As April comes to a close, all eyes are on what’s ahead for Victoria’s real estate market in May. Spring is traditionally one of the most active seasons for buyers and sellers alike, and 2024 is no different.
Whether you’re planning to list your property or thinking about making a move, here’s what to expect in Victoria’s real estate landscape this coming month.
1. More Listings Are on the Way
Inventory tends to rise in May, giving buyers more options and sellers more competition. If you’re planning to list, now’s the time to make your home stand out — and prep work like staging, professional photos, and strategic pricing can make a big difference.
2. Buyer Demand Is Holding Steady
While interest rates and affordability continue to shape buyer behavior, demand in Victoria remains strong — especially for well-located, move-in ready homes. Expect serious buyers to be active, particularly those hoping to secure a deal before summer travel begins.
3. Detached Homes & Townhomes Are Gaining Interest
Many local buyers are looking to upsize, making townhomes and detached homes especially desirable this season. Properties with outdoor space, home offices, or suites will continue to draw attention.
4. Price Sensitivity Still Matters
With mortgage rates still top of mind, buyers are watching value closely. Well-priced homes in key neighbourhoods — like Oak Bay, James Bay, and Vic West — are moving quickly. Overpricing can lead to longer days on market, even in a busy season.
5. Timing Is Everything
If you’re selling, consider getting your home on the market before the late May surge. The earlier you list, the more you can take advantage of lower competition and higher visibility from motivated buyers.
Victoria’s real estate market is heading into one of its most active periods of the year. Whether you’re buying, selling, or just watching the market, staying informed gives you a real advantage.
Thinking of making a move this May? Coastal Living Collective is here to help you navigate every step — with expert insights, local knowledge, and a personalized plan for your goals.
Contact us today to explore available listings in the heart of Victoria.
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