October 2024
The Victoria real estate market continues to remain balanced, with a slight edge for Buyers at this time. The latest interest rate drop has helped bring more Buyers into the market, so the sales numbers were up slightly in September. However, the continued high supply of listings has given Buyers more choice so Sellers must be well priced if they want to achieve a successful sale. The latest inflation calculation in Canada came in at 1.6% this month, which is usually a sign that the Bank of Canada will continue in it’s lowering of rates at it’s next meeting next week, and the drop could be as high as 0.5%. This upcoming drop should keep the sales numbers higher which should increase activity further and keep the market healthy throughout this fall and into Winter.
Below are some of the statistics for September 2024
Listing Inventory:
There were 3,361 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September 2024, an increase of 5.3 % compared to the previous month of August and a 24.5 % increase from the 2,699 active listings for sale at the end of September 2023. The higher listing inventory is good for Buyers as they have more choice, and don’t have to panic and make a fast purchase. On the flip side, Sellers must price their homes correctly to attract offers from these Buyers that have more housing options.
Sales:
A total of 571 properties sold in the Victoria Real Estate Board region this September, 15.8 per cent more than the 493 properties sold in September 2023 and a 4.8 % increase from August 2024. Sales of condominiums were up 21.9 % from September 2023 with 189 units sold. Sales of single-family homes increased by 19.3 % from the September 2023 inventory levels, with 272 sold. The sales numbers also increased in September over August, buoyed by the latest decrease in interest rates which helped more Buyers enter the market.
Average Prices:
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in September 2023 was $1,316,100. The benchmark value for the same home in September 2024 decreased by 2.8 % to $1,279,700, down from August’s value of $1,287,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in September 2023 was $583,400 while the benchmark value for the same condominium in September 2024 decreased by 5.1 % to $553,400, down from the August value of $559,200. Prices have dropped year over year, and prices are continuing to drop slightly month over month, but the overall market remains strong. Usually when interest rates drop, prices start to go up as more Buyers enter the market, but this has not happened yet, as the interest rates are still too high for most Buyers and Sellers, and the inventory levels are remaining on the high side. This will eventually change, but most likely not until the new year, after a few more interest rate drops by the Bank of Canada.
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