Victoria, BC Mid-Year Market Update and June 2024 Stats

Mid-year market update-
June 2024 stats:
- 661 properties sold (6% less than last year and 16.5% less than last month)
- 3,460 active listings (47% increase from last year)
- Benchmark price for single family detached (SFD) house at $1,295,000
- Benchmark price for condo at $567,900
Compared to June 2023 stats:
- 6% increase in SFD purchases
- 16.5% drop in condo purchases
- 10% drop in townhome purchases
That being said, we’ve seen relatively flat pricing within the last year.
The SFD benchmark price decreased by 1.4% since June 2023, while townhomes saw a 2.7% increase, and condos only a 0.2% increase.
Sales were down 16% compared to the previous month; however, the market is following predictable seasonal patterns.
Ultimately, the time to sell or buy is when it makes sense for you and your family; however, the more informed we are, the better outcome we can create.
A lot has already happened in 2024, with big changes to short-term rentals, as well as important considerations for anyone selling tenant-occupied properties with changes to the Residential Tenancy Act coming into effect on July 18, 2024.
Wondering what today’s market looks like specific to your goals? We’re always happy to have a conversation.
Schedule a call with us (calendly.com/a..., or contact us at:
📲 250-634-2141
📧 [e-mail]
Download our guides: NorthPacificHomes.ca/Guides
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