Happy New Year!
We hope 2025 is off to a great start! Speaking of the future, have you gotten your hands on a VR headset yet? The technology that was once purely science fiction is now transforming how we live, work, and even buy homes. This month’s newsletter explores how virtual reality is changing real estate and home living. In real estate news, there’s positive momentum as the Bank of Canada cut rates again by 50 basis points, bringing welcome news for buyers and homeowners alike.
And looking ahead into 2025, we’ll cover this year’s Colour of the Year and how this trending shade might inspire your next home project or renovation.
As always, we’re here to help with any real estate questions you have! Enjoy the newsletter!
2024 Victoria real estate market year in review
January 2, 2025 A total of 421 properties sold in the Victoria Real Estate Board region this December, 28 per cent more than the 329 properties sold in December 2023 and a 23.6 per cent decrease from November 2024. Sales of condominiums were up 25 per cent from December 2023 with 135 units sold. Sales of single family homes increased 20.9 per cent from December 2023 with 191 sold.
A grand total of 6,893 properties sold over the course of 2024, an 11 per cent increase from the 6,207 sold in 2023.
“2024 was a fairly calm year for local real estate,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “And this is what we like to see for consumers! It has been a year of stability and predictability.
Prices have been relatively level for the past two years now, which has made it easier for buyers and sellers to navigate transactions with confidence. Even though 2024 had more months with over 3,000 listings than we have had in many years, we do continue to see low inventory levels when compared to long term averages. If inventory remains low and we see an increase in demand, we could very quickly return to a market where there is upward pressure on pricing. This is why the Board will continue to advocate for gentle density development in 2025.”
There were 2,290 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of December 2024, a decrease of 19.3 per cent compared to the previous month of November but a 7.4 per cent increase from the 2,132 active listings for sale at the end of December 2023. “The future for the market is of course impossible to predict,” added Chair Lidstone. “Recent changes that extend amortization periods for rst time buyers, and updates to the property transfer tax thresholds help make homes more attainable, and hopefully help more people to enter the housing market. Consistent interest rates will also increase the ability for folks to make a move. As always, our market is subject to many in influences and the purchase and sale process is complex.
If you are contemplating buying or selling in 2025, call us and we can help 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 2023 was $1,272,000. The benchmark value for the same home in December 2024 increased by 2.7 per cent to $1,306,400, up 0.3 per cent from November’s value of $1,302,900. The MLS® HPI benchmark value for a condominium in the Victoria Core area in December 2023 was $556,500 while the benchmark value for the same condominium in December 2024 decreased by 1.6 per cent to $547,800, an increase of 0.6 per cent from the November value of $544,400.
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