The Victoria Real Estate Board region saw 41.4 per cent fewer sales than January 2022. This year had a total of 278 properties sold compared to the 474 last year. Sales are also down 13.2 per cent from December 2022.
January was a slow month; however mid January did see a resurgence of activity as confidence seems to be returning to the market after rapid rate increases from last year. It appears that the shock has worn off, and the market is beginning to regain it’s equilibrium. Many buyers and sellers still remain active viewing homes and making offers.
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.
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.