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Victoria, BC Real Estate Mid-Year Market Update and June 2024 Stats

The June market followed seasonal patterns, with a gradual slow down moving out of the spring market and into the summer market.

The variability between sub-markets in Greater Victoria is noticeable, with considerable differences in market activity depending on the area, property type, and price point.

Victoria Real Estate Board’s June 2024 Market Statistics

Previous Year

(June 2023)

Properties Sold:

705

Active Listings:

2,342

Benchmark Single Family:

$1,314,000

Benchmark Condo:

$567,300

Previous Month

(May 2024)

Properties Sold:

763

Active Listings:

3,338

Benchmark Single Family:

$1,309,700

Benchmark Condo:

$569,500

Current Stats

(June 2024)

Properties Sold:

661

Active Listings:

3,460

Benchmark Single Family:

$1,295,500

Benchmark Condo:

$567,900

Compared to the June 2023 stats, June 2024 saw a:

  • 6% increase in single family detached purchases
  • 16.5% drop in condo purchases
  • 10% drop in townhome purchases

That being said, we’ve seen relatively flat pricing within the last year.
 
The SFD benchmark price decreased by 1.4% since June 2023, while townhomes saw a 2.7% increase, and condos only a 0.2% increase.
 
Sales were down 16% compared to the previous month; however, the market is following predictable seasonal patterns.
 
Ultimately, the time to sell or buy is when it makes sense for you and your family; however, the more informed we are, the better outcome we can create.
 
A lot has already happened in 2024, with big changes to short-term rentals, as well as important considerations for anyone selling tenant-occupied properties with changes to the Residential Tenancy Act coming into effect on July 18, 2024.

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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