February Market Update
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.
