September’s residential real estate market in Victoria did better than last year.
According to a Victoria Real Estate Board report, a total of 571 residential units were sold last month, exceeding the 493 units sold in September 2023 – an increase of 15.8 per cent.
“The real estate market in Victoria right now is much more stable and more predictable than it has been in recent years,” board chair Laurie Lidston said. “We have seen a few solid months of near-balance in the market, which means it’s neither a seller’s nor a buyer’s market, and positives exist for both sides of a transaction.”
“With downward trending interest rates and stable pricing combined with more inventory on the market, our current conditions are the most comfortable for consumers to navigate that I’ve seen in a few years," Lidstone added.
The report showed sales of condominiums were up 21.9 per cent with 189 units sold. Single-family homes also saw a 19.3 per cent increase with 272 sold compared to the same period last year.
Overall, the real estate market fared better than August 2024, registering a 4.8 per cent increase in residential units sold.
Downward trend in unit prices
At the end of September 2024, there were 3,361 active listings for sale on the Victoria Real Estate Board multiple listing service, compared to 2,699 from the same period last year.
The benchmark price for a single-family home in the Victoria Core dropped to $1,279,700 last month, compared to $1,316,100 from September 2023.
This represents a moderate decrease from August 2024, where the benchmark price was pegged at a value of $1,287,400.
Meanwhile, the benchmark value for a condominium in the Victoria Core area in September 2024 was $553,400, a 5.1 per cent decrease from the August value of $559,200.
The condo value was $30,000 lower compared to September 2023.
“In times of more balanced markets,” Lidstone added, “there is less pressure on pricing and more opportunity to take time to make big decisions on real estate. However, there are still situations where you can encounter competition.”
The board chair said that “when the house, price and location are all highly desirable for buyers, we can see situations where there are competing offers.”
