.”

Benchmark Prices

The Multiple Listing Service® Home Price Index benchmark value for a single-family home in the Victoria Core in August 2023 was $1,327,800. The benchmark value for the same home in August 2024 decreased by 3 percent to $1,287,400, down from July’s value of $1,296,100. The MLS® HPI benchmark value for a condominium in the Victoria Core area in August 2023 was $575,900, while the benchmark value for the same condominium in August 2024 decreased by 2.9 percent to $559,200, down from the July value of $567,800.

August 2024 Victoria Real Estate Market Stats

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Original source: VREB