Victoria Real Estate Market Update: Sales Surge 60.7% in October 2024
The Victoria real estate market saw a significant boost this October, with property sales reaching 654—a 60.7% increase from October 2023 and a 14.5% rise from last month. This growth reflects a return to typical seasonal trends, providing both buyers and sellers with a stable, balanced market for making confident decisions.
A Balanced Market with Opportunities for Both Buyers and Sellers
Inventory levels remain steady, contributing to a balanced market where both buyers and sellers have room to make strategic moves. With 3,161 active listings at the end of October—a 6% drop from September but a 14.7% year-over-year increase—buyers enjoy ample choice without the stress of bidding wars. From spacious family homes to modern urban condos, such as 811-989 Johnson St, 808-838 Broughton St, and 1011-989 Johnson St, Victoria’s inventory offers variety and flexibility.
Strong Sales Growth in Condos and Single-Family Homes
Both condos and single-family homes are experiencing a surge in sales:
- Condominium Sales: Up by 32.6% from last year, with 187 units sold in October.
- Single-Family Homes: Up by a substantial 76.2%, reaching 340 homes sold.
This increase shows renewed confidence among buyers, many of whom were previously cautious due to economic uncertainty. With the Bank of Canada’s recent rate adjustments and stable inventory levels, it’s an opportune time to consider investing in real estate.
Expert Insights from The Folio Group
Our team of real estate experts has been closely monitoring these trends. Here’s what our team members have observed:
- Ole Schmidt (Managing Broker, Co-Owner): “I’m seeing more buyers reach out in the past few weeks than I have in the last six months. Many are looking to secure a home before any further announcements from the Bank of Canada. With current interest rates and a broad range of properties available, now is a prime time to buy.”
- Hannah Hayworth (REALTOR®, listing support specialist): “During our recent door-knocking campaigns, homeowners are asking if we’re seeing more buyers in the market. We’re telling them yes! With fewer competing listings, the holiday season could be a strategic time to list. You may not time the market perfectly, but if you’re ready, it’s a great moment to take advantage.”
- William Johnson (REALTOR®, buyer support specialist): “We’ve noticed an increase in unrepresented buyers at open houses. With uncertainties in the Canadian market post-election, buyers are more cautious and want expert guidance. We’re here to support them through these decisions.”
Key Market Trends to Watch
- Inventory Levels: The slight decrease in listings from September could mean fewer homes as winter approaches, following typical seasonal trends.
- Price Trends: The benchmark price for single-family homes in Victoria Core has slightly decreased by 0.8% year-over-year to $1,300,200, while condos have dropped by 5.4% to $547,800. This creates favorable conditions for buyers ready to enter the market.
- Negotiation Opportunities: With fewer competing bids on most properties, both buyers and sellers benefit from increased flexibility and room for negotiation.
Considering a Career in Real Estate?
If you’ve been thinking about a career shift, there’s never been a better time to join our team. Alana Fitzpatrick, who leads our recruiting and culture initiatives, has seen a rise in inquiries from people interested in exploring new opportunities. “As people consider their New Year’s goals, they’re evaluating their current path. For anyone ready to change their life in 2025, the Folio Group has a 30-year track record and endless opportunities to build a successful career in real estate.” Change your life and join our team.
Final Thoughts
Victoria’s real estate market is offering new possibilities this fall. With stable inventory, manageable prices, and fewer multiple-offer situations, both buyers and sellers can make confident moves without feeling rushed.
Are you considering buying or selling in Victoria? Contact The Folio Group to learn how we can showcase your property’s unique appeal or find you the perfect new home.
