Victoria Market Report Infographics
INFOGRAPHICS: November 2023 VREB Victoria Market Reports
Slower winter markets can benefit buyers and sellers
A total of 394 properties sold in the Victoria Real Estate Board region this November, a 2.6 per cent increase from the 384 properties sold in November 2022 and a 3.2 per cent decrease from October 2023. Sales of condominiums were down 11.8 per cent from November 2022 with 120 units sold. Sales of single family homes increased by 6 per cent from November 2022 with 193 sold.
“It’s unsurprising to see this slight relaxation of sales in the market,” said Victoria Real Estate Board Chair Graden Sol. “Given the current interest rate environment, our sales numbers are lower than long term averages, but the pattern of seasonality within those lower numbers is what we would expect for this part of the year. We have seen a healthy twenty-five per cent increase in the number of listings on market compared to last year and this is positive news as we recover from that long-term trend of very low inventory.”
There were 2,644 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2023, a decrease of 4.1 per cent compared to the previous month of October and a 25.2 per cent increase from the 2,111 active listings for sale at the end of November 2022.
Read the full report on VREB website!
The following data is a comparison between November 2023 and November 2022 numbers, and is current as of December 2023. Click here to check out last month’s figures!
You can also follow this link for all our Victoria Board monthly infographics!
Click on the images for a larger view!
Download Printable Version – November 2023 VREB, Victoria Market Report
INFOGRAPHICS: October 2023 VREB Victoria Market Reports
Interest rates a large factor in Victoria real estate market
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.
Read the full report on VREB website!
The following data is a comparison between October 2023 and October 2022 numbers, and is current as of November 2023. Click here to check out last month’s figures!
You can also follow this link for all our Victoria Board monthly infographics!
Click on the images for a larger view!
Download Printable Version – October 2023 VREB, Victoria Market Report
INFOGRAPHICS: September 2023 VREB Victoria Market Reports
While value of homes in Victoria remains stable, the cost to own continues to rise
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.
Read the full report on VREB website!
The following data is a comparison between September 2023 and September 2022 numbers, and is current as of October 2023. Click here to check out last month’s figures!
You can also follow this link for all our Victoria Board monthly infographics!
Click on the images for a larger view!
Download Printable Version – September 2023 VREB, Victoria Market Report
INFOGRAPHICS: August 2023 VREB Victoria Market Reports
Victoria real estate market needs better mix of housing supply to help restore balance
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.
Read the full report on VREB website!
The following data is a comparison between August 2023 and August 2022 numbers, and is current as of September 2023. Click here to check out last month’s figures!
You can also follow this link for all our Victoria Board monthly infographics!
Click on the images for a larger view!
Download Printable Version – August 2023 VREB, Victoria Market Report
INFOGRAPHICS: July 2023 VREB Victoria Market Reports
Victoria Real Estate sales reflect summer trends
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.”
Read the full report on VREB website!
The following data is a comparison between July 2023 and July 2022 numbers, and is current as of August 2023. Click here to check out last month’s figures!
You can also follow this link for all our Victoria Board monthly infographics!
Click on the images for a larger view!
Download Printable Version – July 2023 VREB, Victoria Market Report
INFOGRAPHICS: June 2023 VREB Victoria Market Reports
Conclusion of a strong spring real estate market in Victoria
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.”
Read the full report on VREB website!
The following data is a comparison between June 2023 and June 2022 numbers, and is current as of July 2023. Click here to check out last month’s figures!
You can also follow this link for all our Victoria Board monthly infographics!
Click on the images for a larger view!
Download Printable Version – June 2023 VREB, Victoria Market Report
INFOGRAPHICS: May 2023 VREB Victoria Market Reports
Spring market begins to grow just in time for summer
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.
Read the full report on VREB website!
The following data is a comparison between May 2023 and May 2022 numbers, and is current as of April 2023. Click here to check out last month’s figures!
You can also follow this link for all our Victoria Board monthly infographics!
Click on the images for a larger view!
Download Printable Version – May 2023 VREB, Victoria Market Report
INFOGRAPHICS: April 2023 VREB Victoria Market Reports
Not enough growth in inventory means spring market sales slow
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.”
Read the full report on VREB website!
The following data is a comparison between April 2023 and April 2022 numbers, and is current as of May 2023. Click here to check out last month’s figures!
You can also follow this link for all our Victoria Board monthly infographics!
Click on the images for a larger view!
Download Printable Version – April 2023 VREB, Victoria Market Report
INFOGRAPHICS: March 2023 VREB Victoria Market Reports
Early spring market reflects consumer confidence and growing demand
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.
Read the full report on VREB website!
The following data is a comparison between March 2023 and March 2022 numbers, and is current as of April 2023. Click here to check out last month’s figures!
You can also follow this link for all our Victoria Board monthly infographics!
Click on the images for a larger view!
Download Printable Version – March 2023 VREB, Victoria Market Report
INFOGRAPHICS: February 2023 VREB Victoria Market Reports
Winter real estate market wraps with improved consumer confidence and more stable pricing
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 cansee 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.
Read the full report on VREB website!
The following data is a comparison between February 2023 and February 2022 numbers, and is current as of March 2023. Click here to check out last month’s figures!
You can also follow this link for all our Victoria Board monthly infographics!
Click on the images for a larger view!
Download Printable Version – February 2023 VREB, Victoria Market Report
