Victoria Real Estate Market Update | Average Home $1.27M. The benchmark price for a home in Greater Victoria area was down 2.9% to $1,391,700 from July’s value of $1,433,400.
The shift towards a balanced market continues. In May we saw the effect of the Fed’s (Bank of Canada) interest rate hikes and the uncertainty in the economy as a whole. Although the economy continues to show great strength here combined with low unemployment, inflation and the fears associated with it are putting a long … » Learn More about Victoria Real Estate Market Update – June 2022
Is change in the air. Rising inflation, rising interest rates and rising uncertainty seem is simmering just below the surface of a still hot, but markedly cooling real estate market. The Sales-to-Active listings ratio dripped last month to 60%. Although a substantial drop as you’ll realize if you’ve been following my newsletter, it’s also still … » Learn More about Victoria Real Estate Market Update – May 2022
Is there change in the wind? As expected inflation is on the rise hitting levels not seen in decades. This is hardly surprising given the money printed to keep the economy from falling off a cliff during the pandemic combined with the supply chain issues we are all too familiar with. One of the leaders … » Learn More about Victoria Real Estate Market Update – April 2022
Where are all the listings? Last year January broke the record for lowest inventory for the month of January and this January broke that record nearly in half! A mere 474 properties sold last month which was an 8.2% increase from December 2021 but 26.6% fewer than the 646 properties that sold in January 2021. … » Learn More about Victoria Real Estate Market Update – February 2022