Victoria Real Estate Board’s December 2023 market statistics:
6,207 properties sold in 2023, 8.77% fewer than the 6,804 sold in 2022.
A return to traditional seasonal patterns was evident in the 2023 market, coming after five years of market disruption.
We anticipate a busy 2024, with increased confidence in market predictability and interest rates forecasted to decrease.
Previous Year
(Dec 2022)
Properties Sold:
320
Active Listings:
1,688
Benchmark Single Family:
$1,236,500
Benchmark Condo:
$565,800
Previous Month
(Nov 2023)
Properties Sold:
394
Active Listings:
2,644
Benchmark Single Family:
$1,286,400
Benchmark Condo:
$577,400
Current Stats
(Dec 2023)
Properties Sold:
329
Active Listings:
2,132
Benchmark Single Family:
$1,268,000
Benchmark Condo:
$562,000
Bank of Canada interest rate announcement schedule for 2024:
January 24: TBA
March 6: TBA
April 10: TBA
June 5: TBA
July 24: TBA
September 4: TBA
October 23: TBA
December 11: TBA
What can we anticipate going into 2024?
Predictions are that the Bank of Canada will decrease the policy rate from 5% to 4.25% in 2024. (However, it’s unlikely we will see a decrease happen at the January announcement).
Further speculation suggests a policy rate of 2.25% in 2025.
Victoria’s real estate market has seen a steady increase in active listings, which will help people who are looking to make a move as we approach a lower interest rate market.
No matter what stage you’re at, we’re here to help.
Next Steps?
Homeowners: Contact us for a free, no-obligation home equity check to gain a deeper understanding of your position in the market.
Buyers: We’re here to help, no matter what stage you’re at, to determine the most effective pathway towards achieving your real estate goals.
Contact us: 250-634-2141 (call or text) or [email protected]
Schedule a call with us: https://calendly.com/alex-nph/30min?month=2024-01
Subscribe to our monthly newsletter & receive our Buyer’s and Seller’s Guides (PDFs): https://northpacifichomes.ca/guides/
Thank you for being here,
Alex Hughes* and Ricki-Lee Jewell, Victoria, BC Real Estate Agents
*Personal Real Estate Corporation
