The Victoria real estate market experienced steady activity, with notable growth in sales compared to the same time last year. Although price trends have been somewhat mixed, the market shows signs of stabilization.
Total Residential Market
Sales
According to the Victoria Real Estate Board, a total of 571 properties were sold in the Victoria Real Estate Board region in September 2024, marking a 15.8% increase from September 2023 and a 4.8% rise from August 2024. This growth is notable in both the single-family home and condominium sectors. Condominium sales saw a 21.9% year-over-year increase, while single-family home sales increased by 19.3% year-over-year.
Listings
At the end of September 2024, there were 3,361 active listings, representing a 5.3% increase compared to the previous month and a 24.5% rise from September 2023.
Prices
The benchmark value for a single-family home in the Victoria Core decreased by 2.8% year-over-year, from $1,316,100 in September 2023 to $1,279,700 in September 2024. Condominiums in the Victoria Core also saw a price decrease, with the benchmark value falling by 5.1% to $553,400 compared to $583,400 in September 2023. Both single-family homes and condominiums saw slight declines in benchmark values from August 2024.
Market by Housing Type
Single-Family Homes
In the single-family home sector, the median sale price dropped by 4.2% year-over-year to $1,150,000 for the third quarter of 2024. Despite this decrease, market conditions remain relatively balanced, with 5.5 months of inventory at the end of Q3 2024, unchanged from the same time last year. Homes spent more time on the market, with a median of 33 days in Q3 2024, up from 23 days in Q3 2023.
Townhouses and Row Homes
The median price for townhouses and row homes showed minimal change, increasing by just 0.9% year-over-year to $775,000 in the third quarter of 2024. Inventory for these types of homes grew, with 4.1 months of supply at the end of Q3 2024, compared to 3.1 months a year earlier. Similar to single-family homes, these properties are spending more time on the market, with a median of 31 days in Q3 2024 compared to 21 days in the same period last year.
Condominiums
The median price for condominium units fell by 2.3% year-over-year, reaching $537,500 in the third quarter of 2024. Inventory for condominiums increased slightly, with 4.4 months of supply at the end of Q3 2024, up from 4 months in Q3 2023. Condominiums are also spending more time on the market, with the median days on the market rising to 29 days in Q3 2024, compared to 18 days a year earlier.
Rental Market Overview
According to Zumper, the median rent for a one-bedroom apartment in Victoria was $2,225 in September 2024.
Source: Zumper
Employment Trends
Victoria’s unemployment rate rose slightly to 3.4% in September 2024, up 0.1% from the previous month. This remains well below the national average of 6.5% in September. Victoria saw a reduction of 1,600 total jobs, primarily driven by a decline in part-time positions, although full-time employment also dropped by 700 positions compared to August 2024.