"The real estate market in Greater Victoria is returning to a steadier pace following the strange two years we experienced over the course of the pandemic."
While inventory is still below historical levels for a spring market, it is now within our pre-pandemic five-year average, which is good news for buyers. The increase in inventory provides buyers with more options, and we are seeing market activity and price points differ within the unique neighborhoods that make up Greater Victoria.
During a changing market like the one we see now, it is more important than ever to have an expert on your side - whether you are buying or selling it's a great time to give us a call.
Where is the market headed?
Victoria housing prices accelerated significantly during the pandemic, which has pushed more potential home buyers out of the housing market. Condo values are rising too, but they're not keeping pace with house values.
This trend can’t continue indefinitely since condos are traditionally the first step on the “property ladder” and presently the rungs on that ladder are moving further apart. At some point, too many people won't be able to afford a house and demand for detached houses will wane until condo and house values come closer together.
It is too early to call this a tipping point however home prices could begin to fall if demand softens further and listings begin to accumulate - turning the Victoria market into a balanced market.
Victoria Real Estate Stats for the Month of May:- There were 1,776 active listing for sale on the Victoria Real Estate Board Multiple Listing Services® at the end of May 2022.
- June 1, 2022 A total of 761 properties sold in the Victoria Real Estate Board region this May, 27.5 per cent fewer than the 1,049 properties sold in May 2021 and a 7.6 per cent decrease from April 2022.
- Sales of condominiums were down 23.1 per cent from May 2021 with 250 units sold.
- Sales of single family homes decreased 31.7 per cent from May 2021 with 367 sold.