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January 2023 Market Stats: Missing Middle Initiative

January 2023 Market Statistics:

Properties Sold: 278

Active Listings: 1,739

Benchmark Condominium: $578,300

Benchmark Single Family Home: $1,251,100

While not reflected in the stats for January, real estate agents throughout Victoria have noticed an uptick in buyer activity, particularly in the latter half of the month.

It does appear more people are looking to buy after time to adjust to the shock of the 2022 interest rates, and with the anticipation that the Bank of Canada may hold increases for the time being. This buyer activity is far from the intensity we experienced in 2021, however, multiple offer scenarios are happening at certain property price points.

An important note is that some lenders are lowering their faxed rates, and we are starting to see fixed rates coming down to the mid-to-high 4% range.

If you’re thinking about making a move in the market this year, I’m always happy to have a conversation to help you best prepare to meet your home ownership goals. Call or text: 250-634-2141⁣⁣⁣⁣⁣⁣, or email at [email protected].

Thank you for being here,

Alex Hughes* and Ricki-Lee Jewell, Victoria, BC Real Estate Agents

*Personal Real Estate Corporation

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