FAIR REALTY | Victoria BC
serving Victoria B.C and surrounding area
"Success takes hard work, research, knowledge, and commitment, but the real victory comes through honesty, transparency, and being true to your word" - Fredrick Eklund
VICTORIA MARKET DATA
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 first 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 influences and the purchase and sale process is complex."
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.
Overview of the Real Estate Market
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4,090,000 existing homes were sold in 2023, according to data from the National Association of REALTORS®. Sales of new single‐family houses in May 2024 were at a seasonally adjusted annual rate of 619,000, according to the U.S. Census Bureau.
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There are over 360,000 real estate brokerage firms operating in the United States (Real Estate and Rental and Leasing: Summary Statistics for the U.S., States, and Selected Geographies: 2022).
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Preliminary results from the U.S. Energy Information Administration's Commercial Buildings Energy Consumption Survey (CBECS) show that there were 5.9 million commercial buildings in the United States in 2018, comprising 97.0 billion square feet of floor space.
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There are approximately 125.7 million occupied housing units in the United States, according to the 2022 American Community Survey.
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According to the 2023 Profile of Home Buyers and Sellers, the typical home seller has been in their home for 10 years. The typical home size is 1,860 square feet. The typical The typical first-time buyer was 35 years old this year, slightly down from 36 last year, while the typical repeat buyer age fell to 58 years from an all-time high of 59 years.
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In 2022, 66.1% of families owned their primary residence, according to the Federal Reserve's Survey of Consumer Financespdf.
Home Buyer Statistics
First-Time vs. Repeat Buyers:
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First-time buyers: 24%
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Median age of first-time buyers: 28
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Median age of repeat buyers: 61
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Median household income of first-time buyers: $97,000
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Median household income of repeat buyers: $114,300
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The typical home purchased was 1,900 square feet in size, was built in 1994, and had three bedrooms and two bathrooms.
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Among those who financed their home purchase, buyers typically financed 74% of the home price.
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88% of buyers purchased their home through a real estate agent or broker.
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Buyers who would use their agent again or recommend their agent to others: 88%
Home Seller Statistics
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The typical home seller in 2024 was 63 years of age, had a median household income of $112,500, and lived in their home for 10 years.
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90% of sellers were assisted by a real estate agent when selling their home.
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Recent sellers typically sold their homes for 100% of the listing price, and 21% reported reducing the asking price at least once.
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The typical home sold was on the market for 3 weeks.
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38% of sellers who used a real estate agent found their agents through a referral by friends or family, and 28% used the agent they previously worked with to buy or sell a home.
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Sellers who definitely would use same agent again: 72%
Source: 2024 Profile of Home Buyers and Sellers (National Association of REALTORS®)
For Sale By Owner (FSBO) Statistics
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FSBOs accounted for 6% of home sales in 2024. The typical FSBO home sold for $380,000 compared to $435,000 for agent-assisted home sales.
Why use a REALTOR®.?
To be a REALTOR®, an agent must be a member of The Canadian Real Estate Association (CREA). This means agents are duty bound to do their absolute best and follow a code. The code is the accepted standard of conduct for all real estate practitioners who are REALTORS®. It’s our guarantee of professional conduct and quality service. Read more at CREA.ca
