Victoria Real Estate Update - May 2024

So... what happened last month, and how will that impact me this Spring?

In April 2024, the Victoria Real Estate Board (VREB) region saw a notable rise in property sales, totaling 678 properties sold—a 6.4% increase from April 2023 and a 15.3% increase from March 2024. This included a 1.5% increase in condominium sales and a 3.7% increase in single-family home sales compared to April of the previous year.

As families continue to navigate the local housing market, they'll find more opportunities this year due to a significant increase in available properties. At the end of April 2024, there were 3,017 active listings, marking a 47.7% increase from April 2023 and a 14% increase from March 2024. This growth in inventory provides a more balanced and welcoming market environment for both buyers and sellers.

The current housing market in Victoria has become more stable, with the Multiple Listing Service® Home Price Index (MLS® HPI) benchmark value for a single-family home in the Victoria Core decreasing slightly by 0.9% from last year to $1,284,600 in April 2024. For condominiums in the same area, the benchmark value has risen by 0.7% to $567,800.

This increase in inventory and more stable pricing are beneficial for families planning to buy or sell homes, offering them better conditions compared to the challenging markets of previous years.

BOC continues to hold interest rates steady keeping some buyer on the fence, but for most of us... real estate is about having a home; something we will continue to need, regardless of the interest rates. 

News from the Federal government is that first time home buyers can pull as much as $60k (up for $35k) from their RRSP for a downpayment. Another adjustment will enable purchasers to secure an insured mortgage with a 30-year amortization period, as opposed to 25, thereby reducing their monthly payments.

If you want to chat about the market, let's chat!

Talk soon, 

-Vincent , Jocelyn, and Adrian

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