Victoria Real Estate Update - July 2024


The Victoria real estate market continues its steady pace, offering more selection, but fewer sales compared to last year.

In June, 661 properties were sold in the Victoria Real Estate Board region, a 6.2% decrease from June 2023 and a 13.4% drop from May 2024. Condominium sales fell by 16.5%, with 202 units sold, while single-family home sales increased by 6.2%, totaling 342 units.

At the end of June 2024, there were 3,460 active listings, up 3.7% from May and 47.7% from June 2023. The benchmark price for a single-family home in the Victoria Core decreased by 1.4% year-over-year to $1,295,500, while the benchmark price for a condo increased slightly by 0.1% to $567,900.

This fluctuation in condo prices is surprising, considering the abundance of condos in the downtown core. Despite more inventory, prices remain steady, presenting opportunities, including a few foreclosures.

If you'd like to discuss the market further, coffee is on me!

Talk soon,

Vincent

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