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
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Thank you for being here,
Alex Hughes* and Ricki-Lee Jewell, Victoria, BC Real Estate Agents
*Personal Real Estate Corporation
