The current market continues to settle after the covid years that saw an intense market. This is good news for both buyers and sellers. Inventory levels are reaching a point that most are used to so it will feel more normal.
The Victoria Real Estate Board region in Canada sold 384 properties in November 2022, a decrease of 41.2% from the 653 sold in November 2021 and 20% fewer than in October 2022. Sales of condominiums were down 42.4% from November 2021, with 136 units sold. Sales of single-family homes decreased 34.1% from November 2021, with 182 sold. Victoria Real Estate Board President Karen Dinnie-Smyth said the decrease was expected as the market continues to settle after a record-setting pace in 2021. Inventory levels dipped slightly but remain well above last year’s levels, providing buyers with more options. The Multiple Listing Service Home Price Index benchmark value for a single-family home in the Victoria Core area increased 4.6% to $1,307,100 in November 2022, but was down 2.6% from October 2022. The MLS HPI benchmark value for a condominium in the Victoria Core area increased 9.6% to $587,800 in November 2022, down 2.5% from October 2022.
It’s always important to work with a qualified Realtor who understands the market where you are considering buying. We are always here for you with up-to-date knowledge to help ensure that you feel informed when making these big decisions.