Your Monthly real estate update

September 2023 Market Update

The summer months had a slow down in sales this year. The stable interest rates in the first half of the year brought buyers back to the market in the Spring but with the increase in rates unfortunately sidelined many buyers once again this past summer.

Months of inventory did increase over the summer months which is a sign we are in a more balanced market, however, the mix of that housing supply also plays a key role in prices. The majority of properties for sale were single family homes which are at the top price point. Only 37.1% of properties listed for sale were either townhomes or condo’s which is what a lot of families are now looking to purchase. This can put upward pressure on prices of these “missing middle” homes.

The graph below shows median prices over the past few years for single family homes and condo’s.

The statistics below show that average prices are up year over year for Single Family Homes and Condos across Greater Victoria but down slightly for Townhomes for the month of August. Further, prices were down slightly in August from the month prior.

Average Sale Price July 2023 August 2023 August 2022

Single Family Dwelling $1,396,864 $1,363,565 $1,288,902

Condo/Apt $637,214 $619,128 $583,427

Row/Townhouse $831,442 $827,812 $833,947

*VREB August 2023 – Read the full press release here*

Financing Update

For a schedule of the 2023 Bank of Canada interest rate announcements, click here.
Bank of Canada did not increase rates at the last announcement on September 6, 2023 but there is talk that there may be one more small increase before the end of the year.
If you are hoping to purchase a property in the next few months, I recommend getting a pre approval in order to hold the current rate, in case of any potential increases this fall.