VICTORIA MARKET REPORT - June 2023

Spring market begins to grow just in time for summer

A total of 775 properties sold in the Victoria Real Estate Board region this May, 1.8 per cent more than the 761 properties sold in May 2022 and a 21.7 per cent increase from April 2023. Sales of condominiums were down 0.8 per cent from May 2022 with 248 units sold. Sales of single family homes increased 8.7 per cent from May 2022 with 399 sold.

“The month of May marks the highest number of sales we’ve seen since April of last year,” said Victoria Real Estate Board Chair Graden Sol. “While we haven’t seen the number of total sales we would expect in a spring market, the month of May marks the fourth consecutive month with sales higher than the month…

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MARKET REPORT - May 2023

Victoria Market Report


Not enough growth in inventory numbers means spring market sales slow

May 1, 2023  A total of 637 properties sold in the Victoria Real Estate Board region this April, 22.7 per cent fewer than the 824 properties sold in April 2022 but an 8 per cent increase from March 2023. Sales of condominiums were down 21.8 per cent from April 2022 with 205 units sold. Sales of single family homes decreased 19.4 per cent from April 2022 with 325 sold.

"Sales numbers for this April are more moderate than the higher levels we've seen in recent years," said Victoria Real Estate Board Chair Graden Sol. "We are in a familiar market pattern, where the majority of sales for the year occur in the spring. While…

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MARKET REPORT - April 2023

Victoria Market Report


Early spring market reflects consumer confidence and growing demand

 

April 3, 2023: A total of 590 properties sold in the Victoria Real Estate Board region this March, 29.2 per cent fewer than the 833 properties sold in March 2022 but a 28.3 per cent increase from February 2023. Sales of condominiums were down 29.4 per cent from March 2022 with 197 units sold. Sales of single family homes decreased 31.8 per cent from March 2022 with 281 sold.

 

“We’ve seen our sales numbers this month almost double from January,” said Victoria Real Estate Board Chair Graden Sol. “As we move further into spring, we expect that the return to confidence we’ve seen in the market will continue. What we…

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MARKET REPORT - MAR. 2023

Victoria Market Report

Winter real estate market wraps with improved consumer confidence and more stable pricing

March 1, 2023  A total of 460 properties sold in the Victoria Real Estate Board region this February, 35.9 per cent fewer than the 718 properties sold in February 2022 but a 65.5 per cent increase from January 2023. Sales of condominiums were down 39.7 per cent from February 2022 with 161 units sold. Sales of single family homes decreased 28.8 per cent from February 2022 with 220 sold.

"Last month we talked about the optimism building in the local market that our REALTORS® saw, and now we can see it in the market statistics," said Victoria Real Estate Board Chair Graden Sol. "We can confirm the return…

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Market Report - Feb. 2023 

Victoria Market Report

A slow start to the year may not foretell the future for the Victoria housing market

February 1, 2023  A total of 278 properties sold in the Victoria Real Estate Board region this January, 41.4 per cent fewer than the 474 properties sold in January 2022 and a 13.1 per cent decrease from December 2022. Sales of condominiums were down 46.3 per cent from January 2022 with 101 units sold. Sales of single family homes decreased 33 per cent from January 2022 with 120 sold.

"If you're looking at the statistics, this January was one of the slowest we've seen on record," says 2023 Victoria Real Estate Board Chair Graden Sol. "However, we did see a mid-month surge in activity as buyers seemed to…

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Victoria Market Report


The 2022 Victoria Real Estate Market Year in Review


January 3, 2023  A total of 320 properties sold in the Victoria Real Estate Board region this December, 26.9 per cent fewer than the 438 properties sold in December 2021 and a 16.7 per cent decrease from November 2022. Sales of condominiums were down 38.2 per cent from December 2021 with 94 units sold. Sales of single family homes decreased 24.6 per cent from December 2021 with 156 sold.

A grand total of 6,804 properties sold over the course of 2022, 32.3 per cent fewer than the 10,052 that sold in 2021. 2022 sales came closest to 2014's sales year when 6,698 properties were sold.

"We began the year with record low inventory, and with higher than average sales," says…

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Victoria Market Report 

The Victoria Real Estate Board

The Autumn Market Has Returned To Its Traditional Rhythm As We Approach The Holiday Season
December 1, 2022  A total of 384 properties sold in the Victoria Real Estate Board region this November, 41.2 per cent fewer than the 653 properties sold in November 2021 and 20 per cent fewer than in October 2022. Sales of condominiums were down 42.4 per cent from November 2021 with 136 units sold. Sales of single family homes decreased 34.1 per cent from November 2021 with 182 sold.

"November saw a significant decrease from last year in the number of home sales recorded, but this was expected as the market continues to settle after the record setting pace of 2021," says Victoria Real Estate Board President Karen Dinnie-Smyth. "With…

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Victoria Market Report 

A slight uptick in sales and inventory, but Victoria real estate market still requires commitment to homes 

November 1, 2022   A total of 480 properties sold in the Victoria Real Estate Board region this October, 35.6 per cent fewer than the 745 properties sold in October 2021 but a 17.1 per cent increase from September 2022. Sales of condominiums were down 39 per cent from October 2021 with 152 units sold. Sales of single family homes decreased 32.2 per cent from October 2021 with 230 sold. 

“Inventory has remained stable this month and for the first time since May 2022, we see a slight increase in the month over month sales,” says Victoria Real Estate Board President Karen Dinnie-Smyth. “We noted last month that the…

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Victoria Market report


October 3, 2022  A total of 410 properties sold in the Victoria Real Estate Board region this September, 46.1 per cent fewer than the 761 properties sold in September 2021 and a 14.2 per cent decrease from August 2022. Sales of condominiums were down 58.8 per cent from September 2021 with 126 units sold. Sales of single family homes decreased 33.2 per cent from September 2021 with 221 sold.

"September heralds the start of the fall season, which traditionally brings a more active market than what we see in the summer months. October is generally the peak of the fall and winter market," says Victoria Real Estate Board President Karen Dinnie-Smyth. "This year sales have dropped month over month since May and we saw a reluctant…

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Victoria Market Report

Strong First Quarter for BC Housing Markets, But Rising Rates Loom Large
March Market Report 2022

The British Columbia Real Estate Association (BCREA) reports that a total of 11,463 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in March 2022, a decrease of 24.1 per cent from a record March 2021.

The average MLS® residential price in BC was $1.096 million, a 15.7 per cent increase from $946,813 recorded in March 2021. Total sales dollar volume was $12.6 billion, a 12.1 per cent decline from the same time last year.

“Home sales in the province continue to moderate from record highs of this time last year,” said BCREA Chief Economist Brendon Ogmundson. “Given the sharp rise in Canadian mortgage…

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