There are more houses, condos and properties listed for sale on the market in Greater Victoria than there has been in a long while, according to the Victoria Real Estate Board.
They say there were 3,017 active listings for sale on their listing service at the end of April. This marks a 14% increase when compared to March and a 47.7% increase from the 2,043 active listings for sale at the end of April of last year.
“When we look back to previous spring markets, we will recall challenging conditions that are not present in the market this year,” said Laurie Lidstone, Victoria Real Estate Board Chair.
She says that in 2023 interest rates were climbing ever upwards, creating unpredictability for buyers.
The previous spring, in 2022, record lows of inventory created an unideal and pressurized situation for both buyers and sellers.
Before that, the spring of 2021 also saw low inventory which was in art due to the impact and effects of the pandemic.
“This year, we have a much healthier supply of inventory with numbers we have not seen since the summer of 2019,” said Lidstone.
“Combined with more stable pricing, this market is much easier to navigate for both buyers and sellers.”
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The board says that in April alone, a total of 678 properties sold. This represents a 6.4% increase from the 637 sold in April 2023 and a 15.3% increase from March of this year.
According to the Victoria Real Estate Board’s listing service’s home price index, the benchmark value for a single family home in the Victoria Core last April was $1,295,800.
In April 2024, this benchmark price decreased by 0.9 per cent to $1,284,600; however, this is still an increase from March of this year when the benchmark was $1,279,300.
“The spring market in Victoria kicked off with a gentle increase in sales when compared to last year and continued stable pricing,” said Lidstone.
“These factors, combined with growth in the available inventory, has created a welcoming and more balanced market for buyers and sellers.”
One reason why there may have been more units, properties and homes coming onto the housing market last month is that BC’s short-term rental restrictions have been officially implemented.
This has forced the owners of these properties to either sell or make the units available for long-term rentals, unless the property they rent as a short-term rental is their primary residence as well.
Would you buy a house in this economic climate in Victoria? Or would you explore options outside of the city?
Let us know in the comments.
