As 2024 comes to a close, the Victoria real estate market appears to have maintained a sense of calm and predictability throughout the year. December saw 421 properties sold—an increase of approximately 28% compared to December 2023 but a decrease of 23.6% from November 2024.
A Gradual Rise in Sales
Over the course of 2024, approximately 6,893 properties were sold—an 11% rise compared to 2023. December’s sales, in particular, reflect notable year-over-year increases in several property categories:
Single-family homes: About 191 units sold, reflecting a 20.9% increase year-over-year from December 2023.
Condominiums: Approximately 135 units sold, a 25% uptick year-over-year from December 2023.
Townhomes: Around 52 units sold, showing an impressive 33.3% rise year-over-year from December 2023.
These trends suggest a market that may be leaning toward balance, offering both buyers and sellers opportunities to make confident decisions. That said, December’s active listings were down to 2,290—a decrease of 19.3% compared to November.
Trends in Home Prices
Home prices have remained relatively consistent, offering buyers and sellers a degree of predictability. In December 2024:
The benchmark price for single-family homes in the Victoria Core was approximately $1,306,400, a modest 2.7% increase from December 2023.
Condos, on the other hand, experienced a slight dip, with the benchmark value around $547,800, a 1.6% year-over-year decrease but a small increase from November 2024.
While these figures suggest stability in pricing, local factors such as demand and inventory levels could shift the landscape moving into 2025.
Looking Ahead: What Might Influence 2025?
The future of the real estate market is influenced by many variables, and while we cannot predict outcomes, a few ongoing trends may shape what’s to come:
Recent changes to amortization periods and property transfer tax thresholds may provide additional opportunities for first-time buyers.
Interest rate stability could help more people feel confident in making their next move.
However, with inventory levels remaining relatively low, any significant uptick in demand could put upward pressure on prices. Efforts to encourage gentle density development could also play a role in easing supply constraints and creating more housing options.
The information provided in this update is general in nature and intended to offer a broad overview of market activity. It is not a substitute for personalized advice. Every real estate journey is unique, and we encourage you to consult with us for information tailored to your specific circumstances.
Let’s Plan for Success Together
Whether you’re considering buying, selling, or simply exploring your options, having a strategy tailored to your goals is key. Let’s connect to discuss how we can help you navigate the market in 2025 with confidence and clarity.
