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VREB Market Stats - July 2024

Sandy McManus | August 13th, 2024

Market Stats

Victoria housing market remains steady for buyers and sellers over summer

 

August 1, 2024  A total of 650 properties sold in the Victoria Real Estate Board region this July, 9.2 per cent more than the 595 properties sold in July 2023 and 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. 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 per cent compared to the previous month of June and a 38.4 per cent 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."
 
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.

About the Victoria Real Estate Board - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of REALTORS®. The Victoria Real Estate Board represents 1,660 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.

 

--> View our press release and summary here

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Sandy grew up on both Southern Vancouver Island and Salt Spring Island.  Over the years, she and her husband Jay have lived in several locations in British Columbia and Alberta while Jay was a corporate transferee.  They feel extremely fortunately to have settled in beautiful, globally recognized Victoria B.C. and to have the opportunity to be involved in the real estate industry here.

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