Victoria Real Estate Update - April 2024

April 2024 - Real Estate Market Update

One Sentence Synopsis: 

In March 2024, the Victoria Real Estate Board observed a stable market with a slight decrease in property sales compared to the previous year, an increase in active listings indicating a healthier market, and a rise in home prices, highlighting the importance of continued focus on new home construction to meet demand.

Full Version, with stats courtesy of the Victoria Real Estate Board:


In March 2024, the Victoria Real Estate Board reported a slight decrease in property sales compared to March 2023, with 588 properties sold. Despite this, there was a significant monthly increase from February 2024. Condominium sales fell by 10.2%, while single-family home sales rose by 1.8%. The market had a quiet first quarter but is expected to pick up during the spring, traditionally the busiest season. Active listings increased by 12% from February and by 34.4% from March 2023, indicating a healthier market with more options for buyers and sellers, which boosts confidence. The benchmark home price in Victoria increased by 1.7% for single-family homes and 3.3% for condominiums from the previous year. The market's health is attributed to the increased supply, emphasizing the importance of continued focus on new home creation across all price ranges.

These newsletters are starting to feel like the movie Groundhog Day as we wait for the next rate announcement. April 10 is our next BOC update. (Link here)

If you've got questions about the market... we are here to help!

Talk soon,

-Vince, Jocelyn, and Adrian

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