The Victoria housing market had a slow start in January, with a 41.4% decrease in the number of properties sold compared to January 2022. Sales of condominiums were down 46.3%, while sales of single-family homes decreased by 33%. Despite this, there was a mid-month surge in activity as buyers regained confidence after last year's rapid interest rate increases. The Victoria Real Estate Board Chair, Graden Sol, noted that the data doesn't show the optimism that many REALTOR® members are seeing from their buyers and sellers, who remain active in viewing homes and making offers. The market's early spring outlook will depend on interest rates, low inventory, and the greater economic situation in the area. The MLS® HPI benchmark value for single-family homes decreased by 3.5% from January 2022 to $1,251,100 in January 2023, while the benchmark value for condominiums increased by 3% to $578,300.

New property listed in La Fairway, Langford

I have listed a new property at 403 608 Fairway Ave in Langford. See details here

Don't miss this bright, sunny top floor unit. You'll love the floor to ceiling windows and the balcony that over look the Royal Colwood golf course. This 2 bedroom, 2 bathroom condo has an open concept kitchen, dining and living room, enjoy the stainless steel appliances and quartz counter tops. The bedrooms and bathrooms are on opposite ends of the condo, giving nice separation of space and added privacy. The master bedroom has a walk-in closet and beautiful 4 piece ensuite. On the other side of the condo is the second bedroom, with an adjacent 4 piece bathroom. There is also in-suite laundry. This unit is located on the quiet, south side of the building. One parking space comes with the unit and a good size storage area, both within a secure parking structure.

MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.