What does the current Victoria real estate market look like?
As part of our monthly Market Insight Series, I am excited to continue to bring you regular insights into Victoria and Vancouver Island market trends, so you can make better buying and selling decisions. Below I will jump into the most important market numbers to look into, I will provide glossary term definitions, and will conclude with resources if you want to further research current trends and stats. If you want to see what the Market Insight for the previous month was click here.
A Hot Kickoff to Winter in Victoria's Real Estate Scene
Alright, here’s the deal: November 2024 brought some serious energy to the Victoria real estate market, with 551 properties sold. That’s nearly 40% more sales than November 2023's 394. Though we did cool off slightly with a 15.7% drop from October 2024, that's to be expected as we head toward December. Let’s break it down:
Condos crushed it—186 units sold, a jaw-dropping 55% increase year-over-year.
Single-family homes? Also up big, with 263 sales—36.3% more than November 2023.
Victoria Real Estate Board Chair Laurie Lidstone is feeling the vibe. “People are optimistic,” she says, pointing to lower interest rates and a balanced market that makes home-buying feel less like a leap and more like a solid step.
Now, inventory is also worth looking at. The end of November had 2,836 active listings. That’s down 10.3% from October but still 7.3% higher than last year. The takeaway? Supply is in decent shape compared to recent years, even as the holidays slow down house-hunting for some.
Lidstone is optimistic, though: “Momentum is here, and it’ll likely carry into December. If buying a new home is on your holiday wishlist, now’s the time to talk to a trusted Realtor and lock in your game plan.”
Price Check
Here’s where the numbers get real:
The benchmark price for a single-family home in Victoria’s core hit $1,302,900 in November 2024. That’s a 1% bump from last year and slightly up from October’s $1,300,200.
Condos, however, saw a dip. Their benchmark value slid 4.7% year over year to $544,400, down from $547,800 in October.
What about the Broader Market?
While the market is still slowly recovering, this year has seen positive signs that suggest a solid rebound emerging in 2025. A continued decline in rates brings increased optimism as more buyers return to the market than we saw a year ago. Although the bigger markets of Vancouver and Toronto are still experiencing pain and weakness, that doesn't reflect the country as a whole. For example, the Canadian Real Estate Association predicts a 4.4% increase in average Canadian home prices in 2025, with sales in BC rising 8.5%. As interest rates continue to settle, and home buyers get more motivated to make a purchase, more buyers and sellers are likely to jump back into the market going into 2025.
Bottom Line
Victoria’s market is on the move. If you’ve been waiting for the right time to jump in, this is it. The mix of rising confidence, relatively steady pricing, and improving inventory makes it a prime time to make your move. Whether it’s a condo or a single-family home, the numbers are telling the story—you just have to write your next chapter.
Below is a table that outlines the current housing benchmark pricing along with a sample calculation that can give you an idea of what it might cost you to own a home.
Opportunities for ordinary people looking to get into their first home, or move up into an affordable nicer home are still out there, it just takes a bit of diligence, and ideally the support of a committed agent.
Conclusion
The goal is to give you insight into what the overall market view looks like in Victoria and Vancouver Island. I have included more Resources below so that you can dive in and read more at your leisure. I will also make sure to include a new Glossary Term each month, and define it to add to your knowledge of common industry terms.
Feel free to contact me if you want to learn more or if you have any questions about the broader market trends.
Glossary Term
Down Payment
The down payment is the initial amount of money a buyer pays toward the purchase price of a property, and it is usually expressed as a percentage of the total cost. This is different from your deposit, which gives your initial offer more weight at the outset and then holds the property (usually after condition removal) until the sale is complete. Instead, the downpayment is typically a more considerable amount toward your purchase, usually between 5-20% of the property value or higher.
Read More:
Resources
1. VREB Insight:
2. Mortgage Calculator:
3. Mortgage Rate By Bank:
コメント