The number of listings on the real estate market surpassed 3,000 for the first time in Greater Victoria since 2019.
It’s considered the busiest time of the year for real estate, and first-time and current homeowners look into purchasing or selling. Victoria Real Estate Board chair Laurie Lidstone says the market is getting a ‘balanced’ state.
“It’s a great time right now, the five-year rate on mortgage rates is still pretty good,” said Lidstone.
According to data from the board, housing stock topped at 3,017 last month, marking the first time it reached over 3,000 since 2019. In contrast, the lowest number of housing stock in the last five years was in December 2021 at just 652 listings.
“There’s still a demand for housing,” said Lidstone.
There were 678 homes sold in Greater Victoria last month, which was a 15.3 per cent increase from March 2024 at 588. In comparison to April 2023, only 637 homes were sold.
The benchmark price for single-family homes in Greater Victoria all remained above $1 million. A single-family home in Victoria’s core had a price of $1,284,600.
The West Shore region had the lowest cost at $1,024,400.
Single-family homes, condo apartments, rowhomes, and townhouses all saw price increases in April 2024 compared to March 2024. The benchmark price of single-family homes in Greater Victoria, Victoria core and on the Peninsula had prices drop compared to April 2023.
While the housing supply has gone up Lidstone says it won’t bring costs down just yet. Housing stock is needed to increase significantly to at least five to six thousand, according to Lidstone.
“Why are prices not coming down? Why are people buying? There’s still a demand for housing,” Lidstone said. “Just because the interest rates are up doesn’t mean you’re not having a baby, or needing a bigger home or maybe your job has changed.”
Last week, the Bank of Canada’s governor told MPs that the country was “getting closer” to cutting interest rates.
“We are seeing what we need to see. We just need to be confident that it will be sustained,” said Tiff Macklem to MPs in the House of Commons on May 4.
When asked about recent short-term rental legislation, Lidstone said she didn’t believe it played a role in the latest data, instead crediting the increase in sales to people entering the market.
“Right now, we’re in a stable market,” Lidstone said. “People are feeling confident.”
Oli Herrera
