Weather getting colder but real estate sales warming

As fall moves into winter, housing sales traditionally slow down as fewer people want to make a major move in cold weather. However, a warming economy and lower borrowing costs has the real estate sector feeling festive.

“I’ve found that buyers and sellers are feeling optimistic right now,” Victoria Real Estate Board Chair Laurie Lidstone said in a media release. “With the steady decrease we’ve seen in interest rates and the continued balance in the market, consumers are feeling more comfortable and empowered to make the big decisions around home ownership knowing that they have a fairly stable real estate environment to navigate.”

A total of 551 properties sold in the region in November, 39.8% more than November 2023. Sales of condominiums were up 55%, while sales of single family homes increased by 36.3%.

There were 2,836 active listings for sale at the end of November 2024, a 7.3% increase from November 2023.

“Though we did see inventory tick below three thousand listings, we are still in much better shape than in recent years in terms of availability of supply,” Lidstone said. “Seasonality comes into play this time of year, and the closer we get to the new year, the more folks temporarily move their focus from house shopping to the holidays. That said, it’s likely the momentum we saw building in November will carry on in December to some extent.”

The benchmark value for a single family home in the Victoria Core in November was $1,302,900, up from October’s value of $1,300,200. The benchmark value for a condominium in the Victoria Core area in November 2024 was $544,400, down from the October value of $547,800.