The 2024 real estate market in Victoria was marked by stability, offering a balanced environment for buyers and sellers. Prices have remained steady for the second year in a row, enabling more predictable transactions. Despite a few months with over 3,000 active listings—a peak not seen in years—inventory levels remain low compared to long-term averages. At the end of December, 2,290 active listings were reported, a 19.3% drop from November but a 7.4% increase over December 2023.
Looking ahead, several policy changes and important dates may impact the real estate landscape in 2025:
- Bank of Canada Rate Announcement: The next rate announcement is scheduled for January 29, 2025, which could influence borrowing costs and market activity.
- BC Home Flipping Tax: Effective January 1, 2025, this new tax applies to profits from selling properties held for less than 730 days. Properties purchased before this date may still be subject to the tax if sold after the effective date and held for less than the required period, unless exemptions apply.
- Speculation and Vacancy Tax: Designed to encourage housing availability and ensure fair contributions from foreign owners and those with primarily foreign income, this tax was expanded to 13 new communities as of January 1, 2024. Residential property owners in these communities will need to declare for the first time in January 2025.
Additionally, homeowners should check their BC Assessment notices, which may be delayed due to the Canada Post strike. Assessments can be reviewed online, and appeals must be submitted by January 31, 2025.
If you have questions about these changes, the current market, or would like a market evaluation on your property, reach out to us at The McLean Real Estate Group. We’re here to help!
Victoria Real Estate Stats for Condos and Apartments in December 2024
In this balanced market for condos and apartments, the total units sold increased 25% compared to last year, which builds on the increase of November. The average price of each unit improved only slightly, plus the average days to sell slipped from 44 days to 57.
Victoria Real Estate Stats for Single Family Homes in December 2024
The market for single family homes is warming up compared to this time last year. While the average sale price remains relatively unchanged, the total number of units sold is up 20% and the days to sell is inching lower.
Victoria Real Estate Stats for Townhomes and Duplexes in December 2024
The market for townhomes and duplexes is the hottest of them all in December (compared to last). The average sale price is up big at 15%, the total number of units sold surged 31%, and the time it takes to sell decreased by 4 days.
