A total of 407 properties sold in the Victoria Real Estate Board region this October, 15.2 per cent fewer than the 480 properties sold in October 2022 and a 17.4 per cent decrease from September 2023. Sales of condominiums were down 7.2 per cent from October 2022 with 141 units sold. Sales of single family homes decreased 16.1 per cent from October 2022 with 193 sold.

“Overall, property sales drifted down in October compared to the previous month, likely due to consumers continuing to navigate interest rates higher than those seen in nearly two decades,” said Victoria Real Estate Board Chair Graden Sol. “The uncertainty around the direction of the Bank of Canada rate announcement in mid-October may have caused some buyers to push their purchasing plans into the future because it was unclear if rates were going to be hiked again or remain stable. Generally speaking, when we have periods of static interest rates, consumer confidence returns to the market. We can recall earlier in the year when rates plateaued; we saw an uptick in sales in the weeks after. However, when rates began to rise again, we saw consumer confidence falter.”

There were 2,756 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2023, an increase of 2.1 per cent compared to the previous month of September and a 25.7 per cent increase from the 2,192 active listings for sale at the end of October 2022.

“The good news in October was that we continued to see a slow and steady increase in the number of available properties for sale,” adds Sol. “This additional inventory is positive for buyers who will have more selection than they’ve experienced in recent years. The real estate market tends to slow down in late fall and winter, but there are still a good number of active buyers. If you’re thinking about making a move during the colder months, reach out to your local REALTOR® to plan your strategy.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in October 2022 was $1,257,100. The benchmark value for the same home in October 2023 increased by 3.9 per cent to $1,305,900, which is down from September’s value of $1,312,200. The MLS® HPI benchmark value for a condominium in the Victoria Core area in October 2022 was $575,300, while the benchmark value for the same condominium in October 2023 increased by 1.8 per cent to $585,600, which is down from the September value of $589,600.

October 3, 2023

A total of 493 properties sold in the Victoria Real Estate Board region this September, 20.2 per cent more than the 410 properties sold in September 2022 and a 9.4 per cent decrease from August 2023. Sales of condominiums were up 23 per cent from September 2022 with 155 units sold. Sales of single family homes increased 3.2 per cent from September 2022 with 228 sold.

"What we saw in our market last month was a continuation of the seasonal market trend we expect in a typical year as we move into fall," said Victoria Real Estate Board Chair Graden Sol. "We have seen a slight return to a more balanced market in recent weeks. Our inventory right now features almost a thousand more listings for sale than we saw than at the start of this year."

There were 2,699 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September 2023, an increase of 8.4 per cent compared to the previous month of August and a 17.3 per cent increase from the 2,300 active listings for sale at the end of September 2022.

"That increase in inventory means there are more properties for prospective buyers," Sol notes. "More inventory also means buyers may have more time to shop, though in many of our local markets a well-priced property will sell rapidly, and we're still seeing some multiple offer situations. The challenge of the day is that there are many buyers who hope to find homes in the missing middle - families who seek two- or three-bedroom homes at attainable price points - who are challenged by our current interest rate environment. Though housing prices have remained reasonably stable this year, the cost of carrying a mortgage has increased tremendously. This means that many first-time buyers and families are unable to purchase homes in our current market. With so many variables at play in each of the micro markets within Greater Victoria, it's a good time to meet with your Realtor to discuss strategy if you are considering a move."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in September 2022 was $1,299,500. The benchmark value for the same home in September 2023 increased by 1 per cent to $1,312,200, which is down from August's value of $1,323,900. The MLS® HPI benchmark value for a condominium in the Victoria Core area in September 2022 was $581,500, while the benchmark value for the same condominium in September 2023 increased by 1.4 per cent to $589,600, which is up from the August value of $582,000.

A total of 544 properties sold in the Victoria Real Estate Board region this August, 13.8 per cent more than the 478 properties sold in August 2022 and an 8.6 per cent decrease from July 2023. Sales of condominiums were up 10.8 per cent from August 2022 with 164 units sold. Sales of single family homes increased 9.6 per cent from August 2022 with 273 sold.

“Real estate activity this month reflected what we’d expect to see in an average late summer housing market,” said Victoria Real Estate Board Chair Graden Sol. “The beginning of the month was reasonably slow, and sales ramped up through the last half of the month. The brisk sales pace leading up to the end of August may very well continue into September.”

There were 2,490 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August 2023, an increase of 2.9 per cent compared to the previous month of July and a 16.5 per cent increase from the 2,137 active listings for sale at the end of August 2022.

“The focus in our market and by all levels of government needs to be on opening up more supply,” Sol notes. “Our inventory levels, though up from last year, are still too low to support a well-balanced market. A decade ago, we saw over 5,000 active listings in August. Another important piece of supply is the housing mix that is available. Most residential properties for sale in our market last month were single family homes – this type of property is generally at the top price point. Missing middle homes, such as townhomes and condos represented only 37.1% of listings for sale. Townhomes, which in my experience are what a lot of families hope to purchase, represented only 9.8% of the residential properties for sale. This imbalance in the mix of housing options means there is the potential for more price pressure on these types of properties because demand is concentrated at more attainable price points.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in August 2022 was $1,327,700. The benchmark value for the same home in August 2023 decreased by 0.3 per cent to $1,323,900, which is up from July’s value of $1,318,800. The MLS® HPI benchmark value for a condominium in the Victoria Core area in August 2022 was $583,700, while the benchmark value for the same condominium in August 2023 decreased by 0.3 per cent to $582,000, which is up from the July value of $578,000.

A total of 595 properties sold in the Victoria Real Estate Board region this July, 16.7 per cent more than the 510 properties sold in July 2022 and a 15.6 per cent decrease from June 2023. Sales of condominiums were up 16.3 per cent from July 2022 with 200 units sold. Sales of single family homes increased 15.4 per cent from July 2022 with 293 sold.

“We talked about the return to seasonal norms last month,” said Victoria Real Estate Board Chair Graden Sol. “The July numbers reinforce the re-establishment of seasonal patterns with a slow-down in activity as the summer season set in. This dip in activity doesn’t come as a surprise — it aligns with the familiar and expected seasonal patterns that have been observed in our market over the years.”

There were 2,419 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of July 2023, an increase of 3.3 per cent compared to the previous month of June and a 11.9 per cent increase from the 2,162 active listings for sale at the end of July 2022.

“The good news is that, despite a slowdown in sales, we did witness an increase in inventory coming to the market in July,” Sol notes. “These new listings are quite encouraging, as they indicate a growing movement in our market and show that consumers are becoming more willing to take action and make a move. The additional inventory translates to more choices for buyers and makes it easier for sellers who are looking to make a property change. Another positive aspect of a typical summer market is that there may be fewer active buyers due to people taking vacations during this time of year. Although we continue to see well-priced properties receive competing offers, there might be less competition compared to previous months. If you are contemplating a summer move, it would be wise to connect with your local REALTOR® for assistance. Your Realtor possesses up-to-the-minute information for Victoria and knows how to navigate the market efficiently.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in July 2022 was $1,366,100. The benchmark value for the same home in July 2023 decreased by 3.5 per cent to $1,318,800, which is up from June’s value of $1,310,100. The MLS® HPI benchmark value for a condominium in the Victoria Core area in July 2022 was $600,000, while the benchmark value for the same condominium in July 2023 decreased by 3.7 per cent to $578,000, which is up from the June value of $573,800.

A total of 705 properties sold in the Victoria Real Estate Board region this June, 15.2 per cent more than the 612 properties sold in June 2022 and a 9 per cent decrease from May 2023. Sales of condominiums were up 19.8 per cent from June 2022 with 242 units sold. Sales of single family homes increased 6.6 per cent from June 2022 with 322 sold.

“As we consider the first half of the year, we see a return to a more traditional sales trend which follows the seasons,” said Victoria Real Estate Board Chair Graden Sol. “During and shortly after the pandemic, we couldn’t rely on our usual comparisons to explain the market. This year we have seen a return to a seasonal pattern, where the sales are slower through the winter and may peak in the spring. This seasonal trend is generally followed by a summer market which remains stable but is not as highly active.”

There were 2,342 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2023, an increase of 7 per cent compared to the previous month of May and a 13.7 per cent increase from the 2,059 active listings for sale at the end of June 2022.

“We have seen a small increase in inventory over the month of June,” adds Sol. “This inventory is very welcome, as we are still low on available listings for sale compared to historical counts. If inventory continues to rise, we may see prices stabilize further – another reminder of how important it is to add supply to the marketplace where possible. Well-priced properties are still selling rapidly while benchmark pricing remains reasonably level. In terms of pace and stability this is good news for sellers and buyers and hopefully heralds a summer of positive real estate transactions. To ensure that your transaction goes smoothly, engage a local REALTOR® to assist. Your Realtor knows the up-to-the-minute information for Victoria and how to navigate the market.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in June 2022 was $1,408,500. The benchmark value for the same home in June 2023 decreased by 7 per cent to $1,310,100, which is up from May’s value of $1,297,600. The MLS® HPI benchmark value for a condominium in the Victoria Core area in June 2022 was $615,200, while the benchmark value for the same condominium in June 2023 decreased by 9 per cent to $573,800, which is up from the May value of $569,300.

June 1, 2023  A total of 775 properties sold in the Victoria Real Estate Board region this May, 1.8 per cent more than the 761 properties sold in May 2022 and a 21.7 per cent increase from April 2023. Sales of condominiums were down 0.8 per cent from May 2022 with 248 units sold. Sales of single family homes increased 8.7 per cent from May 2022 with 399 sold.

"The month of May marks the highest number of sales we've seen since April of last year," said Victoria Real Estate Board Chair Graden Sol. "While we haven't seen the number of total sales we would expect in a spring market, the month of May marks the fourth consecutive month with sales higher than the month previous. With momentum building, there's an indication of consumer optimism in the market heading into June. However, if the ongoing lack of homes for sale persists and inventory is not added, we risk a return to an overheated market with pressure on pricing."

There were 2,189 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of May 2023, an increase of 7.1 per cent compared to the previous month of April and a 23.3 per cent increase from the 1,776 active listings for sale at the end of May 2022.

"The return of consumer confidence we indicated last month appears to be staying strong," adds Sol. "The slight uptick in inventory means there is more selection, though of course on well-priced properties buyers need to come prepared to move at pace with the help of their REALTOR® to ensure they are well positioned in the current market."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in May 2022 was $1,424,000. The benchmark value for the same home in May 2023 decreased by 8.9 per cent to $1,297,600, which is up from April's value of $1,295,800. The MLS® HPI benchmark value for a condominium in the Victoria Core area in May 2022 was $619,500, while the benchmark value for the same condominium in May 2023 decreased by 8.1 per cent to $569,300, which is up from the April value of $564,000.

May 1, 2023  A total of 637 properties sold in the Victoria Real Estate Board region this April, 22.7 per cent fewer than the 824 properties sold in April 2022 but an 8 per cent increase from March 2023. Sales of condominiums were down 21.8 per cent from April 2022 with 205 units sold. Sales of single family homes decreased 19.4 per cent from April 2022 with 325 sold.

"Sales numbers for this April are more moderate than the higher levels we've seen in recent years," said Victoria Real Estate Board Chair Graden Sol. "We are in a familiar market pattern, where the majority of sales for the year occur in the spring. While we've seen an increase in sales over the previous month, we're not expecting a return to record setting activity. Our inventory levels continue to be very low and new properties are slow to come onto market. More inventory is needed to balance the supply against spring demand. The good news is that prices have stabilized for now. If listings do not pick up over this season, there is a risk that the price stabilization could turn and we could see prices increase."

There were 2,043 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of April 2023, an increase of 3.7 per cent compared to the previous month of March and a 49.7 per cent increase from the 1,365 active listings for sale at the end of April 2022.

"Though we are seeing multiple offers in our market, these situations are dependent on a number of factors including price, competition, area, condition of home, etc.," adds Sol. "This means sellers should seek clarity on what to expect during their transaction as this spring market continues to evolve. Overall, consumer confidence in the market has returned. Accurately priced homes are selling quickly and close to list price. Your REALTOR® can help you understand the pulse of the market should you be contemplating buying or selling this spring."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in April 2022 was $1,424,900. The benchmark value for the same home in April 2023 decreased by 11.3 per cent to $1,264,200, which is up from March's value of $1,236,200. The MLS® HPI benchmark value for a condominium in the Victoria Core area in April 2022 was $630,200, while the benchmark value for the same condominium in April 2023 decreased by 10.3 per cent to $565,000, which is up from the March value of $560,300.

April 3, 2023  A total of 590 properties sold in the Victoria Real Estate Board region this March, 29.2 per cent fewer than the 833 properties sold in March 2022 but a 28.3 per cent increase from February 2023. Sales of condominiums were down 29.4 per cent from March 2022 with 197 units sold. Sales of single family homes decreased 31.8 per cent from March 2022 with 281 sold.

"We've seen our sales numbers this month almost double from January," said Victoria Real Estate Board Chair Graden Sol. "As we move further into spring, we expect that the return to confidence we've seen in the market will continue. What we can't predict is what the overall impact on pricing will be if we continue to see quite low inventory across our community. Some pockets of our market are busier than others - by working with your REALTOR® you can better understand the market you are in."

There were 1,970 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2023, an increase of 8.9 per cent compared to the previous month of February and an 85.3 per cent increase from the 1,063 active listings for sale at the end of March 2022. "Demand is recovering," adds Sol. "Compared to the end of 2022, prices have firmed up and interest rates have become normalized. Consumers are more active, and we are seeing quite a few multiple offers on well-priced properties.

Inventory continues to trend lower than long term averages. As our spring market continues to strengthen, we may start to experience some upward pressure on pricing again. We have been talking about the need for supply to help moderate pricing for a long time. Premier Eby's announcement this week about the provincial government's Homes for People action plan reflects an increasing awareness of the importance of supply. We need all levels of government to continue to focus on solving our market housing crunch, so we do not return to the high-pressure markets of the recent past."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2022 was $1,387,200. The benchmark value for the same home in March 2023 decreased by 10.9 per cent to $1,236,200, down from February's value of $1,247,200. The MLS® HPI benchmark value for a condominium in the Victoria Core area in March 2022 was $616,400, while the benchmark value for the same condominium in March 2023 decreased by 9.1 per cent to $560,300, down from the February value of $568,200.

A total of 460 properties sold in the Victoria Real Estate Board region this February, 35.9 per cent fewer than the 718 properties sold in February 2022 but a 65.5 per cent increase from January 2023. Sales of condominiums were down 39.7 per cent from February 2022 with 161 units sold. Sales of single family homes decreased 28.8 per cent from February 2022 with 220 sold.

“Last month we talked about the optimism building in the local market that our REALTORS® saw, and now we can see it in the market statistics,” said Victoria Real Estate Board Chair Graden Sol. “We can confirm the return of buyer confidence by the increase in sales through the late winter. The market is seeing some positive growth as we move into springtime, which is traditionally the busiest market for home sales. Inventory levels are starting to increase, a welcome trend when compared to the record lows of last year. We’re also seeing a stabilization at some price points and properties that are priced in accordance with current market conditions are selling at a good pace.”

There were 1,809 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2023, an increase of 4 per cent compared to the previous month of January and a 113.1 per cent increase from the 849 active listings for sale at the end of February 2022.

“The market today is different than we have seen in recent years,” adds Sol. “There’s plenty of demand from buyers, and we are still low in inventory, but there are opportunities in a less pressurized environment for consumers to get into a new home. Most buyers will find they have more time to view homes, make decisions and do their due diligence in this somewhat more relaxed market. Of course, we are heading into a new season which is typically very active. The statistics in this report reflect what happened last month. Prudent buyers and sellers will seek the knowledge of their Realtor to determine the up-to-the-minute conditions and how to best navigate the market.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February 2022 was $1,321,400. The benchmark value in February 2023 decreased by 5.6 per cent to $1,247,200, down from January’s value of $1,251,100. The MLS® HPI benchmark value for a condominium in the Victoria Core area in February 2022 was $580,900, while the benchmark value in February 2023 decreased by 2.2 per cent to $568,200, down from the January value of $578,300.

February 1, 2023 

A total of 278 properties sold in the Victoria Real Estate Board region this January, 41.4 per cent fewer than the 474 properties sold in January 2022 and a 13.1 per cent decrease from December 2022. Sales of condominiums were down 46.3 per cent from January 2022 with 101 units sold. Sales of single family homes decreased 33 per cent from January 2022 with 120 sold.

"If you're looking at the statistics, this January was one of the slowest we've seen on record," says 2023 Victoria Real Estate Board Chair Graden Sol. "However, we did see a mid-month surge in activity as buyers seemed to regain confidence after the rapid interest rate increases of last year. It may be that consumers are moving past the market shock of the rate increases and economic uncertainty and that our market is regaining its equilibrium. What the data doesn't show is the optimism that many of our REALTOR® members are noting from their buyers and sellers, who remain active viewing homes and making offers. Interest rates, continued low inventory and the greater economic situation in our area will determine what our early spring market will look like."

There were 1,739 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2022, an increase of 3 per cent compared to the previous month of December and a 133.7 per cent increase from the 744 active listings for sale at the end of January 2021.

"Despite the slower start to the market in January, and our constrained inventory levels, some consumers still found themselves in multiple offer situations, particularly on the types of properties that represent the crucial missing middle segment of our market. The Victoria City Council voting to move forward with their missing middle housing program is a great step in the right direction when we are considering how low inventory has impacted the attainability of housing in the CRD," adds Sol. "But this is one step in a marathon of work to be done to increase housing opportunities to meet our community's short- and long-term needs. Each municipality must keep their focus on adding gentle density where they can so that we do not face another swift increase in values when our market demand increases again."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in January 2022 was $1,296,600. The benchmark value for the same home in January 2023 decreased by 3.5 per cent to $1,251,100, down from December's value of $1,283,600. The MLS® HPI benchmark value for a condominium in the Victoria Core area in January 2022 was $561,300, while the benchmark value for the same condominium in January 2023 increased by 3 per cent to $578,300, up from the December value of $574,300.

A total of 384 properties sold in the Victoria Real Estate Board region this November, 41.2 per cent fewer than the 653 properties sold in November 2021 and 20 per cent fewer than in October 2022. Sales of condominiums were down 42.4 per cent from November 2021 with 136 units sold. Sales of single family homes decreased 34.1 per cent from November 2021 with 182 sold.

“November saw a significant decrease from last year in the number of home sales recorded, but this was expected as the market continues to settle after the record setting pace of 2021,” says Victoria Real Estate Board President Karen Dinnie-Smyth. “With a small month over month decrease in price, the autumn market has returned to its traditional rhythm as we approach the holiday season. Inventory levels dipped slightly but remain well above this time last year, which is providing buyers with more options.”

There were 2,111 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2022, a decrease of 3.7 per cent compared to the previous month of October but a 138 per cent increase from the 887 active listings for sale at the end of November 2021.

“Premier Eby’s rapid introduction of changes to the Strata Property Act which remove rental restrictions and age restrictions other than 55 and older from strata developments is raising questions within strata communities. It remains to be seen what effect this may have on the strata market,” adds President Dinnie-Smyth. “It is an open question whether these changes will bring any additional rental stock to the market - with BC’s complex Residential Tenancy Act not all homeowners of vacant strata homes have a desire to become landlords and current interest rates are less attractive to investors who may want to purchase strata rental properties. It is also possible that these measures will contribute further to eroding housing affordability as older stratas with rental restrictions were generally valued lower than their rentable counterparts.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in November 2021 was $1,249,400. The benchmark value for the same home in November 2022 increased by 4.6 per cent to $1,307,100 but was down 2.6 per cent from October's value of $1,341,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in November 2021 was $536,200, while the benchmark value for the same condominium in November 2022 increased by 9.6 per cent to $587,800, down by 2.5 per cent from the October value of $602,700.