July 2024 Victoria Real Estate Market Stats
Victoria’s housing market remains steady for buyers and sellers over the summer
A total of 650 properties were sold in the Victoria Real Estate Board region this July, 9.2 percent more than the 595 properties sold in July 2023 and a 1.7 percent decrease from June 2024. Sales of condominiums were up 6.5 percent 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 percent compared to the previous month of June and a 9.2 percent increase from the 2,419 active listings for sale at the end of July 2023.
“There continues to be a lot of government intervention in our housing market,” adds Chair Lidstone.
“Recently, the provincial government announced changes to the Residential Tenancy Act that have resulted in some uncertainty for those considering homes with rental options. The changes have made an already complex transaction much more complicated and have added more risk. If you are considering purchasing or selling a tenanted or rental property, it’s imperative to bring in the assistance of a REALTOR® to navigate new requirements and ensure your transaction is successful.”
Benchmark Prices
The Multiple Listing Service® Home Price Index benchmark value for a single-family home in the Victoria Core in July 2023 was $1,322,800. The benchmark value for the same home in July 2024 decreased by 2 percent to $1,296,100, up from June’s value of $1,295,500. The MLS® HPI benchmark value for a condominium in the Victoria Core area in July 2023 was $571,500, while the benchmark value for the same condominium in July 2024 decreased by 0.6 percent to $567,800, down from the June value of $567,900.
July 2024 Victoria Real Estate Market Stats
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Original source: VREB
