August 2024 Real Estate Market Update: Victoria’s Market Steadies as Summer Ends

Sales Overview
A total of 545 properties were sold in the Victoria Real Estate Board region this August, a slight 0.2% increase from the 544 properties sold in August 2023, but a 16.5% decrease from July 2024. Condominium sales saw a positive trend, up 10.4% year-over-year with 181 units sold. However, single-family homes lagged behind, down 7.7% from last year with 252 sold.

"August typically slows down as people focus on summer vacations," said Victoria Real Estate Board Chair Laurie Lidstone. "The sales activity we saw this year was consistent with last year’s, and listings dropped slightly from July, reflecting a common seasonal trend."

Listing Statistics
At the end of August, 3,191 active listings were on the market, down 4.7% from July’s 3,348 but up 28.2% compared to August 2023’s 2,490. While overall new listings saw a small 4% decline compared to last year, the adjusted sales rate showed a 5% increase in activity from last August. The market still offers significantly more inventory than last year, providing buyers with more options.

Market Dynamics
Although the overall market appears similar to last year, a closer look reveals a slowly warming trend. Residential resales in Victoria’s core show that while the market was cooling last August, it is now picking up steam. Affordability has seen minor improvements due to slightly lower interest rates, small price adjustments, and rising incomes, allowing some previously sidelined buyers to return.

However, prices remain high, especially for single-family homes, and despite these small gains in affordability, the multifamily market—condos and townhouses—still needs further price decreases, income increases, or rate drops to truly balance out.

Frustrated sellers pulling their properties from the market have also contributed to this dynamic. August saw elevated cancellations of listings, as sellers, faced with fewer buyers and lower prices than the market peak, chose to wait for better conditions.

Future Outlook
As we move into the fall selling season, typically marked by an uptick in new listings and sales, we could see more sellers return to the market as buyer interest increases. However, the large number of canceled listings suggests that many sellers are waiting on the sidelines, and if they re-enter, they likely won’t change the overall balance since many are local buyers looking to move within the region.

The months of inventory have remained steady throughout the year, and the sales-to-list ratio has improved, pointing to a balanced market. While this time last year, the market heavily favored buyers, conditions now offer a more level playing field for both buyers and sellers. As a result, prices have remained relatively stable, with little change.

Single Family Homes
Victoria – $1,231,700
Oak Bay – $1,818,700
Saanich East - $1,312,900
Sooke - $842,100

Condos
Victoria – $ 527,000
Oak Bay – $ 708,500
Saanich East - $ 582,500
Sooke - $474,500


~🌲Contact🌲~
Brock Nordman* and Owen Stacey*
Compass Realty Group
Royal LePage Coast Capital, Victoria, BC

📞 Owen: 778 966 4998
📞 Brock: 250 880 3379
📧 info@compassrealty.group
🖥 www.compassrealty.group
*Personal Real Estate Corporation
@compassrealty_group

~🌲Buying or Selling a Home 🌲~

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