As we wrap up the final month of summer, real estate activity in Victoria followed a typical seasonal slowdown, with many buyers and sellers stepping back to enjoy vacations and other activities. A total of 545 properties were sold in the Victoria Real Estate Board region this August, just 0.2% more than the 544 properties sold in August 2023, but down 16.5% from July 2024. Condominium sales saw a 10.4% increase year-over-year with 181 units sold, while single-family home sales decreased by 7.7%, with 252 homes sold. The Bank of Canada’s recent rate cut to 4.25% continues to aim at easing inflation, with some relief noted since July.
Victoria Real Estate Board Chair Laurie Lidstone expects the market to pick up this fall. In September, as people get back into their routines with work and school, many start focusing on bigger plans, like moving. The market will likely get busier each week, so if you’re thinking about buying or selling a home, now’s a good time to reach out to your local REALTOR® for guidance.
Home Prices in Victoria
In terms of prices, the average value for a single-family home in the Victoria Core dropped by 3% from August 2023 to August 2024, going from $1,327,800 to $1,287,400. Condo prices also saw a small decrease, with the average value falling by 2.9%, from $575,900 in August 2023 to $559,200 in August 2024. Both single-family homes and condos saw a slight decline from their July prices as well.
Cheers,
Holly
Victoria Real Estate Stats for Condos and Apartments in August 2024
Victoria Real Estate Stats for Single Family Homes in August 2024
Victoria Real Estate Stats for Townhomes and Duplexes in August 2024
