Limited inventory continues
to be key in
A total of 474 properties sold in the Victoria Real Estate Board region this January, 26.6 per cent fewer than the 646 properties sold in January 2021 but an 8.2 per cent increase from December 2021. Sales of condominiums were down 13 per cent from January 2021 with 188 units sold. Sales of single family homes decreased 39.7 per cent from January 2021 with 179 sold.
“A cursory glance at our sales numbers could
lead to the quick conclusion that our market is slowing down,” says 2022
There were 744 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2022, an increase of 14.1 per cent compared to the previous month of December and a 43.7 per cent decrease from the 1,321 active listings for sale at the end of January 2021.
“As it stands, our market will be slow to change until our inventory levels perk up,” adds President Dinnie-Smyth. “This means we need to see supply added of all types of housing and we need to establish a sustainable source of supply into the upcoming years to meet growth. The reality of housing is that it takes years to add new numbers and until we are better able to meet demand, our market will be under pressure. With the constrained and fast paced market, it’s an excellent time to use the services of an experienced REALTOR®, one who can help you identify a strategy and process for selling or buying – or selling and buying - a new home.”
The Multiple Listing Service® Home Price Index
benchmark value for a single family home in the Victoria Core in January 2021
was $932,200. The benchmark value for the same home in January 2022 increased
by 24.6 per cent to $1,161,500, up from December’s value of $1,144,900. The
MLS® HPI benchmark value for a condominium in the Victoria Core area in January
2021 was $487,500, while the benchmark value for the same condominium in
January 2022 increased by 20.5 per cent to $587,300, up from the December value
of $570,600.
The Graph below is for single family home prices in Greater Victoria over the past year