2024 was the third highest-grossing year for real-estate transactions on southern Vancouver Island, with $6.6 billion in Multiple Listings Service (MLS) sales across 6,900 transactions, according to the Victoria Real Estate Board (VREB).

 

More on the annual roundup for 2024 below, but as for December, the month saw a considerable jump in purchases over 2023, with 421 compared to 329, a 28% jump, VREB data shows.

 

Active MLS listings were nearly on par with a year-ago, landing at 2,290 this December compared to 2,132, while new listings reached 431 units compared to 383 in 2023.

 

Victoria realtor Ryan Cook (see website) of brokerage Re/Max Camosun says December’s activity was just shy of 2021’s 438 deals that capped off a year that saw the largest-ever monetary transfer between buyers and sellers in Greater Victoria’s history, at just a touch below $9 billion.

 

“It is very encouraging for sellers to have seen such a strong finish to 2024, as buyers responded favourably to falling interest rates and showed more intrigue in our region’s active inventory of homes and commercial properties than in 2022 and 2023,” Cook said. “This is a positive sign for the industry, as it should motivate more sellers to add inventory to MLS, and will make for a much more engaging spring market.”

 

Single-family homes predictably outpaced all other segments in December, landing at 191 sales with an average price paid of $1,294,335 and a median of $1,075,000. Throughout the year, 3,387 single-family homes sold for an average of $1,270,057 and at a $1,145,000 median. This compares to an average in 2023 of $1,288,448 and a median of $1,150,000 over 3,005 sales.

 

Cook says, that despite Victoria’s high cost of real-estate, even younger and first-time buyers are finding ways to make a house purchase viable, with income generating suites high on the list of must-haves.

 

“There is a sweet spot in Greater Victoria’s housing market, where a $1.1 million to $1.2 million house with a secondary suite is within reach financially of a younger couple, and we are seeing significant demand for houses priced in that range that offer a mortgage helper,” Cook said. “It is not uncommon to have dozens of people come through an open house when a listing is in that range and has a suite. Multiple offers, even competing bids, can emerge relatively quickly.”

 

Condominiums continue to draw first-time and downsizer buyers region-wide, Cook said. The average paid for a condominium in December was $569,078 and the median was $538,250, based on 135 sales. For 2024, the average settled at $598,403 with a $540,000 median, across 2,177 sales. In 2023, 2,042 condominiums averaged sales at $628,676 at a $550,000 median.

 

“Condos are a practical choice for younger buyers and retirees looking for single floor living, but there are limits to where buyers want to be,” Cook said. “We are still seeing resistance to the downtown Victoria market, which is the largest condominium market in Greater Victoria. However, the slower pace of sales downtown does present an opportunity for buyers to negotiate with sellers. We also understand that the issues that have led to slower sales in downtown are part of a social shift that is being addressed by governments. Buyers are encouraged to explore opportunities that may not be evident at first glance.”

 

Townhomes had a strong year in 2024, ending the year at 855 sales, 52 of which were in December averaging $847,753 at a $792,450 median. Between January and December, the average price paid in 855 sales was $823,381 at a $774,000 median. Last year sales totalled 742 units, priced at an average of $805,619 and a median of $765,000.

 

The VREB’s data shows a whopping $6,600,383,119 total value for purchases in 2024, including commercial deals posted to MLS. The only years where transactions reached higher were 2021 with $9 billion, and 2022 with $6.8 billion.

 

Cook notes that looking ahead, buyers will be faced with a new provincial ‘flipping’ tax on residential real-estate, in addition to a federal flipping tax. Flipping is the act of buying a residence and selling it within a relatively short period of time. The new provincial tax on flipping profits will be in effect for two years following the purchase of property, and is retroactive for a two year period starting May 1st of 2023.

 

“British Columbians are now among the highest taxed populations when it comes to real-estate purchases and sales. In Victoria we have two flipping taxes, a speculation and vacancy tax, property transfer tax, goods and services tax on new homes, a foreign buyer tax, and that’s not an exhaustive list of costs some buyers may face,” Cook says.

 

Looking ahead for 2025, changes to America’s political landscape could have an effect on Canadian real-estate, with economists weighing the weak dollar as favourable for American investment, while federal immigration policies could dampen anticipated demand and help balance supply from coast to coast. Additional market impacts may be introduced should a Conservative government assume power in Canada later this year.

 

Regardless of the many macro impacts expected in 2025, Cook says the year is shaping up as one for the books.

 

“We have a lot of moving parts coming together in 2025. Will interest rates continue to slide? Will US tariffs materialize on Canadian exports? Will new taxes in BC impact pricing and demand? There is so much to consider, but Victoria’s real-estate market has proven to be resilient over the last several decades, and overall, we expect that stability to serve our region well.” C

© Copyright 2025 by Citified.ca. All rights reserved.