Your Monthly real estate update
““June followed our normal seasonal trends,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “With more inventory and slightly fewer sales when compared to May, most buyers last month would have experienced a market with more choice and more time to make decisions, and some sellers may have experienced longer than expected timelines to find their buyer. Of course, the Greater Victoria real estate market is made up of many smaller markets with unique conditions, so there are still areas and price points where we see intense competition. Overall, however we saw the busier spring market shift into summer over the course of June, as we’d expect.”
There were 3,460 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2024, an increase of 3.7 per cent compared to the previous month of May and a 47.7 per cent increase from the 2,342 active listings for sale at the end of June 2023.” Continue here to read full article.
This month I wanted to share the below graph of year over year changes in new listings. The big changes year over year have calmed down to a 14% increase year over year in June.
The statistics below show changes in average prices over the year & month, and the full press release from the board is linked below!
Average Sale Price May 2024 June 2024 June 2023
Single Family Dwelling $1,336,470 $1,271,792 $1,274,512
Condo/Apt $613,936 $586,978 $668,110
Row/Townhouse $836,439 $836,439 $836,207
Financing Update
- “Canada’s inflation rate eases more than expected in June to 2.7%, raising bets of July rate cut” (Globe and Mail – read full article here).
- Looking for a trusted advisor to discuss financing or re-financing? Reach out and I can put you in touch with a trusted and knowledgeable broker.
SOLD QUICK
100-3180 Albina St
1 Bed + Den/1 Bath
Offered at $425,000
| Welcome to this conveniently located and updated 1 bedroom plus den suite. This unit is open concept with the updated kitchen seamlessly flowing into the dining and living areas. Not only do you have one bedroom with a walk in closet, you also have a den as extra space for an office, storage, or whatever suits your needs! This unit offers in suite laundry, a separate storage locker and underground secure parking. The perk of being on ground floor is the large patio area; it’s the perfect space to relax this time of year. The building was remediated in 2005 and allows rentals, small pets, and has tons of visitor parking for guests. This building really has it all, not to mention the extremely convenient location. You are across from Tillicum Mall, SilverCity Cinema, restaurants, grocery stores, Pearkes Rec Centre, various parks and more! Catch a direct bus to downtown Victoria, take a quick drive, or bike. |
July Events
Summer at Ships Point – Victoria
Tuesdays, Wednesdays & Thursdays 11:30am-8pm
Entwined Market – Langford
Saturday July 20, 11am-4pm
Latin Fest – Victoria, Centennial Square
August 3-4
Summer Sounds Concert Series – Sidney
Sundays from 2-4pm
Top Producer - June!
Thrilled to be in the top 10 for my brokerage the month of June! It was a busy month with 5 sales pending but I’m so grateful to have the opportunity to help serve my clients.
Cheers to another month helping people reach their real estate goals!
I am always available for my clients and would love to help you, your friends or family with any of their real estate needs.
