november 2022 market stats

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.