There’s a lot to go over when it comes to the Contract of Purchase and Sale. One thing that should not be overlooked is a subject clause giving buyers the opportunity to review all the strata documents.

While the BCFSA Knowledge Base has a “Receipt of strata documentation” standard clause, it may be useful to tailor this, to ensure all the relevant documents are provided. As an example, the BCFSA “Receipt of strata documentation” clause does not reference all of the documents we recommend you obtain, as listed in our Strata Documents Checklist.

It’s also important to ensure that the date to receive the documents is earlier than the date to remove the subjects, giving you and your clients plenty of time to review all the documents and ask questions.


A total of 763 properties sold in the Victoria Real Estate Board region this May, 1.5 per cent fewer than the 775 properties sold in May 2023 and a 12.5 per cent increase from April 2024. Sales of condominiums were down 5.2 per cent from May 2023 with 235 units sold. Sales of single family homes exactly matched the number from May 2023 with 399 sold.

"Spring is generally prime time for real estate in Victoria," said 2024 Victoria Real Estate Board Chair Laurie Lidstone. "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."

There were 3,338 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of May 2024, an increase of 10.6 per cent compared to the previous month of April and a 52.5 per cent increase from the 2,189 active listings for sale at the end of May 2023.

"After so many years of consumers navigating an unbalanced market, it is positive for buyers and sellers to see some months of consistent balance," adds Chair Lidstone. "A lot of folks 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, as always, I recommend connecting with your favourite REALTOR® to create a strategy specific to your needs."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in May 2023 was $1,300,900. The benchmark value for the same home in May 2024 increased by 0.7 per cent to $1,309,700, up from April's value of $1,301,800. The MLS® HPI benchmark value for a condominium in the Victoria Core area in May 2023 was $562,900 while the benchmark value for the same condominium in May 2024 increased by 1.2 per cent to $569,500, up from the April value of $561,200.

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One of the requirements set out in the Strata Property Regulation is that, to be compliant, depreciation reports must include:

  • At least three cash-flow funding models for the contingency reserve fund, related to the maintenance, repair and replacement of capital expenditures over the next 30 years.

1. Are strata corporations required to follow any of these cash-flow funding models from their depreciation report?

The answer is no. Strata corporations are not bound by any of the models or recommendations made in their deprecation report. In our experience, the vast majority of strata corporations do not adopt a specific model. In fact, we rarely see that happen.

2. How can I tell if a strata is saving enough for the future?

The only way to tell if a strata is saving enough for the future, to cover all its anticipated capital expenditures, is to analyze the depreciation report and compare it with:

  • The strata’s current financials, and

  • The capital work the strata has completed since obtaining its depreciation report.

3. How do I actually do this?

Unfortunately there is no quick or easy way to do this. That’s why, in our reviews, we create a custom funding model based on:

  • The estimates provided in the strata’s depreciation report,

  • How much the strata currently has in its contingency reserve fund (CRF), and

  • How much the strata is contributing to its CRF annually.

This analysis and custom funding model provide buyers with an estimate of potential future special levies specific to the strata lot they are considering purchasing. By understanding the strata’s financial health and future expenditures, buyers can make more informed decisions and better anticipate future financial obligations associated with their potential purchase. This proactive approach helps avoid unexpected costs and ensures that buyers are financially prepared.


The new rules for short-term rentals are now live:

  • The Principal Residence Requirement, meaning short-term rentals can only be offered in the principal residence of a host, plus one additional unit, secondary suite or laneway home/garden suite on the property in communities where populations are greater than 10,000 people.

  • The Principal Residence Requirement will function as a provincewide floor for communities with populations of more than 10,000 people, but local governments will still be able to use existing bylaws and introduce additional bylaws that are more restrictive.

  • The Principal Residence Requirement will come into effect in more than 60 communities throughout B.C.

  • Strata hotels and motels that have been operating in a manner similar to a hotel or motel before Dec. 8, 2023, and that meet select criteria moving forward, will be exempt from the Principal Residence Requirement.

  • Non-conforming use of property will no longer apply to short-term rentals. Under previous legal non-conforming use protections, if an existing use of land or a building did not conform to the new bylaw, it would have generally continued with legal non-conforming use. 

  • Short-term rental hosts will be required to display a valid business licence number on their listing, where a business licence is required by a local government.

  • Short-term rental platforms will be required to share data with the Province.

  • Local governments can request that a platform remove listings that do not display a valid business licence.

Full requirements for hosts and platforms to comply with the new rules have also been released and are available in Backgrounder 1 and here:

READ the full release here.


Reviewing depreciation reports is an important part of evaluating a strata corporation. With that in mind, it’s important to consider when a depreciation report might become outdated.

1. Why Depreciation Reports Matter to Buyers

Depreciation reports offer a 30 year forecast of a strata corporation's future capital expenses, providing a "best-educated guess". These reports are an important tool in assisting strata corporations plan for the future, helping them make more informed maintenance and financial decisions.

Among other things, depreciation reports can help buyers better understand the likelihood that they will face additional costs, like special levies, as a result of the strata not saving enough in its contingency reserve fund (CRF), to pay for all future work.

2. Key Assumptions in Depreciation Reports


It’s important to understand that depreciation reports rely on assumptions that may not always hold true, directly impacting their reliability and accuracy. What are some of these assumptions? They include things like anticipated:

  • Inflation Rates: Predictions on how the prices of goods and services will evolve.

  • Interest Rates: The expected returns on the strata’s invested funds.

  • Component Lifespans: Estimates on how quickly building components will need repairs or replacement, and the associated costs.


3. Some Examples of Real-World Impacts on Depreciation Reports

Although that are many factors that may impact the accuracy of depreciation reports, here are a few to consider:

  • Increases in the Costs of Goods and Service - In the past 3-5 years, we've seen notable increases in the cost of many goods and services. Such changes can render older reports less reliable. The more time that has elapsed since a report was issued, the greater the likelihood that its projections no longer align with current economic realities.

  • Economic Fluctuations - Beyond general inflation, specific market conditions can affect the cost of materials and labor. For example, a surge in construction activity can drive up prices, or labor shortages can increase costs, which may not have been anticipated at the time the report was prepared.

  • Changes in Repair or Replacement Schedules - Changes in the timelines for maintenance and replacements can also render depreciation reports outdated. If the strata has decided or is required to complete certain work sooner (or later) than anticipated, the financial planning based on the original report might no longer be applicable.

  • Changes in Legislation or Building Codes - New regulations or changes to building codes can drastically alter what is required of a strata corporation in terms of maintenance and repairs. For example, new environmental or safety standards could necessitate upgrades or replacements that were not anticipated in the original depreciation report.


4. When Do Depreciation Reports Become Outdated?

As per the new regulationsany report within 5 years old is considered currenthowever rapid changes in various factors, some of which we noted above, may greatly reduce the accuracy of the estimates within a depreciation report. This can occur even if the report is less than 5 years old. For example, if inflation accelerates more quickly than anticipated, or if unforeseen repairs become necessary, the costs may be underestimated.

5. What Should Buyers Know

When discussing depreciation reports with buyers, it’s important to help them understand these factors. By doing so, buyers will be able to make a more informed decision about the information presented in depreciation reports, and, consequently, their purchase.


Spring property market brings positives for buyers and sellers in Victoria

A total of 678 properties sold in the Victoria Real Estate Board region this April, 6.4 per cent more than the 637 properties sold in April 2023 and a 15.3 per cent increase from March 2024. Sales of condominiums were up 1.5 per cent from April 2023 with 208 units sold. Sales of single family homes increased 3.7 per cent from April 2023 with 337 sold.


“The spring market in Victoria kicked off with a gentle increase in sales when compared to last year and continued stable pricing,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “These factors, combined with growth in the available inventory, has created a welcoming and more balanced market for buyers and sellers.”


There were 3,017 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of April 2024, an increase of 14 per cent compared to the previous month of March and a 47.7 per cent increase from the 2,043 active listings for sale at the end of April 2023.


“When we look back to previous spring markets, we will recall challenging conditions that are not present in the market this year,” adds Chair Lidstone. “Last year, interest rates were continuing upwards, which created unpredictability for buyers. The spring of 2022 saw record lows of inventory, which created a pressurized environment for buyers and sellers. The spring of 2021 was also marked with low inventory and impacted by the effects of the pandemic. This year, we have a much healthier supply of inventory with numbers we have not seen since the summer of 2019. Combined with more stable pricing, this market is much easier to navigate for both buyers and sellers. People who are listing their homes can have confidence that they will be able to find a new home, and sellers benefit from the stability of pricing and interest rates. If you are considering making a move, now is the ideal time to connect with your favourite local REALTOR® to create your plan.”


The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in April 2023 was $1,295,800. The benchmark value for the same home in April 2024 decreased by 0.9 per cent to $1,284,600, up from March’s value of $1,279,300. The MLS® HPI benchmark value for a condominium in the Victoria Core area in April 2023 was $564,000 while the benchmark value for the same condominium in April 2024 increased by 0.7 per cent to $567,800, up from the March value of $567,300.


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As you may have heard by now, as per Order in Council No. 204-2024, the BC Government has amended the Strata Property Act and Strata Property Regulation, specifically as it pertains to depreciation reports.

Here’s a quick summary of some of the changes:

1. As of July 1, 2024, strata corporations with 5 or more strata lots:

  • Can no longer waive or defer obtaining a depreciation report, and

  • Must obtain a depreciation report every 5 years.

2. Existing strata corporations without depreciation reports, or those with reports completed before December 31, 2020, have a grace period to acquire new depreciation reports:

  • Until July 1, 2026 - for stratas located in Metro Vancouver, the Fraser Valley, or the Capital Regional District (excluding the Gulf Islands and other islands within the CRD).

  • Until July 1, 2027 - for stratas located in other areas of BC.

3.New strata corporations:

  • Created on or after July 1, 2024, but before July 1, 2027, must:

    • Obtain a depreciation report within 2 years of their first annual general meeting (AGM), and then

    • Every 5 years following that.

4. Who is eligible to prepare a depreciation report?

  • As of July 1, 2025, strata corporations must obtain depreciation reports from one of 6 designated professions, which includes:

    • Engineers

    • Architects

    • Applied science technologists

    • Accredited appraisers

    • Certified reserve planners, and

    • Quantity surveyors

While this summary captures some of the most important changes, it is not exhaustive. We’ll continue to send updates as we approach various implementation deadlines, to keep you well informed.

Thats all for this week. Have a nice week ahead.


One common strategy that stratas use to minimize strata fees in the present is by “padding their current budget”.

When stratas have had surpluses in previous fiscal years, they often choose to leave these surplus funds in their operating account (often labeled “Retained Earnings” on financial documents). This is common practice and is not in itself problematic, as having some cash on hand gives the strata the ability to pay its bills when they’re due. Having low funds in the operating account can cause issues, as the strata may not be able to pay its bills on time, having to wait for more strata fees to come in before it is able to do so.

So how do stratas “pad their budget”?

This tactic involves using surplus funds from previous years to artificially reduce the need for strata fee increases in the current budget. But, since it’s unrealistic to expect the strata to always have previous year surplus funds to draw from, this practice can be problematic and may require the strata to increase strata fees (often significantly) in the future.

It’s therefore important to thoroughly review the strata’s current budget, to determine if it’s employing this tactic. You’ll most often see these “paddedamounts” listed in a strata’s budget as follows (or a variation of):

  • Income from Past Fiscal Year

  • Previous Year Surplus

  • Income Carried Forward

If this amount makes up a significant portion of the strata’s current year operating budget (we’d say anything over 5%) it’s important to make sure your clients are aware and understand how this may impact them in the future.

Supply still key to Victoria’s housing market

A total of 588 properties sold in the Victoria Real Estate Board region this March, 0.3 per cent fewer than the 590 properties sold in March 2023 but a 25.1 per cent increase from February 2024. Sales of condominiums were down 10.2 per cent from March 2023 with 177 units sold. Sales of single family homes increased 1.8 per cent from March 2023 with 286 sold.


“We’ve concluded a rather quiet first quarter and are transitioning into the spring market,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “Many of our local REALTOR® members are noting that more shoppers are coming into the market – but this has not necessarily translated into sales numbers. This may change as we move into what is historically the busiest market of the year.”


There were 2,647 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2024, an increase of 12 per cent compared to the previous month of February and a 34.4 per cent increase from the 1,970 active listings for sale at the end of March 2023.


“The increases in inventory we’ve seen in recent months really help to improve the health of our market,” adds Chair Lidstone. “We have more inventory for consumers to consider when compared with recent years. This additional inventory improves both buyer and seller confidence as it means people have more options and more reassurance that they are going to be able to find their new home. As people buy and move, more properties are added to the available inventory, which supports a much healthier market. Supply really is key, and looking to the future we need to ensure that focus continues on the creation of new homes of all types and price points. If you’re considering a move over the course of the spring market, connect with your favourite local Realtor for to-the-minute insight into our market to create your strategy.”


The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2023 was $1,258,300. The benchmark value for the same home in March 2024 increased by 1.7 per cent to $1,279,300, up from February’s value of $1,247,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in March 2023 was $549,000 while the benchmark value for the same condominium in March 2024 increased by 3.3 per cent to $567,300, up from the February value of $557,000.


Property Transfer Tax exemptions - April 1, 2024

For many, buying a home is the largest purchase they will ever make, and property prices are making it harder. Every little bit helps, and Budget 2024 aims to give people the financial boost they need to bring buying a home within reach, including:

  • Increases to the threshold for the First Time Homebuyers’ Program so it reflects today’s market:
  • Qualifying first-time buyers can benefit when they purchase a home worth up to $835,000, with the first $500,000 completely exempt from the property transfer tax. That could mean as much as $8,000 in savings.

  • An estimated 14,500 people – twice as many as before – will now be eligible for support to buy their first home, helping them move out of the rental market and freeing up rentals for others.

  • People buying newly built homes worth up to $1.1 million will also see lower costs through the newly-built-home exemption.

To help lower the cost and encourage the construction of more rental units, eligible purpose-built rental buildings of four or more units will also receive a property transfer tax exemption until 2030.

Raising these property transfer tax exemption thresholds and incentivizing building of new rentals and homes will save more people more money, an estimated $100 million per year.

For information on PTT including a calculator, click here.

BC Home Flipping Tax - Jan 1, 2025

As part of the Homes for People plan, and to discourage speculators from driving up prices, Budget 2024 introduces the new BC Home Flipping Tax, effective Jan. 1, 2025. This will be a tax on the profit made from selling a residential property within two years of buying it, with specific exemptions for life circumstances, such as divorce, death, illness and relocation for work, among others. Revenue from the tax will go directly to building affordable housing throughout B.C.

For full detail on the budget, click here.


strata corporations are not required to obtain earthquake insurance. That being said, purchasing a unit in a strata corporation that does not have earthquake insurance can pose significant risks, so it’s important to advise consumers accordingly.

It’s also important for your clients to be aware of how much they may be on the hook for, were an earthquake to happen and cause significant damage. By doing so, your clients will be able to make an informed decision on whether, or not, to obtain additional homeowner insurance, to mitigate their risks.

To calculate a strata lot’s earthquake deductible:

1. You need the following info:

  • The strata’s current insurance policy, and from there:

    • The Insured Value of the strata corporation, and

    • The Earthquake Deductible, shown as a percentage (e.g. 15%).

  • The strata lot’s Unit Entitlement. To calculate this, you’ll need:
  • Schedule of Unit Entitlement (filed with the Land Title Office and known as a Form V, or if the strata was built pre-2000, this will be part of the Strata Plan).


When using the formula, the earthquake deductible percentage should be expressed as a decimal (e.g. 15% should be entered as 0.15)


1. To start, it’s important to understand what we mean by “enough”.

If you’ve missed our email explaining how to determine whether a strata has “enough” in its contingency reserve fund (CRF), you can check it out here: Does the Strata Have Enough in its CRF?

2. So, how much can buyers expect to pay in special levies because BC stratas are not saving enough in their CRFs to pay for all their future capital projects?

Because we’ve had a chance to review so many strata corporations all across BC, we’ve gathered some metrics that allow buyers to make more informed decisions about their purchases. Based on the last 1,457 strata corporation reviews we’ve completed, as of today (March 13, 2024), buyers can expect, on average:

  • To pay approximately $17,826 in total special levies over the upcoming 10 years, because most BC stratas are not saving enough in their CRFs to pay for all their future capital expenditures.

3. That being said, it’s important to recognize that each strata is unique and buyers have to consider each individual strata/circumstance.

Our estimate is based on:

  • Projections included in strata corporation depreciation reports.

  • Strata corporations:

    • Of various sizes

    • Of various ages

    • In different areas of BC

    • With different types and number of assets and amenities, and

    • Of various construction types

When comparing any individual strata corporation with the “average BC strata”, it’s important to put things into context and be aware of individual differences.

4. Making your buyers aware of the possible future special levies that they may face enable them to:

  • Make a more informed decision about their purchase and the total costs they will likely face, and

  • Ensure they are putting enough funds aside to be able to pay special levies that they may face in the future.


Depreciation Reports (as they’re known in BC) or Reserve Fund Studies (as they’re known in many other jurisdictions), enable strata corporations to better plan for future maintenance, repair and/or replacement of common property and common assets.

From a buyer’s point of view, depreciation reports are a tool that can help one better understand:

  • The likelihood that they may face additional special levies, because the strata may not be saving enough in its Contingency Reserve Fund (CRF), to pay for all future projects.


That being said, when looking at depreciation reports, it’s important to recognize that the cost estimates represent a “best guess”, and are often considered “Class D Estimates (±50%)”. The report writer (often an appraiser or engineer) comes on site, does a visual inspection of the strata’s common property and common assets, and they then do their best to predict:

  • When the strata will have to repair and/or replace certain components.

  • And how much this might cost.


What are Class D Estimates?

Many of the depreciation reports we review note that the estimates provided are Class D Estimates (±50%), which are preliminary estimates based on “little or no site information”. These estimates are typically considered to be +/- 50% in accuracy, with many variables influencing the final price. As an example, this means that if a project is estimated to cost $10,000, the actual cost could range from $5,000 - $15,000.

It’s therefore important for buyers to recognize that their future “strata expenses” could be higher (or lower) than what is noted in a depreciation report, and they should plan accordingly.


All strata corporations in BC, regardless of size, must obtain property and liability insurance, including bare land strata corporations and strata-titled duplexes.

1. Property Insurance

A. The strata corporation’s property insurance must be for:

  • Common property

  • Common assets

  • Buildings shown on the strata plan, and

  • Fixtures built or installed on a strata lot if built or installed by the owner developer as part of the original construction of the strata lot (e.g., the original flooring, cabinets, etc.)

B. Property insurance must be for the full replacement value (which requires a current appraisal) and insure against all major perils, which include:

  • fire, lightning, smoke, windstorm, hail

  • explosions

  • water escapes

  • strikes, riots or civil commotion

  • impact by aircraft and vehicles

  • vandalism and malicious acts

One surprising fact is that, under the Strata Property Regulationearthquake insurance is not considered a major peril. However, purchasing a unit in a strata corporation that does not have earthquake insurance can pose significant risks. If that is the case, it is important that you make your clients aware, and advise them to seek professional insurance advice.

2. Liability Insurance

The strata corporation must also obtain and maintain liability insurance to insure the strata corporation against liability for property damage and bodily injury, for a minimum amount of $2,000,000.

3. Strata Homeowner Insurance

It’s important to realize that strata corporation insurance is not the same as strata homeowner insurance. In order to mitigate their risks, many strata owners in BC obtain additional homeowner insurance, which often insures them for:

  • Their household contents

  • Upgrades made to the unit

  • Strata deductible coverage (which protects them in case they are found responsible for paying the strata’s deductible(s).

It is always a good idea to recommend to your clients that they take a copy of the strata’s insurance policy to their insurance broker, to have a discussion about their ability to get additional homeowner insurance, as well as the costs associated with this. That way they’ll have a good understanding of their ability and the costs of mitigating certain risks.

Based on our experience, approximately 25% of strata corporations or management companies neglect to provide the latest set of bylaws. So, in this email, we’ll go over how you can ensure you have the latest, enforceable set of bylaws.

Where can I find the strata corporation’s bylaws?

All strata corporations in BC should have bylaws filed with the Land Title and Survey Authority (LTSA). These can either be the Standard Bylaws or, if the strata has amended its bylaws, the strata’s unique set of bylaws.

To ensure you have the latest set of enforceable bylaws, we recommend that you always pull them directly from the LTSA.

What’s the correct process for approving new bylaws?

When a strata corporation wants to amend some or all of its bylaws, it should follow these steps:

  • Send out a general meeting notice with the bylaw amendment resolutions it is proposing.

  • Hold the general meeting, which allows the owners to discuss and vote on the bylaw amendments being proposed.

  • If approved, file the newly approved bylaws with the LTSA.

Only once filed with the LTSA, can a strata corporation start enforcing those bylaws.

What if the owners approved new bylaws, but the strata has yet to file those with the LTSA?

Because it may take a strata corporation a few weeks to get around to filing newly approved bylaws, there may be a period of time where the bylaws filed with the LTSA are not the latest bylaws approved by the owners. The strata essentially has “newly approved bylaws”, but they are “not yet enforceable”.

In this circumstance, the answer to the question “Are there any amendments to the bylaws that are not yet filed in the land title office?” on the Form B should be “Yes”, and the strata must attach copies of the new bylaws to the Form B.

Form Bs are completed by humans, which means that sometimes mistakes are made. It is therefore good practice to also check the last two years’ worth of general meeting minutes for any bylaw changes.

  • If those minutes show that new bylaws have been approved, those bylaws should be in the bylaw package you received.

  • If they’re not and the strata answered “No” to the Form B question noted above, you should follow up with the strata corporation, to confirm why the bylaw amendments aren’t included in the bylaw package provided.


What is the Form B: Information Certificate?

As per the Strata Property Act, a buyer is entitled to obtain a current and complete Form B: Information Certificate. This document is issued by the strata corporation, or the strata manager on behalf of the strata corporation, and contains:

  • Some information about the strata corporation as a whole, and

  • Some information specific to the strata lot the buyer is intending to purchase.

When providing a Form B to a potential buyer or a real estate licensee, strata corporations, and by extension their strata managers, must use the most current version of the Form B available.

The Issue with Outdated Form Bs:

From our experience, many strata corporations and management companies are still using outdated or incomplete versions of the Form B.

If you come across this issue, you should request that the strata provide a new Form B, which includes all the required information. This will ensure your clients have the up-to-date information they need, to be able to make an informed decision about their purchase.

Depending on how the subject conditions were written, if the strata has provided an outdated or incomplete version of the Form B, you may be able to obtain an extension for your clients. If you come across this issue, we recommend you speak with your managing broker and/or obtain legal advice.

In addition to ensuring that the latest and complete version of the Form B is provided, it is also important to make sure the Form B is current. Check out our previous email titled “Make Sure the From B: Information Certificate is Current”, to learn why we recommend the Form B should not be older than 1 month

The Latest Changes to the Form B:

As per Order in Council OIC 671-23, as of December 6, 2023, the Form B has been amended, requiring strata corporations to answer the following question, regarding electrical planning reports. If the Form B you received does not include and answer this question, the Form B used is outdated and incomplete, and you should request a new one.

What’s this new Form B question all about?

As noted in the BC Government news release titled “Electric vehicle charging in strata corporations”:

An electrical planning report helps strata corporations to understand their current electrical capacity and their ability to meet new demands for electricity including charging electric vehicles and other needs such as installing heat pumps.


More inventory means greater opportunity in Victoria real estate market

A total of 470 properties sold in the Victoria Real Estate Board region this February, 2.2 per cent more than the 460 properties sold in February 2023 and a 37.8 per cent increase from January 2024. Sales of condominiums were down 5.6 per cent from February 2023 with 152 units sold. Sales of single family homes increased 1.8 per cent from February 2023 with 224 sold.

“We saw glimmers of a start to the spring market over the course of February,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “In addition to the increase in sales, more than five hundred new listings came to market when compared to last year’s inventory numbers. This much needed inventory gives buyers more selection and more time to make their purchasing decisions. We’ve also seen prices continue to remain stable, which is excellent for buyers and sellers because it makes the transaction much more predictable.”


There were 2,364 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2024, an increase of 10.5 per cent compared to the previous month of January and a 30.7 per cent increase from the 1,809 active listings for sale at the end of February 2023.


“We noted an increase in townhome sales this past month,” adds Chair Lidstone. “Townhomes are an important segment of missing middle housing, one that is undersupplied in the Greater Victoria area. Hopefully the fifty per cent increase in townhome sales compared to last year will encourage more development of this type of housing to meet our missing middle housing needs. If you are considering a move this coming spring, it’s a great time to connect with your REALTOR® to make a plan.”


The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February 2023 was $1,251,000. The benchmark value for the same home in February 2024 decreased by 0.3 per cent to $1,247,400, up from January’s value of $1,244,000. The MLS® HPI benchmark value for a condominium in the Victoria Core area in February 2023 was $549,300 while the benchmark value for the same condominium in February 2024 increased by 1.4 per cent to $557,000, down from the January value of $559,000.


A balanced market means opportunity for buyers and sellers in Victoria

A total of 341 properties sold in the Victoria Real Estate Board region this January, 22.7 per cent more than the 278 properties sold in January 2023 and a 3.6 per cent increase from December 2023. Sales of condominiums were up 10.9 per cent from January 2023 with 112 units sold. Sales of single family homes increased 35 per cent from January 2023 with 162 sold.

“Our housing market eased into the new year with a renewed sense of balance,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “Sales were up slightly based off last year’s very low numbers, and overall, we saw the stabilization that we observed in late 2023 continue into 2024. Mortgage rates have levelled out, inventory is slowly creeping back up, and we are no longer in that highly pressurized market of recent years which created complicated and sometimes stressful conditions for buyers and sellers.”


There were 2,140 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2024, an increase of 0.4 per cent compared to the previous month of December and a 23.1 per cent increase from the 1,739 active listings for sale at the end of January 2023.


“I think this balance and stability in our market brings with it an optimistic outlook for the coming months,” adds Chair Lidstone. “If balanced conditions continue, buyers and sellers will have more time to make decisions and there will be less pressure on pricing. Of course, there are many factors that impact the market here in Victoria, and as we’ve seen in the past things can change very rapidly. If you are considering selling or buying, connect with a local Realtor to identify where your opportunities are as we move towards spring.”


The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in January 2023 was $1,224,000. The benchmark value for the same home in January 2024 increased by 1.6 per cent to $1,244,000 down from December’s value of $1,268,000. The MLS® HPI benchmark value for a condominium in the Victoria Core area in January 2023 was $562,200 while the benchmark value for the same condominium in January 2024 decreased by 0.6 per cent to $559,000, down from the December value of $562,000.

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