A total of 588 properties sold in the Victoria Real Estate Board region this March, 0.3 per cent fewer than the 590 properties sold in March 2023 but a 25.1 per cent increase from February 2024. Sales of condominiums were down 10.2 per cent from March 2023 with 177 units sold. Sales of single family homes increased 1.8 per cent from March 2023 with 286 sold.
The average price for a single family home in Greater Victoria was $1,304,353 for a single family home, $628,092 for a condominium, and $822,049 for a townhome last month (March 2024).
There were 2,647 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2024, an increase of 12 per cent compared to the previous month of February and a 34.4 per cent increase from the 1,970 active listings for sale at the end of March 2023. The sales to listings ratio for March was 22.2% and therefore into sellers side of the market.
The Bank of Canada held it’s target interest rate at 5% and the bank expects the global economy to continue growing at a rate of about 3%. There were some changes relating to mortgages that affect first time buyers recently announced. Changes to capital gains are also on the horizon. If you would like to learn more get in touch.
We have a lot of clients asking us if now it the right time to sell. The short answer is, for some it is and others it is not. We can offer you a market analysis on your home and provide you all the information you need to determine what is best for you.
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