As we close out 2024 and step into 2025, I wanted to provide you with a comprehensive yet easy-to-read update on the real estate market in Greater Victoria and Duncan. Whether you’re tracking your home’s value, thinking about making a move, or planning to invest, this guide covers the key trends you need to know.
If you’d like a personalized home valuation or to discuss your real estate goals, feel free to reach out. Let’s make 2025 your best real estate year yet!
Greater Victoria Real Estate Market Overview
1) Sales Activity
December 2024 saw 396 residential properties sold, a 29.8% increase from December 2023’s 305 sales. For the year, sales totaled 6,856, which is 11.3% higher than 2023’s 6,158. However, this figure is still below the record-breaking 10,880 sales seen in 2016.
2) Listings and Inventory
The market tightened slightly, with 1,919 active listings at the end of December 2024 compared to 1,971 in December 2023. December saw 404 new listings, a 12.8% year-over-year increase, though still below the 10-year average of 437.
3) Days on Market
The median days on market was 44 days in December 2024, compared to 42 in December 2023. While longer than during the pandemic years, this pace remains faster than pre-2016 norms.
4) Buyer Origins and Buyer Types – 2024 Year-End Real Estate Report
Buyer Origins
The 2024 buyer origins data reveals that the majority of buyers in the Victoria area remain local, with 91.41% residing in British Columbia (BC). A deeper breakdown shows 73.14% from Greater Victoria, 1.66% from the Malahat area, and 9.06% from the Lower Mainland. Out-of-province Canadian buyers account for 7.64%, with notable contributions from Alberta (3.37%) and Ontario/Quebec (2.83%). International buyers represented just 0.94%, primarily from the United States (0.63%), with minimal presence from Europe and Asia.
Buyer Types
The buyer demographics are diverse, with the following key insights:
First-time buyers made up the largest segment, accounting for 26.7%.
Buyers upsizing to larger homes represented 14.1%, while those downsizing to smaller homes made up 8.3%.
Relocation due to work or other personal reasons stood at 12.9%, while 10.4% sought homes in different neighborhoods.
Retirees and second-home buyers collectively accounted for 9.6%, with purchases for future retirement, family use, or as vacation properties contributing smaller shares.
Investment buyers purchasing revenue properties represented 3.7%, signaling ongoing interest in rental income.
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5) Financing Trends
A significant 27.2% of buyers in 2024 paid all cash. Among those financing:
52.1% used uninsured mortgages (20%+ down payment).
9.8% used insured mortgages (less than 20% down).
10.9% didn’t disclose or were unsure of their financing, potentially indicating private arrangements.
6) Sales Volume Comparison
The total residential sales volume for 2024 was $4.3 billion, an 11.1% increase from $3.87 billion in 2023. This remains slightly below the 10-year average of $4.6 billion.
7) Long-Term Trends
The Greater Victoria market is shifting toward stability. While properties are taking longer to sell than during the pandemic frenzy, they’re moving faster than in 2015, when the median days on market hit 67.
Looking ahead, recent rate cuts by the Bank of Canada are expected to boost affordability and attract more buyers, creating opportunities for both buyers and sellers in 2025.
Duncan and Cowichan Valley Real Estate Market Overview
1) Sales Activity
Duncan recorded 84 residential sales in December 2024, a 47.4% increase from December 2023’s 57 sales. Annual sales in Duncan totaled 1,191, slightly below 2023’s 1,204 but far from the 10-year high of 1,678 sales in 2016.
2) Listings and Inventory
Active listings in Duncan held steady at 411 in December 2024, matching the previous year. New listings rose to 80, slightly above the 10-year average, signaling more seller activity.
3) Days on Market
Homes in Duncan took a median of 67 days to sell in December 2024, up from 46 days in December 2023. This reflects a calmer, more balanced market compared to the urgency of pandemic years.
4) Long-Term Trends
The Duncan market has evolved from the rapid sales of 2021 into a more stable environment. Inventory levels are steadily rising, giving buyers more choices and time to make decisions.
Looking ahead, rate cuts are expected to improve affordability, encouraging more buyers to enter the market in 2025. Both buyers and sellers are likely to benefit from these balanced conditions.
What to Expect in 2025
As we move into the new year, Greater Victoria and Duncan are both poised for a period of balanced growth. Buyers may benefit from improving affordability due to rate cuts, while sellers can look forward to steady demand.
If you’re thinking about buying, selling, or investing in 2025, now is the time to start preparing. With a clear strategy and expert guidance, we can make the most of the opportunities ahead.
Municipality Benchmark Prices: December 2024 vs December 2023
Here’s a detailed look at the benchmark prices for single-family homes, condos, and townhomes in each municipality for December 2024 compared to December 2023:
Victoria
Single-Family Homes:
December 2024: $1,258,500
December 2023: $1,209,800
Condos:
December 2024: $516,100
December 2023: $526,200
Townhomes:
December 2024: $854,100
December 2023: $801,400
Oak Bay
Single-Family Homes:
December 2024: $1,915,600
December 2023: $1,800,700
Condos:
December 2024: $695,700
December 2023: $713,600
Esquimalt
Single-Family Homes:
December 2024: $1,033,800
December 2023: $1,020,800
Condos:
December 2024: $526,400
December 2023: $524,900
Townhomes:
December 2024: $765,600
December 2023: $747,100
View Royal
Single-Family Homes:
December 2024: $1,020,300
December 2023: $1,013,900
Condos:
December 2024: $546,900
December 2023: $56,400
Townhomes:
December 2024: $819,500
December 2023: $810,600
Saanich East
Single-Family Homes:
December 2024: $1,322,400
December 2023: $1,282,100
Condos:
December 2024: $559,400
December 2023: $572,300
Townhomes:
December 2024: $898,100
December 2023: $885,200
Saanich West
Single-Family Homes:
December 2024: $1,038,300
December 2023: $1,049,400
Condos:
December 2024: $514,200
December 2023: $513,100
Townhomes:
December 2024: $796,800
December 2023: $792,700
Central Saanich
Single-Family Homes:
December 2024: $1,161,400
December 2023: $1,186,600
Condos:
December 2024: $574,000
December 2023: $548,900
Townhomes:
December 2024: $691,100
December 2023: $726,700
North Saanich
Single-Family Homes:
December 2024: $1,466,500
December 2023: $1,395,100
Condos:
December 2024: $814,200
December 2023: $790,500
Sidney
Single-Family Homes:
December 2024: $1,026.000
December 2023: $973,400
Condos:
December 2024: $637,500
December 2023: $638,500
Townhomes:
December 2024: $813,300
December 2023: $840,600
Langford
Single-Family Homes:
December 2024: $1,036,900
December 2023: $1,030,900
Condos:
December 2024: $519,900
December 2023: $530,400
Townhomes:
December 2024: $710,000
December 2023: $688,300
Colwood
Single-Family Homes:
December 2024: $1,031,200
December 2023: $1,034,800
Condos:
December 2024: $497,300
December 2023: $4493,400
Townhomes:
December 2024: $771,00
December 2023: $728,700
Metchosin
Single-Family Homes:
December 2024: $1,316,900
December 2023: $1,255,800
Sooke
Single-Family Homes:
December 2024: $825,700
December 2023: $812,500
Condos:
December 2024: $479,600
December 2023: $458,300
Townhomes:
December 2024: $662,400
December 2023: $641,500