The Victoria Real Estate Board year in review reflects a steady market in 2024.
Throughout the region, 6,893 properties were sold in 2024, an 11 per cent increase from 2023.
The Multiple Listing Service Home Price Index (MLSHPI) found the benchmark value for a single-family home was $1,306,400 in December 2024, an increase of 2.7 per cent from the same time in 2023. Meanwhile, by this same metric, condominiums in the Victoria core saw a 1.6 per cent decrease from last December, now sitting at a benchmark value of $547,800.
“2024 was a fairly calm year for local real estate,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone in a press release. “Prices have been relatively level for the past two years now, which has made it easier for buyers and sellers to navigate transactions with confidence.”
While the year saw more months with over 3,000 listings than VREB had seen in “many years,” there continues to be low inventory levels when compared to long-term averages, Lidstone said.
“If inventory remains low and we see an increase in demand, we could very quickly return to a market where there is upward pressure on pricing. This is why the Board will continue to advocate for gentle density development in 2025.”
Recent extensions to amortization periods for first-time buyers and updates to property transfer tax thresholds have helped to make homes more attainable, she added. Along with consistent interest rates, it may encourage more people to enter the market.
