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A total of 407 properties sold in the Victoria Real Estate Board region this October, 15.2 per cent fewer than the 480 properties sold in October 2022 and a 17.4 per cent decrease from September 2023. Sales of condominiums were down 7.2 per cent from October 2022 with 141 units sold. Sales of single family homes decreased 16.1 per cent from October 2022 with 193 sold.
“Overall, property sales drifted down in October compared to the previous month, likely due to consumers continuing to navigate interest rates higher than those seen in nearly two decades,” said Victoria Real Estate Board Chair Graden Sol. “The uncertainty around the direction of the Bank of Canada rate announcement in mid-October may have caused some buyers to push their purchasing plans into the future because it was unclear if rates were going to be hiked again or remain stable. Generally speaking, when we have periods of static interest rates, consumer confidence returns to the market. We can recall earlier in the year when rates plateaued; we saw an uptick in sales in the weeks after. However, when rates began to rise again, we saw consumer confidence falter.”
There were 2,756 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2023, an increase of 2.1 per cent compared to the previous month of September and a 25.7 per cent increase from the 2,192 active listings for sale at the end of October 2022.
“The good news in October was that we continued to see a slow and steady increase in the number of available properties for sale,” adds Sol. “This additional inventory is positive for buyers who will have more selection than they’ve experienced in recent years. The real estate market tends to slow down in late fall and winter, but there are still a good number of active buyers. If you’re thinking about making a move during the colder months, reach out to your local REALTOR® to plan your strategy.”
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in October 2022 was $1,257,100. The benchmark value for the same home in October 2023 increased by 3.9 per cent to $1,305,900, which is down from September’s value of $1,312,200. The MLS® HPI benchmark value for a condominium in the Victoria Core area in October 2022 was $575,300, while the benchmark value for the same condominium in October 2023 increased by 1.8 per cent to $585,600, which is down from the September value of $589,600.
if you are interested in buying or selling a home, condo or townhouse, call Lorne Tuplin - RE/MAX Camosun at 250-217-4600
This is an older property built in 1912, with a few upgrades made over time. The primary value of the property lies in the land, but with sufficient time and resources, a handyman could potentially renovate the home. The property is zoned R1-B, which seems to permit the construction of small detached suites or suites within the home. To set up a viewing, call Lorne Tuplin 250-217-4600
Victoria’s summer real estate market conditions push into September
“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 September with some of the lowest
sales numbers for that month in decades. While the rate of decrease has slowed
due in part to concerns about rising interest rates and inflation, this level
of activity may not necessarily reflect the actual demand that exists in the
marketplace. While overall activity is below
historical norms, well-priced properties are still receiving plenty of
attention. Multiple offers on these homes are still quite common, which may not
be reflected in the overall statistics, but is noticeable if you are actively
buying and selling.”
There were 2,300 active listings for sale on the Victoria Real
Estate Board Multiple Listing Service® at the end of September 2022, an
increase of 7.6 per cent compared to the previous month of August and a 104.6
per cent increase from the 1,124 active listings for sale at the end of
September 2021.
“The good news is that we have seen more inventory come to
market, which when combined with slower sales activity, has resulted in more
balanced market conditions,” adds President Dinnie-Smyth. “In the current
environment, properties that are well-priced and well-maintained continue to
sell briskly. If you are thinking of making a move, a conversation with your
favourite REALTOR® for an up-to-date analysis of how the housing market is
performing in your area will be crucial to your success. Another consideration
is to take the time to vote in your municipal elections October 15 for
candidates who reflect your preferences for housing in our communities. Much of
our future housing supply and the way Greater Victoria will manage housing needs
will be determined by decisions made at the municipal level.”
The Multiple Listing Service® Home Price Index benchmark value
for a single family home in the Victoria Core in September 2021 was $1,201,100.
The benchmark value for the same home in September 2022 increased by 13.6 per
cent to $1,364,200 but was down 2 per cent from August's value of $1,391,700.
The MLS® HPI benchmark value for a condominium in the Victoria Core area in
September 2021 was $519,200, while the benchmark value for the same condominium
in September 2022 increased by 18.9 per cent to $617,400, down by 0.7 per cent
from the August value of $621,900.
Buying or selling? Call Lorne at 250-217-4600
