As we move into summer the inventory of homes for sale has increased and the length of time it’s taking to sell has increased. We’re seeing all categories of property types move into a more balanced market position. The increase in inventory is giving buyers greater choice, plus time to decide. Despite this we have encountered properties that are so attractive, either because they’re sharply priced or in a super desirable location they’ve sold with multiple offers. The Victoria Real Estate Market is made up of numerous niche micro markets many of which have experienced a different scenario than the big picture.
Total sales in June were 661 with 3460 active listings which is a 47.7 increase in inventory from June 2023. Numerous factors are driving the inventory levels up, changes in Air B&B use, increased interest rates putting many into a position where they feel they must sell to get out of substantially increased mortgage payments. The quarter point drop in the Bank of Canada rate did inject some confidence but made only a minor difference in payments. The drop was not enough to noticeably stimulate the market.
With inflation rearing its ugly head again it’s 50/50 whether we’ll see another drop in the Bank of Canada rate July 26th.
Home Price Indexes & Average Prices
The Home Price Index benchmark and Average Prices were as follows for June 2024:
Single Family:
- HPI $1,295,000 down 1.4% from 2023
- Av $1,226,023 down 2% from 2023
Condominiums:
- HPI $567,900 a .1 % increase from 2023
- Av $586,978 down 12% from 2023
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 June 2024
Victoria Real Estate Stats for Single Family Homes in June 2024
Victoria Real Estate Stats for Townhomes and Duplexes in June 2024
