A warm start to winter sales in the Victoria Real Estate Market

A total of 551 properties were sold in the Victoria Real Estate Board region this November, 39.8 percent more than the 394 properties sold in November 2023 and a 15.7 percent decrease from October 2024. Sales of condominiums were up 55 percent from November 2023, with 186 units sold. Sales of single-family homes increased by 36.3 percent from November 2023, with 263 sold.

“I’ve found that buyers and sellers are feeling optimistic right now,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “With the steady decrease we’ve seen in interest rates and the continued balance in the market, consumers are feeling more comfortable and empowered to make the big decisions around home ownership knowing that they have a fairly stable real estate environment to navigate.”

There were 2,836 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2024, a decrease of 10.3 per cent compared to the previous month of October and a 7.3 percent increase from the 2,644 active listings for sale at the end of November 2023.

“Though we did see inventory tick below three thousand listings, we are still in much better shape than in recent years in terms of availability of supply,” adds Chair Lidstone. “Seasonality comes into play this time of year, and the closer we get to the new year, the more folks temporarily move their focus from house shopping to the holidays. That said, it’s likely the momentum we saw building in November will carry on in December to some extent. If you’re considering a new home for the holidays, connect with your favourite local REALTOR® to create your plan.”

Benchmark Prices

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in November 2023 was $1,290,100. The benchmark value for the same home in November 2024 increased by 1 percent to $1,302,900, up from October’s value of $1,300,200. The MLS® HPI benchmark value for a condominium in the Victoria Core area in November 2023 was $571,300 while the benchmark value for the same condominium in November 2024 decreased by 4.7 percent to $544,400, down from the October value of $547,800.

November 2024 Victoria Real Estate Market Stats

Are you looking for a new home in 2025? Our expert REALTORS® are here to help you navigate the market!

CONTACT A REALTOR®    |    SEARCH FEATURED PROPERTIES 

(250) 744-3301

Original source: VREB