September 2026 Victoria Real Estate Market Update Click Here For Full-Screen Market Snapshot September 2026 by Andy McGheeSales Rebound, Inventory Stays Healthy, and Buyers Remain
March 2024 Victoria BC Real Estate Market Update
Dated: March 3 2024
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March 2024 Victoria BC Real Estate Market Update - A Market Gaining Momentum
In the latest on the Victoria BC real estate scene for March 2024, it's all about opportunity knocking louder with increased inventory. Last month saw a total of 470 properties changing hands, marking a 2.2 percent uptick from the same period last year. Plus, a whopping 37.8 percent jump from January's numbers, signalling a promising start to the spring market.
While condominium sales took a slight dip of 5.6 percent compared to February 2023, single-family home transactions rose by a solid 1.8 percent during the same period, with 224 homes finding new owners. Laurie Lidstone, Chair of the 2024 Victoria Real Estate Board, noted the glimmers of a bustling market and the influx of over five hundred new listings compared to last year, providing buyers with a wider array of options and more time to mull over their choices.
Currently, there are 2,364 active listings up for grabs on the Victoria Real Estate Board Multiple Listing Service®, marking a 10.5 percent increase from January and a substantial 30.7 percent surge from the same time last year. Notably, there's been a notable uptick in townhome sales, a segment crucial for addressing the missing middle housing gap in Greater Victoria. Chair Lidstone hopes this fifty percent spike in townhome sales will spur more development in this category to meet the region's housing needs.
For those eyeing a springtime move, now's the prime time to team up with me to craft a winning strategy. As for pricing, the MLS® Home Price Index (HPI) paints an intriguing picture. In February 2023, the benchmark value for a single-family home in Victoria Core stood at $1,251,000. Fast forward to February 2024, and we see a slight dip of 0.3 percent to $1,247,400, a modest change from January's $1,244,000.
Conversely, the benchmark value for condominiums in the Victoria Core area saw a positive uptick, increasing by 1.4 percent to $557,000 in February 2024, compared to $549,300 in February 2023, albeit down from January's $559,000. All in all, it's a dynamic market with opportunities ripe for the picking, whether you're buying, selling, or simply keeping an eye on the trends.
Information Courtesy of The Victoria Real Estate Board
Andy McGhee Personal Real Estate Corporation
I'm a REALTOR®️ and a Licensed Plumber & Gasfitter with over two decades of experience in the residential sector. I bring specialized knowledge and expertise together to give you an unfair advantag....
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