As we welcome 2025, it’s time to reflect on an eventful and promising year for the Victoria real estate market. The data from 2024 paints a picture of stability and growth, offering buyers and sellers the opportunity to navigate the market with greater confidence.
December 2024 saw a total of 421 properties sold in the Victoria Real Estate Board region, a 28
% increase from December 2023, though sales dipped by 23.6% from November 2024. This seasonal decline is expected but does not overshadow the impressive overall performance of the year.
Year-End Sales Overview
2024 ended on a high note, with a grand total of 6,893 properties sold, marking an 11% increase from the 6,207 properties sold in 2023. Breaking down December’s sales numbers highlights key growth areas:
- Condominium sales: Up 25% from December 2023, with 135 units sold.
- Single-family home sales: Increased 20.9%, with 191 homes s old.
Chair of the Victoria Real Estate Board, Laurie Lidstone, summarized the year’s performance:
“2024 was a fairly calm year for local real estate, and this is what we like to see for consumers! It has been a year of stability and predictability. Prices have been relatively level for the past two years now, which has made it easier for buyers and sellers to navigate transactions with confidence.”
A Look at Inventory
Inventory levels remained a talking point throughout 2024. By the end of December, there were 2,290 active listings on the Victoria Real Estate Board Multiple Listing Service® (MLS®). This represents:
- A 19.3% decrease from November 2024.
- A 7.4% increase compared to December 2023, highlighting gradual improvement over the previous year.
Despite these gains, Chair Lidstone noted that inventory levels remain low when compared to long-term averages:
“Even though 2024 had more months with over 3,000 listings than we have had in many years, we do continue to see low inventory levels when compared to long-term averages.”
Pricing Trends in 2024
The MLS® Home Price Index benchmark value provided critical insights into the pricing landscape:
- Single-family homes:
- December 2023: $1,272,000.
- December 2024: $1,306,400, a 2.7% increase year-over-year and a 0.3% increase from November 2024.
- Condominiums:
- December 2023: $556,500.
- December 2024: $547,800, a 1.6% decrease year-over-year but a 0.6% increase from November 2024.
The modest increase in single-family home values reflects steady demand, while the slight decrease in condominium prices provides a favorable entry point for first-time buyers and investors.
Factors Driving the Market
Several factors contributed to the stability and growth observed in 2024:
- Interest Rate Stability: Predictable interest rates allowed buyers and sellers to plan transactions with confidence.
- Policy Updates: Changes extending amortization periods for first-time buyers and adjustments to property transfer tax thresholds made homes more attainable for new entrants to the market.
- Consumer Confidence: A stable pricing environment and increased inventory bolstered confidence among both buyers and sellers.
Looking Ahead to 2025
While predicting the future of the real estate market is never simple, Chair Lidstone shared a cautiously optimistic outlook:
“If inventory remains low and we see an increase in demand, we could very quickly return to a market where there is upward pressure on pricing. This is why the Board will continue to advocate for gentle density development in 2025.”
For prospective buyers, consistent interest rates and policy changes could create new opportunities. Sellers, on the other hand, may benefit from low inventory levels, which could drive demand and maintain price stability.
Making the Most of the Market
Navigating the complexities of buying or selling a home requires expert guidance. As one of the top real estate agents in Victoria BC, I have the experience and insights needed to help you succeed in today’s market.
Why Work With a Top Realtor?
- Local Expertise: Understanding the nuances of the Victoria market ensures you’re making informed decisions.
- Tailored Strategies: Every client’s situation is unique, and customized plans can maximize success.
- Trusted Network: Access to a wide range of industry professionals streamlines the buying or selling process.
Whether you’re looking to purchase your first home, upgrade to a larger space, or sell your property for top dollar, working with the best realtor in Victoria BC ensures your goals are met efficiently and effectively.
Final Thoughts
The 2024 Victoria real estate market showcased resilience, growth, and stability—qualities that have benefited both buyers and sellers. With an eye on gentle density development and policy changes aimed at improving housing accessibility, the market is well-positioned for continued success in 2025.
If you’re contemplating a move in the new year, don’t hesitate to reach out. As a top-rated realtor in Victoria BC, I’m here to guide you through every step of the process and help you achieve your real estate goals.