July 2024 Victoria Real Estate Board Statistics
Victoria housing market remains steady for buyers and sellers over summer – July 2024 Victoria Real Estate Board Statistics
A total of 650 properties sold in the Victoria Real Estate Board region this July, marking a 9.2 per cent increase over the 595 properties sold in July 2023, yet showing a 1.7 per cent decrease from June 2024. Sales of condominiums were up 6.5 per cent from July 2023 with 213 units sold, while sales of single-family homes increased by 8.9 percent from the same month last year, with 319 sold.
2024 Victoria Real Estate Board Chair Laurie Lidstone remarked, “The month of July delivered another steady month of sales and listings, as we’d expect for an average summer season in our market. 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 per cent compared to June and a 38.4 per cent increase from the 2,419 active listings for sale at the end of July 2023.
Chair Lidstone added, “There continues to be a lot of government intervention in our housing market. 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.”
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 per cent 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 per cent to $567,800, down from the June value of $567,900.
*Editor’s note
1. Areas covered by the Victoria Real Estate Board include: Victoria, Vancouver Islands
Statistics for Related Areas
- Fraser Valley Real Estate Stats
- Vancouver Real Estate Stats
- Okanagan Real Estate Stats
- Nanaimo Real Estate Stats
