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Spring property market brings positives for buyers and sellers in Victoria

A total of 678 properties sold in the Victoria Real Estate Board region this April, 6.4 per cent more than the 637 properties sold in April 2023 and a 15.3 per cent increase from March 2024. Sales of condominiums were up 1.5 per cent from April 2023 with 208 units sold. Sales of single family homes increased 3.7 per cent from April 2023 with 337 sold. 

“The spring market in Victoria kicked off with a gentle increase in sales when compared to last year and continued stable pricing,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “These factors, combined with growth in the available inventory, has created a welcoming and more balanced market for buyers and sellers.” 

There were 3,017 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of April 2024, an increase of 14 per cent compared to the previous month of March and a 47.7 per cent increase from the 2,043 active listings for sale at the end of April 2023. 

“When we look back to previous spring markets, we will recall challenging conditions that are not present in the market this year,” adds Chair Lidstone. “Last year, interest rates were continuing upwards, which created unpredictability for buyers. The spring of 2022 saw record lows of inventory, which created a pressurized environment for buyers and sellers. The spring of 2021 was also marked with low inventory and impacted by the effects of the pandemic. This year, we have a much healthier supply of inventory with numbers we have not seen since the summer of 2019. Combined with more stable pricing, this market is much easier to navigate for both buyers and sellers. People who are listing their homes can have confidence that they will be able to find a new home, and sellers benefit from the stability of pricing and interest rates. If you are considering making a move, now is the ideal time to connect with your favourite local REALTOR® to create your plan.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in April 2023 was $1,295,800. The benchmark value for the same home in April 2024 decreased by 0.9 per cent to $1,284,600, up from March’s value of $1,279,300. The MLS® HPI benchmark value for a condominium in the Victoria Core area in April 2023 was $564,000 while the benchmark value for the same condominium in April 2024 increased by 0.7 per cent to $567,800, up from the March value of $567,300.

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We have sold a property at 504 940 Reunion Ave in Langford

We have sold a property at 504 940 Reunion Ave in Langford.
Welcome to Belmont Residences East. This modern 2b/2b top floor condo boasts 860 sf of bright open space. The white kitchen with large island, stainless appliances and beautiful stone countertops is perfect for entertaining. Additional built-in cupboards provide great pantry space and extra storage. The living room’s 13’ vaulted ceilings and large windows provide an abundance of light. Relax on your private balcony! A heat pump provides efficient temperature control year-round. There is wide plank luxury vinyl flooring throughout the unit, and heated tile flooring in both bathrooms. The primary bath has a large walk-in shower. The full-sized W/D are located just off of the entry. There is a storage locker and underground parking with the unit. The building has a dog wash station and bike storage, a meeting room, and a patio area with a community bbq. Exclusive use of the Belmont Club is also included. Located in the heart of Langford, everything you need is just steps from your door!
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We have sold a property at 5770 Malibu Terr in Nanaimo

We have sold a property at 5770 Malibu Terr in Nanaimo.
The Ultimate North Nanaimo Family Haven! An expansive and luminous 3 Bed/3 Bath 2-Storey Home on a meticulously landscaped .15-acre property with four majestic palm trees and enchanting natural gardens. Meticulously maintained, this captivating residence boasts a well-designed layout accommodating every family member. A skylight and strategically placed windows for natural light, complimented by thoughtful updates over time. The large patio looks onto a sunny backyard, and a balcony offers a distant ocean view. Elegant touches like arched doorways, decorative ceiling trim, and California shutters add understated sophistication. This residence caters to every family member's needs. Parents will appreciate the proximity to shopping/amenities. Kids will enjoy easy access to schools, parks and recreation. Everyone will cherish the private and fully-fenced yard. This is the quintessential home, meticulously crafted inside and out for your family's happiness. Visit our website for more info.
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We have sold a property at 3347 Turnstone Dr in Langford

We have sold a property at 3347 Turnstone Dr in Langford.
Located in the family-oriented neighbourhood of Happy Valley, this beautifully appointed home has much to offer. With 1500+ sf, 3 beds and 3 baths, this home has plenty of space for the growing family. On the main level, the bright open kitchen flows into the spacious dining and living areas, with 9’ ceilings throughout. Upstairs, you will find the generous primary, with an expansive walk-in closet, and ensuite with double sinks. The other two bedrooms have access to the 4-piece main bathroom, and the washer & dryer have their own space with additional storage. The garage has a high ceiling to accommodate overhead shelving for extra storage. This home is close to schools, with easy access to the Galloping Goose, and just a short drive to the many amenities of Belmont Market and Westshore Town Centre. This could be the home you’ve been looking for!
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We have sold a property at 212 2871 Jacklin Rd in Langford

We have sold a property at 212 2871 Jacklin Rd in Langford.
Check out this well-designed, 730+ SF condo located in the heart of Langford! The spacious entry opens onto the kitchen, which features SS appliances, quartz countertops, updated lighting, and an eating bar with additional undercounter storage. The open living/dining areas are perfect for entertaining. The large, carpeted primary bedroom has a walk-in closet, and access to the bathroom, which features heated tile floors. Just off of the entry you will find the full-sized washer & dryer, hot water tank, and extra storage space, as well as the 2nd bedroom (no window) that would also make a great den or home office. The balcony runs the width of the unit, providing 155 sq ft of outdoor covered space. The unit also has a heat pump to help you stay comfortable year-round. All of this is located within walking distance of DT Langford’s shops, cafes, and restaurants, or just a short drive from the many amenities of the Westshore Community.
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New property listed in La Jacklin, Langford

We have listed a new property at 504 940 Reunion Ave in Langford.
Welcome to Belmont Residences East. This modern 2b/2b top floor condo boasts 860 sf of bright open space. The white kitchen with large island, stainless appliances and beautiful stone countertops is perfect for entertaining. Additional built-in cupboards provide great pantry space and extra storage. The living room’s 13’ vaulted ceilings and large windows provide an abundance of light. Relax on your private balcony! A heat pump provides efficient temperature control year-round. There is wide plank luxury vinyl flooring throughout the unit, and heated tile flooring in both bathrooms. The primary bath has a large walk-in shower. The full-sized W/D are located just off of the entry. There is a storage locker and underground parking with the unit. The building has a dog wash station and bike storage, a meeting room, and a patio area with a community bbq. Exclusive use of the Belmont Club is also included. Located in the heart of Langford, everything you need is just steps from your door!
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We have sold a property at 389 Lampson St in Esquimalt

We have sold a property at 389 Lampson St in Esquimalt.
Welcome builders, developers, and restorers! This home, built in 1921, is located minutes from both Macaulay and Saxe Point Parks. The main foyer opens to the bright living room, featuring a wood-burning fireplace. French doors lead into the formal dining room (currently a bedroom) with a second fireplace. There is a cozy family room beside the kitchen, and an eating area leading to the east-facing deck. The main floor also includes a 3-piece bath. Upstairs you will find 3 beds and a 4-piece bath. The undeveloped, walkout basement, while not full height, offers huge potential for creating additional living space. This well-loved property has been home to one family for 100 years. Updates have been completed over the years, and more work will be necessary to bring it to today’s standards. With 1900+ sf of developed space on the main and upper floors, as well as 1000+ sf on the lower level, this is a unique opportunity to create an amazing family home in a great neighbourhood.
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We have sold a property at 22 Camden Ave in View Royal

We have sold a property at 22 Camden Ave in View Royal.
Located in the heart of View Royal on a beautiful corner lot is this 1300+ sf split-level home with attached single-car garage offering plenty of space for your family, inside and out. On the main level you will find the open kitchen with newer stainless-steel appliances, living and dining areas as well as the primary bedroom and bathroom. On the upper level there are two more bedrooms with a shared bathroom. The lower floor features a large family room with wood-burning fireplace, as well as the laundry room and access to the garage. New carpets and laminate have been installed throughout the home. You can relax on the front porch or enjoy the hot tub on the lower deck. The fully fenced yard offers plenty of options for the gardening enthusiast, and space for the kids to play. This home is walking distance to Victoria General Hospital, the amenities of Eagle Creek Village and is just steps from the Galloping Goose Trail. Check it out today!
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New property listed in La Langford Proper, Langford

We have listed a new property at 212 2871 Jacklin Rd in Langford.
Check out this well-designed, 730+ SF condo located in the heart of Langford! The spacious entry opens onto the kitchen, which features SS appliances, quartz countertops, updated lighting, and an eating bar with additional undercounter storage. The open living/dining areas are perfect for entertaining. The large, carpeted primary bedroom has a walk-in closet, and access to the bathroom, which features heated tile floors. Just off of the entry you will find the full-sized washer & dryer, hot water tank, and extra storage space, as well as the 2nd bedroom (no window) that would also make a great den or home office. The balcony runs the width of the unit, providing 155 sq ft of outdoor covered space. The unit also has a heat pump to help you stay comfortable year-round. All of this is located within walking distance of DT Langford’s shops, cafes, and restaurants, or just a short drive from the many amenities of the Westshore Community.
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A total of 341 properties sold in the Victoria Real Estate Board region this January, 22.7 per cent more than the 278 properties sold in January 2023 and a 3.6 per cent increase from December 2023. Sales of condominiums were up 10.9 per cent from January 2023 with 112 units sold. Sales of single family homes increased 35 per cent from January 2023 with 162 sold.

“Our housing market eased into the new year with a renewed sense of balance,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “Sales were up slightly based off last year’s very low numbers, and overall, we saw the stabilization that we observed in late 2023 continue into 2024. Mortgage rates have levelled out, inventory is slowly creeping back up, and we are no longer in that highly pressurized market of recent years which created complicated and sometimes stressful conditions for buyers and sellers.”

There were 2,140 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2024, an increase of 0.4 per cent compared to the previous month of December and a 23.1 per cent increase from the 1,739 active listings for sale at the end of January 2023. 

“I think this balance and stability in our market brings with it an optimistic outlook for the coming months,” adds Chair Lidstone. “If balanced conditions continue, buyers and sellers will have more time to make decisions and there will be less pressure on pricing. Of course, there are many factors that impact the market here in Victoria, and as we’ve seen in the past things can change very rapidly. If you are considering selling or buying, connect with a local Realtor to identify where your opportunities are as we move towards spring.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in January 2023 was $1,224,000. The benchmark value for the same home in January 2024 increased by 1.6 per cent to $1,244,000 down from December’s value of $1,268,000. The MLS® HPI benchmark value for a condominium in the Victoria Core area in January 2023 was $562,200 while the benchmark value for the same condominium in January 2024 decreased by 0.6 per cent to $559,000, down from the December value of $562,000.

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New property listed in Es Saxe Point, Esquimalt

We have listed a new property at 389 Lampson St in Esquimalt.
Welcome builders, developers, and restorers! This home, built in 1921, is located minutes from both Macaulay and Saxe Point Parks. The main foyer opens to the bright living room, featuring a wood-burning fireplace. French doors lead into the formal dining room (currently a bedroom) with a second fireplace. There is a cozy family room beside the kitchen, and an eating area leading to the east-facing deck. The main floor also includes a 3-piece bath. Upstairs you will find 3 beds and a 4-piece bath. The undeveloped, walkout basement, while not full height, offers huge potential for creating additional living space. This well-loved property has been home to one family for 100 years. Updates have been completed over the years, and more work will be necessary to bring it to today’s standards. With 1900+ sf of developed space on the main and upper floors, as well as 1000+ sf on the lower level, this is a unique opportunity to create an amazing family home in a great neighbourhood.
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A total of 329 properties sold in the Victoria Real Estate Board region this December, 2.8 per cent more than the 320 properties sold in December 2022 and a 16.5 per cent decrease from November 2023. Sales of condominiums were up 14.9 per cent from December 2022 with 108 units sold. Sales of single family homes increased 1.3 per cent from December 2022 with 158 sold.

A grand total of 6,207 properties sold over the course of 2023, 8.77 per cent fewer than the 6,804 sold in 2022. 

“I’ve spoken a lot this year about our market’s return to traditional seasonal patterns,” said 2023 Victoria Real Estate Board Chair Graden Sol. “And at the conclusion of 2023 we can see that this trend continues. This is a welcome relief for sellers and buyers after an extraordinary five years of real estate market disruption. Everyone benefits from a more predictable real estate market, so it is encouraging to see the rhythm of seasonal trends reestablished. If this continues into 2024, we should see more inventory added in January and February and an increase in sales as consumers prepare for the spring market. True to seasonal form, December met expectations and was a slow month, both for sales and for new listings.”

There were 2,132 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of December 2023, a decrease of 19.4 per cent compared to the previous month of November but a 26.3 per cent increase from the 1,688 active listings for sale at the end of December 2022. 

“The single biggest impact on the housing market this year was interest rates,” added Chair Sol. “The increased cost of borrowing money meant that consumers had less purchasing power, which resulted in a drop in transactions. There is however still huge demand for housing in our market and as we move forward into 2024 and beyond, we need to continue to put focus on the creation of new supply so that as market activity increases prices don’t increase as quickly. The only way to moderate housing prices is to bring supply closer to meeting demand. As always, our market is subject to many influences and the purchase and sale process is complex. if you are contemplating buying or selling in 2023, call your favourite local Realtor who can create the best strategy for you and for your property.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in December 2022 was $1,236,500. The benchmark value for the same home in December 2023 increased by 2.5 per cent to $1,268,000, down from November’s value of $1,286,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in December 2022 was $565,800 while the benchmark value for the same condominium in December 2023 decreased by 0.7 per cent to $562,000, down from the November value of $577,400.

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MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.