In July 2024, the real estate market in Greater Victoria remained steady, with moderate activity reflecting typical summer trends. A total of 650 properties were sold, marking a 9.2% increase compared to July 2023, but a slight 1.7% decrease from June 2024. Single-family home sales rose by 8.9% year-over-year, with 319 homes sold, while condominium sales saw a 6.5% increase, with 213 units changing hands.
Inventory levels were slightly down from June 2024, with 3,348 active listings at the end of July, a 3.2% decrease from the previous month but a significant 38.4% increase compared to July 2023. This drop in inventory could impact market balance in the coming months, which the Victoria Real Estate Board will continue to monitor.
Price trends showed stability with minor fluctuations. The MLS® Home Price Index benchmark value for a single-family home in the Victoria Core was $1,296,100 in July 2024, a slight 2% decrease from July 2023. Meanwhile, the benchmark value for a condominium stood at $567,800, down just 0.6% from the previous year. Townhouses in the Victoria Core showed resilience, with the benchmark value at $796,700, a slight 0.9% increase from July 2023.