Victoria, BC Real Estate Market Statistics for January 2024

Total Properties Sold in January 2024

January 2024's vibrant Victoria real estate market, as reported by VREB, saw a 22.7% increase in property sales, indicating a shift towards market equilibrium. Highlights include rising sales in condominiums and single-family homes, a modest uptick in active listings, and evolving conditions that foster a balanced environment for both buyers and sellers in the local landscape.

Condominium Sales

The condominium sector in Victoria saw a healthy surge in January 2024, with sales climbing 10.9% compared to the same month last year. A total of 112 units were sold, indicating a growing interest in this housing segment.

This uptick could be attributed to a variety of factors, including affordability, location preferences, and the lifestyle choices of individuals seeking urban living with the convenience of low maintenance.

Single Family Home Sales

Single-family homes experienced a remarkable 35% increase in sales from January 2023, with 162 units sold. This surge reflects a strong demand for more spacious living accommodations, possibly driven by growing families or individuals looking for more room and privacy.

The significant jump in sales underscores a renewed interest in single-family homes, perhaps influenced by changing work-from-home dynamics and the desire for outdoor spaces.

Active Listings in January 2024

The inventory of active listings in Victoria gently rose to 2,140 by the end of January 2024, a slight 0.4% increase from December 2023, yet a more substantial 23.1% rise year-over-year.

This gradual increase in inventory is a positive sign, suggesting a move towards a more balanced market where buyers have a wider selection of options, which could help in tempering price escalations.

Market Balance and Competition

Victoria's real estate market is moving towards equilibrium, characterized by stable mortgage rates and a slow but steady increase in inventory.

This balance is crucial for maintaining a healthy market environment where neither buyers nor sellers feel unduly pressured, allowing for more thoughtful decision-making. 

The stability observed in late 2023 seems to be continuing into 2024, which could lead to a more predictable and less volatile market.

Challenges for Buyers

Despite the positive signs of balance, buyers in Victoria may still face challenges, particularly with affordability and competition in desirable neighbourhoods.

While the market shows signs of stabilization, the demand in specific sectors and locations could still lead to competitive scenarios, especially for well-priced and well-located properties.

Housing Price Index (HPI) – Single Family Homes and Condominiums

The Housing Price Index (HPI) reveals a mixed picture for Victoria in January 2024. While the benchmark value for single-family homes in the Victoria Core increased modestly by 1.6% year-over-year to $1,244,000, condominiums saw a slight decrease of 0.6%, with the benchmark value settling at $559,000. These figures highlight the nuanced shifts in value across different housing types, reflecting the diverse dynamics at play within the market.

Conclusion

Victoria's real estate market in January 2024 reflects a promising start to the year, marked by increased sales, a gradual rise in inventory, and a move towards market balance.

While challenges remain, particularly in affordability and specific high-demand areas, the overall trend is one of stability and cautious optimism.

Buyers and sellers are encouraged to engage with local real estate professionals to navigate the market effectively as we transition into the spring, traditionally a more active season in real estate.