Victoria Real Estate News Update

“September heralds the start of the fall season, which traditionally brings a more active market than what we see in the summer months. October is generally the peak of the fall and winter market,” says Victoria Real Estate Board President Karen Dinnie-Smyth. “This year sales have dropped month over month since May and we saw a reluctant September with some of the lowest sales numbers for that month in decades. While the rate of decrease has slowed due in part to concerns about rising interest rates and inflation, this level of activity may not necessarily reflect the actual demand that exists in the marketplace. While overall activity is below historical norms, well-priced properties are still receiving plenty of attention. Multiple offers on these homes are still quite common, which may not be reflected in the overall statistics, but is noticeable if you are actively buying and selling.”

“The good news is that we have seen more inventory come to market, which when combined with slower sales activity, has resulted in more balanced market conditions,” adds President Dinnie-Smyth. “In the current environment, properties that are well-priced and well-maintained continue to sell briskly. If you are thinking of making a move, a conversation with your favourite REALTOR® for an up-to-date analysis of how the housing market is performing in your area will be crucial to your success. Another consideration is to take the time to vote in your municipal elections October 15 for candidates who reflect your preferences for housing in our communities. Much of our future housing supply and the way Greater Victoria will manage housing needs will be determined by decisions made at the municipal level.”