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
Victoria BC Market Update September 2023
Dated: October 4 2023
Views: 241
Last month, the Victoria Real Estate Board saw a total of 493 properties sold, marking a 20.2% increase compared to September 2022. However, it's worth noting that this represents a 9.4% decrease from August 2023.
Condominium sales surged by an impressive 23% from the previous year, with 155 units sold. Meanwhile, single-family homes experienced a 3.2% uptick in sales, with 228 homes finding new owners.
According to Victoria Real Estate Board Chair Graden Sol, the market is following a typical seasonal trend as we transition into fall. The inventory has seen a notable increase, with almost a thousand more listings for sale compared to the start of the year, resulting in 2,699 active listings by the end of September 2023. This marks an 8.4% increase from August and a substantial 17.3% rise from September 2022.
While this increased inventory offers more choices for prospective buyers, it's essential to remember that well-priced properties still sell quickly, often resulting in multiple offer situations. One challenge many buyers face is the current interest rate environment, making it difficult for first-time buyers and families to purchase homes, particularly in the "missing middle" segment—those seeking two- or three-bedroom homes at attainable price points.
The Multiple Listing Service® Home Price Index (HPI) offers some insights into price trends. For single-family homes in the Victoria Core, the HPI benchmark value in September 2023 stands at $1,312,200, reflecting a 1% increase from September 2022 but a slight decrease from August's value of $1,323,900. Condominiums in the Victoria Core have also seen a 1.4% increase in the HPI benchmark value, reaching $589,600 in September 2023, up from $582,000 in August.
As we navigate this dynamic market, it's an excellent time for potential buyers and sellers to consult with a Realtor® to develop a sound strategy tailored to their unique needs and goals.
Please feel free to reach out if you have any specific questions or require further information about the Victoria real estate market.
Best regards,
Andy McGhee
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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The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services
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