2024 Victoria real estate market year in review

Condominiums 135 25% $547,800 Townhomes 52 33.3% $845,500

A total of 421 properties sold in the Victoria Real Estate Board region this December, 28 per cent more than the 329 properties sold in December 2023 and a 23.6 per cent decrease from November 2024. Sales of condominiums were up 25 per cent from December 2023 with 135 units sold.

Sales of single family homes increased 20.9 per cent from December 2023 with 191 sold. A grand total of 6,893 properties sold over the course of 2024, an 11 per cent increase from the 6,207 sold in 2023. “2024 was a fairly calm year for local real estate,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “And this is what we like to see for consumers! It has been a year of stability and predictability.

Prices have been relatively level for the past two years now, which has made it easier for buyers and sellers to navigate transactions with confidence. Even though 2024 had more months with over 3,000 listings than we have had in many years, we do continue to see low inventory levels when compared to long term averages. If inventory remains low and we see an increase in demand, we could very quickly return to a market where there is upward pressure on pricing. This is why the Board will continue to advocate for gentle density development in 2025.”

There were 2,290 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of December 2024, a decrease of 19.3 per cent compared to the previous month of November but a 7.4 per cent increase from the 2,132 active listings for sale at the end of December 2023.

“The future for the market is of course impossible to predict,” added Chair Lidstone. “Recent changes that extend amortization periods for first time buyers, and updates to the property transfer tax thresholds help make homes more attainable, and hopefully help more people to enter the housing market. Consistent interest rates will also increase the ability for folks to make a move. As always, our market is subject to many influences and the purchase and sale process is complex. If you are contemplating buying or selling in 2025, call your favourite local REALTOR® who can create the best strategy for you and for your property.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in December 2023 was $1,272,000. The benchmark value for the same home in December 2024 increased by 2.7 per cent to $1,306,400, up 0.3 per cent from November’s value of $1,302,900.

The MLS® HPI benchmark value for a condominium in the Victoria Core area in December 2023 was $556,500 while the benchmark value for the same condominium in December 2024 decreased by 1.6 per cent to $547,800, an increase of 0.6 per cent from the November value of $544,400.

The Proxima is a new residential development located at 1100-1108 Esquimalt Road. This six-storey complex offers 89 units, including junior 1-bedroom, 1-bedroom, 2-bedroom, 3-bedroom, and townhouse options. Amenities feature a state-of-the-art gym, secured underground parking with EV charging capabilities, and bicycle storage.
THE PROXIMA

Why Move to Esquimalt?

Esquimalt combines the charm of a close-knit community with the convenience of urban living. Its proximity to downtown Victoria, abundance of parks and recreational facilities, reputable schools, and ongoing residential developments like The Proxima make it an attractive place to call home.

Esquimalt, located just west of downtown Victoria, British Columbia, is a vibrant community known for its rich history, scenic waterfronts, and diverse amenities.

Things to Do in Esquimalt

Esquimalt offers a variety of attractions and activities:

Parks and Recreation: Explore Saxe Point Park for panoramic ocean views and picnic spots, or visit Macaulay Point Park, a historic site featuring old military structures and popular rock-climbing areas.
TRIPADVISOR

Esquimalt Gorge Park: Enjoy walking trails, gardens, and waterfront views at this serene park.
TRIPADVISOR

Archie Browning Sports Centre: This multi-use facility includes an ice arena, curling rink, and fitness classes, catering to various sports and recreational activities.
CHATTERBLOCK

Esquimalt Lagoon: A 2 km sandy beach and bird sanctuary, perfect for leisurely walks and wildlife observation.
VANCOUVER ISLAND BUCKET LIST

Schools in Esquimalt

Esquimalt is served by several educational institutions:

Esquimalt High School: Offers comprehensive secondary education with various programs.

Rockheights Middle School: Caters to middle school students with a focus on academic and extracurricular development.

Elementary Schools: Includes Macaulay Elementary and École Victor-Brodeur, the latter offering French immersion programs.

Sports and Entertainment

Recreation Facilities: The Esquimalt Recreation Centre provides swimming pools, fitness.

@viccitymedia @big.city.media

November 04, 2024

Please Note

• Left Column: shows interim counts for all property types so far this month

• Right Column: shows final counts for all property types for the same month last year

Community Events  

Trick or Treat at Westshore Town Centre: Bring the family for a fa-boo-lous time: trick-or-treat at participating retailers and enjoy a complimentary goblet of “witches brew,” served by the Bubble Bus today. 3:30-5pm. [Info]  

Treat Street in Langford: Bring your little ones to Langford Station for a family trick-or-treat experience, with free hot dogs, hot chocolate, treats, live music, photo opportunities, games, and more today. 5-8pm. [Info]

 Esquimalt Halloween Firehall Spooktacular: Visit the Esquimalt Firehall for the annual family-friendly event, featuring an outdoor movie, bouncy castle, and trick-or-treating with the firefighters today. 5-9pm. [Info]  

Camp Bernard's annual Halloween night event in Sooke. A community bonfire, hot dogs and hot chocolate, and a fireworks display over the lake. [info]

See more region-wide Halloween events here.  

Spooky Pumpkin Walk at Pineridge Park: Bring your jack-o-lanterns out on Friday to help light the way as they head into post-Halloween retirement. [Info]

 Colwood Pumpkin Patch: Sat. 12-2pm. Enjoy fun ways to dispose of your jack-o’-lanterns. Roll it down the hill, snowblower it to smithereens; fire-hose it into the bin, or crush it with heavy-duty equipment. [Free]

 Fish & Chips Friday at Langford Legion 91. 4-8pm.  

Open House at Camosun College Interurbanz Prospective students are encouraged to experience the energy and excitement of the campus in the school’s first full viewing tour since the pandemic. Nov. 2. 11am-3pm. [Info]