Your Monthly real estate update
“”A total of 650 properties sold in the Victoria Real Estate Board region this July, 9.2 per cent more than the 595 properties sold in July 2023 and a 1.7 per cent decrease from June 2024. Sales of condominiums were up 6.5 per cent from July 2023 with 213 units sold. Sales of single family homes increased by 8.9 percent from July 2023 with 319 sold.
“The month of July delivered another steady month of sales and listings, as we’d expect for an average summer season in our market,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “The sales in July tracked very closely to June numbers, which may have surprised some who expected that summer vacations would take more buyers out of the market. We did see inventory shrink a little from the previous month. This is not unusual for this time of year, but it is a trend we’ll keep an eye on because inventory levels are crucial to keeping our market balanced.”” (VREB July Press Release – read full article here)
This month I wanted to share the below graph of timing and differences in inventory levels when comparing 2023 to 2024 which helps show why we are in a more balanced market, increased inventory levels.
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 June 2024 July 2023 July 2024
Single Family Dwelling $1,271,792 $1,396,864 $1,315,846
Condo/Apt $586,978 $637,214 $585,223
Row/Townhouse $836,439 $831,442 $845,756
*VREB July 2024 – Read the full press release here*
Financing Update
- Bank of Canada reduced their policy rate by 25 basis points July 24th to 4.5% (read full press release here).
- Some Canadians now qualify for 30 year amortization on their mortgages (up from previous 25 year max) which may help increase their borrowing power – 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.
NEW LISTING
2205 Kinross Ave, Oak Bay
4 Bed, 2 Bath Home
Offered at $1,525,000
Welcome to this charming family home on a large corner lot in desirable Oak Bay. This home is updated, has a functional floor plan & a seamless flow from inside to the fully landscaped outdoor space. On the main level you’ll find a completely updated kitchen that tastefully segues into the open living room with an abundance of natural light. The main level features the primary, two additional bedrooms, & an updated bathroom. The versatile lower level offers a second kitchen, separate entrance, bedroom, family room, full bathroom, & den, perfect for additional accommodation. In the back, you’ll find the outdoor entertaining space of your dreams! A patio directly off the main kitchen with two more outdoor living areas below & a gorgeous yard featuring fruit trees. Don’t forget the large storage space under the deck! You’re a quick walk from Old Farm Market, Pure Vanilla Cafe & Estevan Village. Oak Bay Rec Centre, Willows Beach, amazing schools, & Royal Jubilee Hospital are all close.
August Events
Dragon Boat Festival – Victoria
August 9 – 10
Upper Fort St Festival – Victoria
August 10
Phillips Backyard Weekender – Victoria
August 9 – 11
Langford’s 12th annual car show – Langford
August 18
Salish Sea Lantern Festival – Sidney
August 24
Top Producer - July!
🥰I love my clients and being able to help them reach their real estate goals. The best part is seeing them excited about their future whether buying or selling. So grateful to be a part of their journey!
💥Thrilled to be in the top 25 for my brokerage for the second month in a row.
💌If you or someone you know has questions about real estate, don’t hesitate to reach out! I’m always happy to help.
Just Purchased!
8 - 350 Oswego St
$950,000
