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.
The average price for a single family home in Greater Victoria was $1,363,565; condo was $619,128; and townhome was $827,812 in August this year.
“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 Sales-to-Active Ratio last month was 21.8% showing a more balanced market however inventory levels remain very low.
On Sept 6th the Bank of Canada held its target for the overnight rate at 5% – a welcomed relief for many!
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$1,900,000
Active
977/989 Foul Bay Rd Oak Bay, British Columbia
4 Beds 2 Baths 5,097 SqFt 0.26 Acres
$1,999,900
Active
1756-1764 Monteith St Oak Bay, British Columbia
6 Beds 6 Baths 4,332 SqFt 0.25 Acres
