Spring is generally prime time for real estate in Victoria and May is typically when we are at or near to the peak of activity in our property market. This May was another stable month for both buyers and sellers. With more inventory on the market, consumers had more choice and could take time to make decisions and complete their due diligence. The additional listings also meant less pressure on pricing, so prices remained relatively flat.

A total of 763 properties sold in the Victoria Real Estate region this May, 1.5% fewer properties that sold in May 2023 but 12.5% increase from April 2024. Sales of condos were down 5.2% from last year, but single family homes remained the same.

After so many years of consumers navigating an unbalanced market, it is positive for buyers and sellers to see some months of consistent balance. A lot of people who have been watching the market over recent years may find that now is a good time to sell and buy as market conditions have changed for the better. Of course, I recommend connecting with your favourite REALTOR® to create a strategy specific to your needs!