January 2025
The Victoria real estate market experienced a strong November with decent sale numbers and a good supply of listings heading into the final month of the year. December will be slower as the holiday season begins to take shape, but the forecast appears to be positive for a good 2025. Especially if the Bank of Canada decides to lower interest rates again at their next Meeting on December 11th. In the meantime, all the best to you and your family over the holiday season.
Below are some of the statistics for 2024
Listing Inventory for the year 2024:
There were 2,290 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of December 2024, a decrease of 19.3 % compared to the previous month of November but a 7.4 % increase from the 2,132 active listings for sale at the end of December 2023. The increased inventory bodes well for Buyers, but 2025 may see a lowering of inventory as interest rates continue to drop and sales continue to increase month over month. .
Sales:
A grand total of 6,893 properties sold over the course of 2024, an 11 % increase from the 6,207 sold in 2023. If interest rates continue to drop, the sales numbers should be even higher in 2025.
Average Prices:
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in December 2023 was $1,272,000. The benchmark value for the same home in December 2024 increased by 2.7 % to $1,306,400, up 0.3 % from November’s value of $1,302,900. The MLS® HPI benchmark value for a condominium in the Victoria Core area in December 2023 was $556,500 while the benchmark value for the same condominium in December 2024 decreased by 1.6 % to $547,800, an increase of 0.6 % from the November value of $544,400. The overall prices have remained stable over the last year, with some small increases in the single family home market, while condos have dropped in price slightly throughout 2024.
2025 Overview:
The market should remain relatively unchanged through the next few months while Canada works through their political issues Federally, and sorts out the potential trade issues with the incoming US administration. Interest rates might remain unchanged in January at the next Bank of Canada meeting due to these issues and the better-than-expected December job numbers in Canada. Predicting markets is always hard, but 2025 has a lot of unknown factors that could influence the market either way, so 2025 is going to be an interesting year for sure.
If you or any of your family or friends require any real estate related information, feel free to contact Dale at 250-744-0844, or email him through his website: www.dalesheppard.com