Overall, the market has been consistent this past year. We are generally where we were one year ago with no major changes in pricing year over year. However, inventory has been building shown by the 25.7% increase in listings actively on the market at the end of October 2023 when compared to October 2022.
This increase in inventory has lead us into a balanced market with 5.8 months of inventory. With the combination of a balanced market and no current talks of another interest rate hike (see financing discussion below), we can expect to continue seeing stability and consistency in pricing across Greater Victoria in the coming months.
There have been some big changes taking place in the province of BC recently surrounding real estate. (1) The first change is around new rules and restrictions for short term rentals in the province! I have discussed these changes in a recent blog post. If you’d like more information, please read the full article here. (2) The second change is the recently passed Bill 44 – Small Scale Multi Unit Housing Legislation. The idea of this is to allow for more “missing middle” housing and create a streamlined process for developers. For more information, read the full article here.
The statistics below show changes in average prices over the year & month, and the full press release from the board is linked below!
Average Sale Price Oct 2023 Oct 2022 Sept 2023
Single Family Dwelling $1,264,544 $1,238,949 $1,351,952
Condo/Apt $616,545 $614,769 $652,605
Row/Townhouse $811,235 $823,515 $801,092
Listed by Lisa Vassiliadis – Royal LePage Coast Capital