Victoria Real Estate Market Update-December 2023

December 2023

The holiday season is rapidly approaching, and while it is a busy time of the year, it is also a great time to wind down, take some time off and to spend quality time with family and friends.
2023 has been dominated by local news stories and conversations centering around inflationary issues. Whether it be the high food and gas prices, high interest rates and mortgage payments, high rent and real estate prices, or the obscenely high-ticket prices for your favourite artists. The year 2023 has been full of eye-popping numbers and has been financially challenging for most Canadians.

However, fixed mortgage rates have come down recently, and there is talk of some interest rate cuts by the Bank of Canada in the spring and early summer of 2024. Inflation numbers are also expected to fall in 2024, so let’s hope the effect trickles down to lower prices in our day-to-day life. Locally, real estate prices are lower than 2022 peak numbers, and the current supply of listings is considered a more balanced market which should help to keep the Greater Victoria real estate market stable in 2024.

Have a wonderful holiday season, and a very happy and healthy New Year, and here’s to a great 2024!

Below are some of the statistics for November 2023

Listing 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 % compared to the previous month of October and a 25.% increase from the 2,111 active listings for sale at the end of November 2022.

Sales:

A total of 394 properties sold in the Victoria Real Estate Board region this November, a 2.6 % increase from the 384 properties sold in November 2022 and a 3.2 % decrease from October 2023. Sales of condominiums were down 11.8 % from November 2022 with 120 units sold. Sales of single family homes increased by 6 % from November 2022 with 193 sold.

Average Prices:

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 % 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 % to $577,400, which is down from the October value of $585,600.

 

If you or any of your family or friends require any real estate related information, feel free to contact Dale at 250-744-0844, or email him through his website: www.dalesheppard.com

The information contained in this blog is for general information purposes only. The information is provided by Dale Sheppard and while we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this blog.

 

 

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