November 2024 Market Update

Sales in Greater Victoria were nearly on par with their long-run average for the second consecutive month in November and were up year-over-year for the fifth consecutive month. Paired with a large drop in new listings activity, inventory declined and finished the month below its prior year level for the first time since April 2022.

Highlights

• There were 551 MLS® sales in Greater Victoria. This is the second consecutive month that sales volume has returned to at or near 10-year historical levels. Compared to 2023 (last year) sales volume was up by 39.8% across all product types
• Year over year, the strongest segment in sales volume was Condos (+55%), then Townhomes (+53%), followed by Single Family Homes (+36%). Albeit, Nov 2023 was a record low year on par with 2008.
• With steady interest rate declines and a balanced market, buyers feel more confident and empowered to make major decisions about homeownership in a stable real estate environment.
• It’s likely the momentum we saw building in October and November will carry on in December, perhaps making it feel like a Spring market during the Christmas season.
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New Listings

There were 679 new MLS® listings, which is about 5% below the 10-year November average of 714. New townhome listings were above average (+17%), as were new condo listings (+5%), while new detached home listings were below average (-19%).

On a year over year basis, new listings were down 16% from November of last year (805 new listings).

Inventory

Due to the rapid recovery and improvement in sales volume, inventory is shrinking. Active listings typically decline 9% from October to November, but this year we saw a -17% reduction in active inventory at the end of November at 2,836. Seasonality accompanied by two consecutive strong months of buyer demand.

Despite the sharp monthly drop in inventory, active listings were still 25% above the 10-year November average of 1,678. Condo inventory leads the way at (+58%), followed by townhomes (+31%) and detached homes (+9%).

Median Prices

The median sold price in Greater Victoria increased by 1.3% (across all home types) between October and November 2024. The median sold price for detached homes increase 0.6% to $1,135,000 (flat for about 2 years), townhome prices were down 1.9% to $760,000 and condo prices increased 5% to $543,750 (flat to down for most of 2024).

There are only 26 single family homes in the Victoria core priced at $1,000,000 or less. This is down from ~60 properties earlier in the year.

Downtown and Vic West Condo

Here are the stats specifically for freehold condominiums in Downtown and Victoria West.

The downtown condo market has shown two months of solid improvement. Compared to 2023, October recorded a 30% increase in sales volume, and November saw an impressive 51% jump in sales activity. Inventory levels are beginning to tighten as buyers actively scoop up listings. These are welcome changes after 2023, which was the slowest year for real estate since 2008.

Recent interest rate cuts have motivated many buyers to move off the sidelines and into the market. Affordability has improved as condo prices have moderated compared the previous 2-3 years. Additionally, upcoming federal mortgage rule changes, effective December 15th, are expected to further boost buyer demand.

However the increasing density in the neighbourhood, combined with growing concerns about downtown safety and street disorder, may give buyers pause.

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