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2023 Victoria Real Estate Recap & What to Expect in 2024: Navigating the Housing Market Trends 🏠📊

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

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