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Victoria, BC Real Estate Market August 2023 Stats + Bank of Canada Holds at 5% Policy Rate

What’s going on in the Victoria real estate market? Are prices decreasing? How did interest rates impact market activity?

Looking at the “Sales to Listings Ratio”, we are considered to be in a more balanced market, not a buyer’s market, and not nearly as intense a seller’s market as we saw in previous recent years.

August followed a seasonal sales pattern, with relatively slow activity at the beginning of the month, increasing towards the end of the month.

The Bank of Canada did announce a hold on the policy rate, and we can suspect that this will contribute to a busy autumn market.

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

December 6

Market Stats:

While the number of active listings has gone up, a better mix of housing supply is needed, namely ”Missing Middle”, such as townhomes, which represented only 9.8% of the residential properties for sale.

The lack of “middle” housing available is concentrating demand for these types of properties, in part affecting prices.

Benchmark prices in August marginally increased from July, and are comparatively close to benchmark prices at this time last year.

Previous Year

(August 2022)

Properties Sold:

478

Active Listings:

2,137

Benchmark Single Family:

$1,327,700

Benchmark Condo:

$583,700

Previous Month

(July 2023)

Properties Sold:

595

Active Listings:

2,419

Benchmark Single Family:

$1,318,800

Benchmark Condo:

$568,000

Current Stats

(August 2023)

Properties Sold:

544

Active Listings:

2,490

Benchmark Single Family:

$1,323,900

Benchmark Condo:

$582,000

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]

Book a complimentary home valuation: 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

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