The real estate market in Greater Victoria showed significant activity in November, with 533 homes sold, marking a remarkable 42.5% increase compared to November 2023.
The surge comes amid broader trends across BC, where residential unit sales rose 25.7% year-over-year, according to the latest data from the British Columbia Real Estate Association (BCREA).
Despite the uptick in sales, the average home price in Greater Victoria experienced a slight decline, dropping 2.7% from $968,634 in November 2023 to $942,725 this November.
This aligns with a broader trend on Vancouver Island, where the average home price fell to $728,551, down from $732,534 the year before.
Across Vancouver Island, 538 properties were sold in November, a 15.2% increase from the previous year. For the year-to-date, property sales on the island are up 2.4%, with 6,854 homes sold so far in 2024. Of these, the majority—6,195—were in Greater Victoria.
Provincially, the average price of a home in BC rose slightly by 1.7%, reaching $979,221 in November 2024 compared to $963,143 a year earlier. The total sales dollar volume in BC for the month was $5.7 billion, a 27.8% increase from the same period in 2023.
BCREA Chief Economist Brendon Ogmundson noted that the recent surge in activity has set the stage for a stronger start to 2025.
“Home sales across the province continued the normalizing trend that began in October,” Ogmundson said. However, sales volumes remain 12% below the ten-year average for November, highlighting the ongoing challenges in the market.
The combination of increased sales activity and moderating prices signals a dynamic market as the year draws to a close.
