I know you are curious about what's been happening in Victoria's real estate market, so I'm here to give you a clear picture of the latest trends. This post dives into the December 2024 sales activity and shares some important insights from the Victoria Real Estate Board Chair, Laurie Lidstone, on what we can expect in 2025.
December 2024 Market Highlights:
Let's look at the numbers:
We saw a total of 421 properties sold in the Victoria Real Estate Board region this December.
That's a 28% jump from the 329 properties sold in December 2023! That's great news!
However, it's a 23.6% decrease from November 2024, showing the market is always dynamic.
Condominium sales were up 25% from December 2023, with 135 units sold.
Sales of single-family homes also increased by 20.9% from December 2023, with 191 sold.
Over the entire year of 2024, a grand total of 6,893 properties changed hands—an 11% increase from the 6,207 sold in 2023.
What This Means for You (Buyers & Sellers):
I want to break down what these numbers mean for you, whether you're looking to buy or sell:
For Buyers:
The increased sales activity tells me the market is active. This is great for choice, but be prepared to act fast on properties you love.
Inventory is still relatively low, which can mean more competition for desirable homes. Let's work together to make your offer stand out.
Recent government changes, like extended amortization periods for first-time buyers and adjustments to property transfer tax thresholds, are aimed at making homes more attainable. Let's explore how these can benefit you.
For Sellers:
The good news is that prices have been relatively stable for the past two years, providing a more predictable market for you.
The low inventory could work in your favour if demand picks up, which could put upward pressure on prices.
My Take on 2025 (and What the VREB Says):
Laurie Lidstone, the 2024 Victoria Real Estate Board Chair, summed it up well: "2024 was a fairly calm year for local real estate...a year of stability and predictability." This is exactly what we want for a healthy market! The VREB also mentioned that consistent interest rates will help people make moves. I agree – stability is key.
The VREB is also advocating for gentle density development, which will help with our long-term inventory challenges.
My Advice:
The market is influenced by many factors, and predicting the future is impossible. But with consistent interest rates and the possibility of increased demand against limited inventory, it is key to be prepared.
Call to Action:
Whether you're thinking about buying or selling in 2025, I'm here to help you navigate this complex market. As your local expert, I can create a personalized strategy for you and your property.
Contact me today for a free consultation!
A Few More Numbers:
At the end of December 2024, there were 2,290 active listings. This is down 19.3% from November but up 7.4% from December 2023.
The benchmark price for a single-family home in the Victoria Core in December 2024 was $1,306,400, a 2.7% increase from December 2023 ($1,272,000) and a slight 0.3% increase from November.
The benchmark price for a condo in the Victoria Core in December 2024 was $547,800, a 1.6% decrease from December 2023 ($556,500) but a slight 0.6% increase from November.
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I'm here to help you achieve your real estate goals in Victoria!
– Jacqueline Ross
Jacqueline Ross
REALTOR®
Coldwell Banker Oceanside
250.415.5656
jac@yourvanislehome.com
YourVanIsleHome.com
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