October 2022 Victoria Real Estate Market Update

Sales volumes are down nearly 50% from last year, while diligent buyers are finding some great deals available from eager sellers.

After fleeting signs of life in August, sales in September drifted downwards again across all property types. The month ended with detached sales down 32%, townhouses down 49%, and condos down 62% from a year ago.

October is generally the peak of the fall and winter market. This year sales have dropped month over month since May and we saw a reluctant September with some of the lowest sales numbers for that month in decades. While overall activity is below historical norms, well-priced properties are still receiving plenty of attention. 

If you are thinking of making a move, a conversation with your realtor for an up-to-date analysis of how the housing market is performing in your area will be crucial to your success. Another consideration is to take the time to vote in your municipal elections October 15 for candidates who reflect your preferences for housing in our communities. Much of our future housing supply and the way Greater Victoria will manage housing needs will be determined by decisions made at the municipal level.

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

  •  A total of 410 properties sold in the Victoria Real Estate Board region this September, 46.1% fewer than in September 2021 and a 14.2% decrease from August 2022.
  • Sales of condominiums were down 58.8 per cent from September 2021 with 126 units sold.
  • Sales of single family homes decreased 33.2 per cent from September 2021 with 221 sold.
  • There were 2,300 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September 2022, an increase of 7.6 per cent compared to the previous month of August and a 104.6 per cent increase from the 1,124 active listings for sale at the end of September 2021.

Where is the market headed?

With more inventory coming in and rising interest rates causing a drop in demand, we are moving towards a more balanced market. As we step into the fall market, sellers will need to consider a more in-depth marketing strategy in order to get top price for their home.


No comments

Post Your Comment:

Your email will not be published
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.