August 2022 Victoria Real Estate Market Update


Shift in Victoria Real Estate market brings more time for buyers and sellers

We'd previously indicated a shift in the local housing market. This continued be the case in July as sales dipped, and we saw fewer listings come to the market, with more of the existing inventory remaining for sale. This slowdown means a calmer and more friendly environment with time for decision-making, which benefits sellers and buyers and will be a relief to many

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.

Victoria Real Estate Stats for the Month of July:​​​​​​​

 - A total of 510 properties sold in the Victoria Real Estate Board region this July, 38.9 per cent fewer than the 835 properties sold in July 2021 and a 16.7 per cent decrease from June 2022.
 - Sales of condominiums were down 39.4 per cent from July 2021 with 172 units sold.
 - Sales of single family homes decreased 35.9 per cent from July 2021 with 254 sold.

Where is the market headed?

It seems that so far regular buyers have pulled back the most, while luxury buyers seem to remain strong and the jury is out on investors. Regular buyers are the bulk of demand and affordability needs to return to the market for a true recovery, but that could happen slowly over years.  Right now the biggest threat to market stability is a big increase in new listings, whether it’s from investors bailing out or regular buyers that cannot afford the increasing payments from rising interest rates. The probability of that is not overly high, but new listing levels are worth watching closely.

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MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.