July 2024 Victoria BC Area Realty Statistics

Inventory levels and total sales will be interesting to watch in the second half of the year. Time will tell if the recent Bank of Canada rate drop will have the desired effect to stimulate a slow sales year to date.

At the end of July 2024, there were 3,348 active listings in the Victoria Real Estate Board’s Multiple Listing Service®, reflecting a 3.2% decrease from the previous month but a significant 38.4% increase compared to July 2023. This decrease in inventory from June is part of a seasonal trend but is being closely monitored due to its implications for market balance.

Chair Laurie Lidstone remarked on the stability of the market, noting that July’s sales figures were consistent with June’s performance, which was unexpected given the usual dip in activity during summer vacations. Lidstone also pointed out the impact of recent changes to the Residential Tenancy Act, which have introduced additional complexity and risk for transactions involving rental properties.

Home Prices for July of 2024

Regarding home prices, the MLS® Home Price Index (HPI) benchmark for single-family homes in the Victoria Core was $1,296,100 in July 2024, marking a 2% decrease from the same month in 2023 but a slight increase from June 2024’s value of $1,295,500. The benchmark value for condominiums in the Victoria Core was $567,800 in July 2024, down 0.6% from the previous year and slightly below the June 2024 value of $567,900.

For a more in-depth analysis of your local neighborhood market, feel free to give one of the Realtors at the McLean Real Estate Group a call at 250-744-5551 (office) or by email.

Thank you!

Victoria Real Estate Stats for Condos and Apartments in July 2024

Victoria Real Estate Stats for Single Family Homes in July 2024

Victoria Real Estate Stats for Townhomes and Duplexes in July 2024

Darren Neuhaus

As an experienced Realtor, Darren thrives on building long-lasting relationships with his clients and providing a sense of trust and comfort to ensure that they are a top priority when making one of the biggest decisions of their lives. Darren’s extensive knowledge and commitment to his profession is evident when helping his clients through the buying process. With a 20 year history in marketing and sales, Darren has the experience dealing with all types of people and personalities. Backed with formal education in both Marketing and Information Technology Management, he knows the value of hard work and what it takes to achieve exceptional results.