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Victoria, BC Real Estate Market Update: Inventory & Future Zoning Changes for More Development

Inventory is up in the Victoria Real Estate Board, and it’s been great for the health of our market… however, the areas and price range you’re looking in play the biggest role in competition! It’s important we know these factors to inform our offer strategy.

We have to look deeper into the inventory and see how it’s spread out among the different municipalities.

If we’re looking at Langford, as of today, there are 509 current listings with a population of about 46,000 (about 90 people per listing). Looking in Saanich, there are only 418 listings for the 117,000 people that live there (278 people per listing).

Homes under $1 million in Saanich are still in high demand, with only 1.7 months of inventory for that price range, whereas homes over $1 million in the Westshore communities have over 7 months of inventory.

Another interesting point to note, is that while there has been a 52% increase in active listings since this time last year, current active listings are only 1.5% above the 20-year average.

Victoria Real Estate Board’s February 2024 Market Statistics

Previous Year

(May 2023)

Properties Sold:

775

Active Listings:

2,189

Benchmark Single Family:

$1,300,900

Benchmark Condo:

$562,900

Previous Month

(Apr 2024)

Properties Sold:

678

Active Listings:

3,017

Benchmark Single Family:

$1,284,600

Benchmark Condo:

$567,800

Current Stats

(May 2024)

Properties Sold:

763

Active Listings:

3,338

Benchmark Single Family:

$1,309,700

Benchmark Condo:

$569,500

Zoning Changes on the Horizon

As mandated by the BC Government, municipalities will be required to update their zoning bylaws to help support future development.

The deadline for this is June 30 and we are looking forward to seeing what changes come about and how they may impact local real estate markets in the future.

Bank of Canada Interest Rate Announcement Schedule for 2024

January 24: Hold at Policy Rate of 5%

March 6: Hold at Policy Rate of 5%

April 10: Hold at Policy Rate of 5%

June 5: Decrease to Policy Rate of 4.75%

July 24: TBA

September 4: TBA

October 23: TBA

December 11: TBA

Lower interest rates will undoubtedly have an effect on prices, but if new inventory continues to come on to the market at the rate we’ve been seeing, it’s unlikely we’ll see the staggering jump in prices that occurred when rates were historically low during the COVID market. 

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.

Subscribe to our monthly newsletter & receive our Buyer’s and Seller’s Guides (PDFs).

With gratitude,

Alex Hughes* and Ricki-Lee Jewell, Victoria, BC Real Estate Agents

*Personal Real Estate Corporation

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