Monthly Market Update
Monthly Market Update
August
2024
In July 2024, the Victoria Real Estate Board region witnessed the sale of 650 properties, marking a 9.2% increase compared to the 595 properties sold in July 2023, but a slight 1.7% decline from June 2024. Notably, condominium sales rose by 6.5% from July 2023, with 213 units sold, while single-family home sales saw an 8.9% uptick, totalling 319 sold units.
"The month of July delivered another steady month of sales and listings, as we'd expect for an average summer season in our market," remarked Laurie Lidstone, Chair of the Victoria Real Estate Board. "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."
By the end of July 2024, there were 3,348 active listings on the Victoria Real Estate Board Multiple Listing Service®, a 3.2% decrease from June but a significant 38.4% increase compared to the 2,419 active listings 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 MLS® Home Price Index benchmark value for a single-family home in the Victoria Core in July 2023 was $1,322,800. By July 2024, this value had decreased by 2% to $1,296,100, slightly up from June's $1,295,500. For condominiums in the Victoria Core, the benchmark value in July 2023 was $571,500, which decreased by 0.6% to $567,800 in July 2024, just below June's $567,900.
