Victoria Real Estate Update - March 2024

📈 Victoria Real Estate Market Witnesses Growth with Increased Listings

As of March 1, 2024, the Victoria real estate market has experienced a noteworthy uptick, recording 470 property sales in February, a 2.2% increase from the same month last year and a substantial 37.8% rise from January 2024. Despite a slight dip in condominium sales, single-family home transactions grew by 1.8%.

The significant addition of over five hundred new listings compared to last year provides buyers with more options and flexibility. This, combined with stable prices, creates a balanced market for both buyers and sellers.

By the end of February 2024, there were 2,364 active listings, up 10.5% from January and 30.7% from the previous year, signaling a healthier market with ample choices for potential buyers.

The market also saw a 50% increase in townhome sales, highlighting the demand for 'missing middle' housing. This trend may encourage more development in this sector.

The benchmark value for a single-family home in the Victoria Core slightly decreased to $1,247,400 in February 2024, while condominium values saw a 1.4% increase to $557,000, indicating a robust and dynamic market ideal for prospective buyers and those considering selling.

With inflation showing signs of slowing, and yet another rate announcement mere days away... It may be time for some cautious optimism. 🔮

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

Talk soon,

-Vince, Jocelyn, and Adrian

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