Victoria Real Estate Board November 2023 market statistics:
Anticipated trends are evident, with the number of sales decreasing as we go into the holiday season.
There has been a 25% increase in the number of listings compared to last year, giving those navigating the market more choices and time.
Previous Year
(Nov 2022)
Properties Sold:
384
Active Listings:
2,111
Benchmark Single Family:
$1,248,600
Benchmark Condo:
$568,400
Previous Month
(Oct 2023)
Properties Sold:
407
Active Listings:
2,756
Benchmark Single Family:
$1,305,900
Benchmark Condo:
$585,600
Current Stats
(Nov 2023)
Properties Sold:
394
Active Listings:
2,644
Benchmark Single Family:
$1,286,400
Benchmark Condo:
$577,400
Bank of Canada interest rate announcement schedule for 2023:
January 25: Increase of 0.25% to policy rate of 4.5%
March 8: Hold at 4.5%
April 12: Hold at 4.5%
June 7: Increase of 0.25% to policy rate of 4.75%
July 12: Increase of 0.25% to policy rate of 5.00%
September 6: Hold at 5%
October 25: Hold at 5%
December 6: TBA
Predictions are that interest rates will be coming down next year.
The past two years have restored a level of balance to the market that was missing in 2021.
We suspect 2024 will be a strong year for Victoria’s real estate market.
No matter what stage you’re at, we’re here to help.
Next Steps?
Homeowners: Contact us for a free, no-obligation home equity check to gain a deeper understanding of your position in the market.
Buyers: We’re here to help, no matter what stage you’re at, to determine the most effective pathway towards achieving your real estate goals.
Contact us: 250-634-2141 (call or text) or [email protected]
Schedule a call with us: https://calendly.com/alex-nph/30min?month=2023-05
Subscribe to our monthly newsletter & receive our Buyer’s and Seller’s Guides (PDFs): https://northpacifichomes.ca/guides/
Thank you for being here,
Alex Hughes* and Ricki-Lee Jewell, Victoria, BC Real Estate Agents
*Personal Real Estate Corporation
