Real estate market returning to form this spring

Greater Victoria’s real estate industry appears to be back in season.

“We have more inventory for consumers to consider when compared with recent years. This additional inventory improves both buyer and seller confidence as it means people have more options and more reassurance that they are going to be able to find their new home,” Victoria Real Estate Board Chair Laurie Lidstone said in a media release. “As people buy and move, more properties are added to the available inventory, which supports a much healthier market. Supply really is key, and looking to the future we need to ensure that focus continues on the creation of new homes of all types and price points.”

VREB reported 2,647 active listings at the end of March 2024 — up 12% from February and 34.4% March 2023.

In the core area of our region, the benchmark value for a single family home in March 2024 was $1,279,300, up from February’s value of $1,247,400. The benchmark value for a condominium in March 2024 was $567,300, up from $557,000 in February.