Slower winter markets can benefit buyers and sellers

A total of 394 properties sold in the Victoria Real Estate Board region this November, a 2.6 per cent
increase from the 384 properties sold in November 2022 and a 3.2 per cent decrease from October
2023. Sales of condominiums were down 11.8 per cent from November 2022 with 120 units sold. Sales
of single family homes increased by 6 per cent from November 2022 with 193 sold.
“It’s unsurprising to see this slight relaxation of sales in the market,” said Victoria Real Estate Board
Chair Graden Sol. “Given the current interest rate environment, our sales numbers are lower than long
term averages, but the pattern of seasonality within those lower numbers is what we would expect for
this part of the year. We have seen a healthy twenty-five per cent increase in the number of listings on
market compared to last year and this is positive news as we recover from that long-term trend of very
low inventory.”
There were 2,644 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at
the end of November 2023, a decrease of 4.1 per cent compared to the previous month of October and
a 25.2 per cent increase from the 2,111 active listings for sale at the end of November 2022.
“The longer we are in balanced market conditions, the easier transitions for buyers and sellers
become,” adds Sol. “Local people who planned to sell and move within the Greater Victoria area
may have hesitated to list their homes back when record low inventory meant less choice when they
became buyers. Now that we see some balance in the market, these people have more inventory to
pick from and may feel more confident listing their existing home. And of course, all buyers are having
better experiences with more time and more choice. We always anticipate a seasonal reduction in
activity over winter, but if you are contemplating a move in the new year, now is an excellent time to
consult with your favourite REALTOR® to create your strategy.”
The Multiple Listing Service® Home Price Index benchmark value for a single family home in
the Victoria Core in November 2022 was $1,248,600. The benchmark value for the same home
in November 2023 increased by 3 per cent to $1,286,400, which is down from October’s value
of $1,305,900. The MLS® HPI benchmark value for a condominium in the Victoria Core area in
November 2022 was $568,400, while the benchmark value for the same condominium in November
2023 increased by 1.6 per cent to $577,400, which is down from the October value of $585,600.