Welcome back to my market updates post! I will continue to update this Victoria, British Columbia, real estate market page at the beginning of each month. 

 

This post’s data, housing prices, statistics, and property information are from the Vancouver Island Real Estate Board Region. Alright, let’s get to it!

 

The Market Overall 

In total, 654 residential properties sold in the Victoria Real Estate Board region in October 2024. This is 60.7% more than the 407 properties sold in October 2023 (last year) and a 14.5% increase from September 2024 (the previous month).

Sales of condominiums were up 32.6% from October 2023, with 187 units sold. In addition, sales of single-family homes increased by 76.2% from October 2023, with 340 homes sold.

The number of homes available on the market has remained relatively consistent despite the increase in sales, indicating a more balanced market for buyers and sellers. This increase in inventory provides buyers with more options when searching for a home. It also allows them more time to complete their due diligence and ensure that the home they choose is the right fit for them or their family.

This more balanced market also means that sellers can feel more comfortable listing their homes, knowing they will have options when they become buyers themselves.

Although the number of days on the market for listings has trended upward, demand for homes in Victoria remains strong. Homes priced at market value and in good condition still receive a lot of interest and will likely sell close to, or around, their list price.

At the end of October 2024, there were 3,161 active listings, a decrease of 6% compared to the previous month of September and a 14.7% increase from the 2,756 active listings for sale at the end of October 2023. Why is it important to look at active listings? Inventory is how we measure supply in the housing market, so it’s a valuable statistic that can positively or negatively affect home prices. Home prices are the result of the supply and demand of real estate in Victoria.

The Bank of Canada lowered its key interest rate by half a point to 3.75% on October 23rd, 2024, making a 50-basis-point cut for the first time since the pandemic. The next interest rate announcement is scheduled for December 11th, with economists predicting a smaller 25-basis-point cut.

Below are the statistics released at month end from the Victoria Real Estate Board (VREB)

 

Median Sale Prices For Single Family Homes, Condos, and Townhomes

Single Family Homes Greater Victoria 

• October 2024 median selling price: $1,150,000
• October 2023 median selling price: $1,115,000
• September 2024 median selling price: $1,102,500
• 3.1% increase in median selling price compared to last year (October 2023)
• 4.3% increase in median selling price compared to the previous month (September 2024)

 

Condo Apartment

• October 2024 median selling price: $513,750
• October 2023 median selling price: $540,000
• September 2024 median selling price: $542,750
• 4.9% decrease in median selling price compared to last year (October 2023)
• 5.3% decrease in median selling price compared to the previous month (September 2024)

 

Row/Townhome

• October 2024 median selling price: $771,450
• October 2023 median selling price: $747,648
• September 2024 median selling price: $767,500
• 3.2% increase in median selling price compared to last year (October 2023)
• 0.5% increase in median selling price compared to the previous month (September 2024)

Average Sale Prices For Single Family Homes, Condos, and Townhomes

Single Family Homes Greater Victoria 

• October 2024 average selling price: $1,260,156
• October 2023 average selling price: $1,264,544
• September 2024 average selling price: $1,238,094
• 0.3% decrease in average selling price compared to last year (October 2023)
• 1.8% increase in average selling price compared to the previous month (September 2024)

Condo Apartment

• October 2024 average selling price: $591,661
• October 2023 average selling price: $616,545
• September 2024 average selling price: $596,209
• 0.8% decrease in average selling price compared to last year (October 2023)
• 4.0% decrease in average selling price compared to the previous month (September 2024)

Row/Townhome

• October 2024 average selling price: $811,307
• October 2023 average selling price: $811,235
• September 2024 average selling price: $828,563
• 0% change in average selling price compared to last year (October 2023)
• 2.1% decrease in average selling price compared to the previous month (September 2024)

 

 

Sales to Active Listings Ratio 

The total residential sales over the total active residential listings ratio measures supply and demand and is expressed as a percentage. This measurement is the percentage of available listings sold in a specific month.

 

The sales to active listings ratio can help buyers, sellers, and their real estate agents understand whether we are in a buyers’ market, a sellers’ market, or a balanced market.

 

When the percentage of sales to active listings is in the 15-20% range, there is little pressure on home prices either way, and it is typically considered a balanced market. 

 

However, when the sales-to-active listings percentage falls below 10%, prices are pushed downward, which is considered a buyers’ market. 

 

Alternatively, when the sales to active listings percentage increases above 25%, there is upward pressure on prices, which is considered a sellers’ market.

 

The sales to active listings ratio dropped slightly to around 25% in October 2024, indicating a 5% increase compared to September 2024. The Victoria real estate market has been more stable and predictable these last few months than in previous years, as we are in a much more comfortable environment for buyers and sellers to negotiate.

 

The Victoria, BC, real estate market is dynamic, and many factors can influence market conditions. If you have any questions about the Victoria real estate market or want to know what your home is worth in today’s market, I can prepare a free comparative market analysis (CMA) for you. You can also easily message me on my contact page or ria@mavrikoscollective.com. I look forward to hearing from you!

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