The Victoria real estate market kicked off 2024 with a dynamic performance! In January, property sales surged by a remarkable 22.7%, showcasing a vibrant start to the year. Condos took the spotlight with a notable 10.9% increase, while single-family homes experienced an impressive 35% rise compared to January 2023.
2024 Victoria Real Estate Board Chair, Laurie Lidstone, notes a positive shift toward balance. The market is rebounding from the lows of the previous year, with stabilized mortgage rates and a gradual increase in inventory. With 2,140 active listings—an uptick of 0.4% from December—there’s a sense of optimism for the months ahead.
What does this mean for you? For buyers, it’s a window of opportunity with more time for decisions and less pricing pressure. Sellers, on the other hand, can expect a more balanced landscape, providing flexibility in the market.
As the market evolves, now is the perfect time to explore your real estate opportunities. Connect with us. We’re always here to help you navigate this ever changing landscape!
