September 2026 Victoria Real Estate Market Update Click Here For Full-Screen Market Snapshot September 2026 by Andy McGheeSales Rebound, Inventory Stays Healthy, and Buyers Remain
August 2023 Victoria BC Market Update
Dated: September 12 2023
Views: 237
On Pace For An Uptick In Activity For The Fall Market. Victoria's Market Shows Its Resilience Despite Higher Interest Rates And A Lack Of Diverse Supply.
In August 2023, the Victoria real estate market continued to show resilience, with a total of 544 properties changing hands. This marked a 13.8 percent increase compared to August 2022, though there was an 8.6 percent dip from the previous month of July. The condo market saw a notable uptick with a 10.8 percent increase in sales from August 2022, totaling 164 units sold. Additionally, single-family home sales grew by 9.6 percent from the same time last year, with 273 homes sold.
Victoria Real Estate Board Chair Graden Sol commented on the market's performance, stating that it followed the typical late summer pattern. Sales started off slow at the beginning of the month but gained momentum in the latter half. Sol also hinted at the possibility of this brisk sales pace extending into September.
One key factor highlighted by Sol was the need for a more diverse housing supply. Currently, the market is dominated by single-family homes, which tend to be at the higher end of the price spectrum. In contrast, townhomes and condos, often preferred by families, represented only 37.1 percent of listings. Townhomes accounted for a mere 9.8 percent of residential properties for sale. This imbalance in housing options could put additional price pressure on these properties due to concentrated demand at more affordable price points.
Looking at the numbers, the MLS® Home Price Index showed that the benchmark value for a single-family home in the Victoria Core area in August 2023 decreased slightly by 0.3 percent to $1,323,900, compared to $1,327,700 in August 2022. Condos in the same area had a benchmark value of $582,000 in August 2023, down by 0.3 percent from the previous year but up from July's value of $578,000.
In conclusion, while the Victoria real estate market continues to see healthy activity, the focus remains on the need for a more balanced mix of housing options to meet diverse buyer needs and alleviate pricing pressures. The coming months will be crucial in addressing this challenge.
Andy McGhee Personal Real Estate Corporation
I'm a REALTOR®️ and a Licensed Plumber & Gasfitter with over two decades of experience in the residential sector. I bring specialized knowledge and expertise together to give you an unfair advantag....
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