Victoria Market Report Infographics

Wednesday, May 8, 2024 3:40:44 PM UTC
INFOGRAPHICS: April 2024 VREB Victoria Market Reports

Spring property market brings positives for buyers and sellers in Victoria

A total of 678 properties sold in the Victoria Real Estate Board region this April, 6.4 per cent more than the 637 properties sold in April 2023 and a 15.3 per cent increase from March 2024. Sales of condominiums were up 1.5 per cent from April 2023 with 208 units sold. Sales of single family homes increased 3.7 per cent from April 2023 with 337 sold.

“The spring market in Victoria kicked off with a gentle increase in sales when compared to last year and continued stable pricing,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “These factors, combined with growth in the available inventory, has created a welcoming and more balanced market for buyers and sellers.”

There were 3,017 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of April 2024, an increase of 14 per cent compared to the previous month of March and a 47.7 per cent increase from the 2,043 active listings for sale at the end of April 2023.

Read the full report on VREB website!

 


 

The following data is a comparison between April 2024 and April 2023 numbers, and is current as of May 2024. Click here to check out last month’s figures!

You can also follow this link for all our Victoria Board monthly infographics!

Click on the images for a larger view!

 

Download Printable Version – April 2024 VREB, Victoria Market Report

 


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INFOGRAPHICS: March 2024 VREB Victoria Market Reports

Supply still key to Victoria’s housing market

A total of 588 properties sold in the Victoria Real Estate Board region this March, 0.3 per cent fewer than the 590 properties sold in March 2023 but a 25.1 per cent increase from February 2024. Sales of condominiums were down 10.2 per cent from March 2023 with 177 units sold. Sales of single family homes increased 1.8 per cent from March 2023 with 286 sold.

“We’ve concluded a rather quiet first quarter and are transitioning into the spring market,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “Many of our local REALTOR® members are noting that more shoppers are coming into the market – but this has not necessarily translated into sales numbers. This may change as we move into what is historically the busiest market of the year.”

There were 2,647 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2024, an increase of 12 per cent compared to the previous month of February and a 34.4 per cent increase from the 1,970 active listings for sale at the end of March 2023.

Read the full report on VREB website!

 


 

The following data is a comparison between March 2024 and March 2023 numbers, and is current as of April 2024. Click here to check out last month’s figures!

You can also follow this link for all our Victoria Board monthly infographics!

Click on the images for a larger view!

 

Download Printable Version – March 2024 VREB, Victoria Market Report

 


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INFOGRAPHICS: February 2024 VREB Victoria Market Reports

More inventory means greater opportunity in Victoria real estate market

A total of 470 properties sold in the Victoria Real Estate Board region this February, 2.2 per cent more
than the 460 properties sold in February 2023 and a 37.8 per cent increase from January 2024. Sales
of condominiums were down 5.6 per cent from February 2023 with 152 units sold. Sales of single family
homes increased 1.8 per cent from February 2023 with 224 sold.

“We saw glimmers of a start to the spring market over the course of February,” said 2024 Victoria Real
Estate Board Chair Laurie Lidstone. “In addition to the increase in sales, more than five hundred new
listings came to market when compared to last year’s inventory numbers. This much needed inventory
gives buyers more selection and more time to make their purchasing decisions. We’ve also seen prices
continue to remain stable, which is excellent for buyers and sellers because it makes the transaction much
more predictable.”

There were 2,364 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the
end of February 2024, an increase of 10.5 per cent compared to the previous month of January and a 30.7
per cent increase from the 1,809 active listings for sale at the end of February 2023.

Read the full report on VREB website!

 


 

The following data is a comparison between February 2024 and February 2023 numbers, and is current as of March 2024. Click here to check out last month’s figures!

You can also follow this link for all our Victoria Board monthly infographics!

Click on the images for a larger view!

 

Download Printable Version – February 2024 VREB, Victoria Market Report

 


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INFOGRAPHICS: January 2024 VREB Victoria Market Reports

A balanced market means opportunity for buyers and sellers in Victoria

A total of 341 properties sold in the Victoria Real Estate Board region this January, 22.7 per cent more
than the 278 properties sold in January 2023 and a 3.6 per cent increase from December 2023. Sales of
condominiums were up 10.9 per cent from January 2023 with 112 units sold. Sales of single family homes
increased 35 per cent from January 2023 with 162 sold.

“Our housing market eased into the new year with a renewed sense of balance,” said 2024 Victoria Real
Estate Board Chair Laurie Lidstone. “Sales were up slightly based off last year’s very low numbers, and
overall, we saw the stabilization that we observed in late 2023 continue into 2024. Mortgage rates have
levelled out, inventory is slowly creeping back up, and we are no longer in that highly pressurized market
of recent years which created complicated and sometimes stressful conditions for buyers and sellers.”

There were 2,140 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the
end of January 2024, an increase of 0.4 per cent compared to the previous month of December and a 23.1
per cent increase from the 1,739 active listings for sale at the end of January 2023.

Read the full report on VREB website!

 


 

The following data is a comparison between January 2024 and January 2023 numbers, and is current as of February 2024. Click here to check out last month’s figures!

You can also follow this link for all our Victoria Board monthly infographics!

Click on the images for a larger view!

 

Download Printable Version – January 2024 VREB, Victoria Market Report

 


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INFOGRAPHICS: December 2023 VREB Victoria Market Reports

The 2023 Victoria real estate market year in review

A total of 329 properties sold in the Victoria Real Estate Board region this December, 2.8 per cent more than the 320 properties sold in December 2022 and a 16.5 per cent decrease from November 2023. Sales of condominiums were up 14.9 per cent from December 2022 with 108 units sold. Sales of single family homes increased 1.3 per cent from December 2022 with 158 sold.

A grand total of 6,207 properties sold over the course of 2023, 8.77 per cent fewer than the 6,804 sold in 2022.

“I’ve spoken a lot this year about our market’s return to traditional seasonal patterns,” said 2023 Victoria Real Estate Board Chair Graden Sol. “And at the conclusion of 2023 we can see that this trend continues.

This is a welcome relief for sellers and buyers after an extraordinary five years of real estate market disruption. Everyone benefits from a more predictable real estate market, so it is encouraging to see the rhythm of seasonal trends reestablished. If this continues into 2024, we should see more inventory added in January and February and an increase in sales as consumers prepare for the spring market. True to seasonal form, December met expectations and was a slow month, both for sales and for new listings.”

Read the full report on VREB website!

 


 

The following data is a comparison between December 2023 and December 2022 numbers, and is current as of January 2024. Click here to check out last month’s figures!

You can also follow this link for all our Victoria Board monthly infographics!

Click on the images for a larger view!

 

Download Printable Version – December 2023 VREB, Victoria Market Report

 


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INFOGRAPHICS: November 2023 VREB Victoria Market Reports

Slower winter markets can benefit buyers and sellers

A total of 394 properties sold in the Victoria Real Estate Board region this November, a 2.6 per cent increase from the 384 properties sold in November 2022 and a 3.2 per cent decrease from October 2023. Sales of condominiums were down 11.8 per cent from November 2022 with 120 units sold. Sales of single family homes increased by 6 per cent from November 2022 with 193 sold.

“It’s unsurprising to see this slight relaxation of sales in the market,” said Victoria Real Estate Board Chair Graden Sol. “Given the current interest rate environment, our sales numbers are lower than long term averages, but the pattern of seasonality within those lower numbers is what we would expect for this part of the year. We have seen a healthy twenty-five per cent increase in the number of listings on market compared to last year and this is positive news as we recover from that long-term trend of very low inventory.”

There were 2,644 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2023, a decrease of 4.1 per cent compared to the previous month of October and a 25.2 per cent increase from the 2,111 active listings for sale at the end of November 2022.

Read the full report on VREB website!

 


 

The following data is a comparison between November 2023 and November 2022 numbers, and is current as of December 2023. Click here to check out last month’s figures!

You can also follow this link for all our Victoria Board monthly infographics!

Click on the images for a larger view!

 

Download Printable Version – November 2023 VREB, Victoria Market Report

 


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INFOGRAPHICS: October 2023 VREB Victoria Market Reports

Interest rates a large factor in Victoria real estate market

A total of 407 properties sold in the Victoria Real Estate Board region this October, 15.2 per cent fewer than the 480 properties sold in October 2022 and a 17.4 per cent decrease from September 2023. Sales of condominiums were down 7.2 per cent from October 2022 with 141 units sold. Sales of single family homes decreased 16.1 per cent from October 2022 with 193 sold.

“Overall, property sales drifted down in October compared to the previous month, likely due to consumers continuing to navigate interest rates higher than those seen in nearly two decades,” said Victoria Real Estate Board Chair Graden Sol. “The uncertainty around the direction of the Bank of Canada rate announcement in mid-October may have caused some buyers to push their purchasing plans into the future because it was unclear if rates were going to be hiked again

or remain stable. Generally speaking, when we have periods of static interest rates, consumer confidence returns to the market. We can recall earlier in the year when rates plateaued; we saw an uptick in sales in the weeks after. However, when rates began to rise again, we saw consumer confidence falter.”
There were 2,756 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2023, an increase of 2.1 per cent compared to the previous month of September and a 25.7 per cent increase from the 2,192 active listings for sale at the end of October 2022.

Read the full report on VREB website!

 


 

The following data is a comparison between October 2023 and October 2022 numbers, and is current as of November 2023. Click here to check out last month’s figures!

You can also follow this link for all our Victoria Board monthly infographics!

Click on the images for a larger view!

 

Download Printable Version – October 2023 VREB, Victoria Market Report

 


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INFOGRAPHICS: September 2023 VREB Victoria Market Reports

While value of homes in Victoria remains stable, the cost to own continues to rise

A total of 493 properties sold in the Victoria Real Estate Board region this September, 20.2 per cent more than the 410 properties sold in September 2022 and a 9.4 per cent decrease from August 2023. Sales of condominiums were up 23 per cent from September 2022 with 155 units sold. Sales of single family homes increased 3.2 per cent from September 2022 with 228 sold.

“What we saw in our market last month was a continuation of the seasonal market trend we expect in a typical year as we move into fall,” said Victoria Real Estate Board Chair Graden Sol. “We have seen a slight return to a more balanced market in recent weeks. Our inventory right now features almost a thousand more listings for sale than we saw than at the start of this year.”

There were 2,699 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September 2023, an increase of 8.4 per cent compared to the previous month of August and a 17.3 per cent increase from the 2,300 active listings for sale at the end of September 2022.

Read the full report on VREB website!

 


 

The following data is a comparison between September 2023 and September 2022 numbers, and is current as of October 2023. Click here to check out last month’s figures!

You can also follow this link for all our Victoria Board monthly infographics!

Click on the images for a larger view!

 

Download Printable Version – September 2023 VREB, Victoria Market Report

 


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INFOGRAPHICS: August 2023 VREB Victoria Market Reports

Victoria real estate market needs better mix of housing supply to help restore balance

A total of 544 properties sold in the Victoria Real Estate Board region this August, 13.8 per cent more than the 478 properties sold in August 2022 and an 8.6 per cent decrease from July 2023. Sales of condominiums were up 10.8 per cent from August 2022 with 164 units sold. Sales of single family homes increased 9.6 per cent from August 2022 with 273 sold.

“Real estate activity this month reflected what we’d expect to see in an average late summer housing market,” said Victoria Real Estate Board Chair Graden Sol. “The beginning of the month was reasonably slow, and sales ramped up through the last half of the month. The brisk sales pace leading up to the end of August may very well continue into September.”

There were 2,490 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August 2023, an increase of 2.9 per cent compared to the previous month of July and a 16.5 per cent increase from the 2,137 active listings for sale at the end of August 2022.

Read the full report on VREB website!

 


 

The following data is a comparison between August 2023 and August 2022 numbers, and is current as of September 2023. Click here to check out last month’s figures!

You can also follow this link for all our Victoria Board monthly infographics!

Click on the images for a larger view!

 

Download Printable Version – August 2023 VREB, Victoria Market Report

 


Custom real estate infographics published by myRealPage.com

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INFOGRAPHICS: July 2023 VREB Victoria Market Reports

Victoria Real Estate sales reflect summer trends

A total of 595 properties sold in the Victoria Real Estate Board region this July, 16.7 per cent more than the 510 properties sold in July 2022 and a 15.6 per cent decrease from June 2023. Sales of condominiums were up 16.3 per cent from July 2022 with 200 units sold. Sales of single family homes increased 15.4 per cent from July 2022 with 293 sold.

“We talked about the return to seasonal norms last month,” said Victoria Real Estate Board Chair Graden Sol. “The July numbers reinforce the re-establishment of seasonal patterns with a slow-down in activity as the summer season set in. This dip in activity doesn’t come as a surprise — it aligns with the familiar and expected seasonal patterns that have been observed in our market over the years.”

There were 2,419 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of July 2023, an increase of 3.3 per cent compared to the previous month of June and a 11.9 per cent increase from the 2,162 active listings for sale at the end of July 2022.

“The good news is that, despite a slowdown in sales, we did witness an increase in inventory coming to the market in July,” Sol notes. “These new listings are quite encouraging, as they indicate a growing movement in our market and show that consumers are becoming more willing to take action and make a move. The additional inventory translates to more choices for buyers and makes it easier for sellers who are looking to make a property change. Another positive aspect of a typical summer market is that there may be fewer active buyers due to people taking vacations during this time of year. Although we continue to see well-priced properties receive competing offers, there might be less competition compared to previous months. If you are contemplating a summer move, it would be wise to connect with your local REALTOR® for assistance. Your Realtor possesses up-to-the-minute information for Victoria and knows how to navigate the market efficiently.”

Read the full report on VREB website!

 


 

The following data is a comparison between July 2023 and July 2022 numbers, and is current as of August 2023. Click here to check out last month’s figures!

You can also follow this link for all our Victoria Board monthly infographics!

Click on the images for a larger view!

 

Download Printable Version – July 2023 VREB, Victoria Market Report

 


Custom real estate infographics published by myRealPage.com

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Tammy Hatter
Cell: 250-888-9325
Office: 250-477-5353
MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.