March 2023 Greater Victoria BC Real Estate Market Update

Video Update

This is the Greater Victoria BC Real Estate Market Update March 2024. The data is from the Victoria Real Estate Board released April 2, 2024.

We thought we would try a different way of presenting the data in a new and fun way. Let us know what you think!! The written update details follows the video link.

Note that in the video we use Median prices as we feel this better represents the market changes than average pricing.

Video Link: https://randg.video/90S

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If you want to chat to find out more about buying or selling in Victoria, finding out the value of your home, or any other real estate topic then simply book a Phone or Zoom call at this link: https://calendly.com/gary_sims

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Written Update

A total of 588 properties sold in the Victoria Real Estate Board region this March, 0.3 per cent fewer than the 590 properties sold in March 2023 but a 25.1 per cent increase from February 2024. Sales of condominiums were down 10.2 per cent from March 2023 with 177 units sold. Sales of single family homes increased 1.8 per cent from March 2023 with 286 sold.

"We've concluded a rather quiet first quarter and are transitioning into the spring market," said 2024 Victoria Real Estate Board Chair Laurie Lidstone. "Many of our local REALTOR® members are noting that more shoppers are coming into the market – but this has not necessarily translated into sales numbers. This may change as we move into what is historically the busiest market of the year."

There were 2,647 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2024, an increase of 12 per cent compared to the previous month of February and a 34.4 per cent increase from the 1,970 active listings for sale at the end of March 2023.

The Multiple Listing Service® Home Price Index benchmark (HPI) value for a single family home in the Victoria Core in March 2023 was $1,258,300. The benchmark value for the same home in March 2024 increased by 1.7 per cent to $1,279,300, up from February's value of $1,247,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in March 2023 was $549,000 while the benchmark value for the same condominium in March 2024 increased by 3.3 per cent to $567,300, up from the February value of $557,000.

Note that the HPI Benchmarks values are based on various home characteristics, features, and types and represent an estimate of the home values with these specific features in a particular neighbourhood around Greater Victoria. If you would like information on your own neighbourhood then contact Gary for a report.

Enjoy!
Gary and Rosemary

"We love people and we love homes!"