VICTORIA SEES INCREASE IN ACTIVE LISTINGS

“Spring is generally prime time for real estate in Victoria,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “And May is typically when we are at or near to the peak of activity in our property market. This May was another stable month for both buyers and sellers. With more inventory on the market, consumers had more choice and could take time to make decisions and complete their due diligence. The additional listings also meant less pressure on pricing, so prices remained relatively flat.”

There were 3,338 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of May 2024, an increase of 10.6 per cent compared to the previous month of April and a 52.5 per cent increase from the 2,189 active listings for sale at the end of May 2023.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in May 2023 was $1,300,900. The benchmark value for the same home in May 2024 increased by 0.7 per cent to $1,309,700, up from April’s value of $1,301,800. The MLS® HPI benchmark value for a condominium in the Victoria Core area in May 2023 was $562,900 while the benchmark value for the same condominium in May 2024 increased by 1.2 per cent to $569,500, up from the April value of $561,200.

Source: Victoria Real Estate Board