Properties Sold and Active Listings
Greater Victoria’s summer real estate market met seasonal expectations. According to VREB, in August 2024, the Victoria real estate market remained steady, with 545 properties sold, similar to August 2023, but down 16.5% from July 2024. Condo sales increased by 10.4%, while single-family home sales decreased by 7.7%. This aligns with the trend of a slower market during the summer as people focus on summer activities.
There were 3,191 active listings in August, a 4.7% decrease from July, but a 28.2% increase from August 2023.
Prices
The benchmark price for single-family homes in the Victoria Core decreased by 3% to $1,287,400 compared to July’s value of $1,296,100. The condominium benchmark value dropped by 2.9% to $559,200.
The table below shows the benchmark prices for August compared to July 2024 and also compared to August last year.
Expected Trend
The Victoria Real Estate Board anticipates the market will pick up in the fall, as people resume their home-buying plans. VREB Chair, Laurie Lidstone said: “It’s likely our market will trend a bit busier in the upcoming fall months. 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.”
To see the full report from VREB, click here: VREB August 2024 Report.