Early spring market reflects consumer confidence and growing demand

The March 2023 Victoria Market Stats show a total of 590 properties were sold in the Victoria Real Estate Board region this March, 29.2 percent fewer than the 833 properties sold in March 2022 but a 28.3 percent increase from February 2023. Sales of condominiums were down 29.4 percent from March 2022 with 197 units sold. Sales of single-family homes decreased 31.8 percent from March 2022 with 281 sold.

“We’ve seen our sales numbers this month almost double from January,” said Victoria Real Estate Board Chair Graden Sol. “As we move further into spring, we expect that the return to the confidence we’ve seen in the market will continue. What we can’t predict is what the overall impact on pricing will be if we continue to see quite low inventory across our community. Some pockets of our market are busier than others – by working with your REALTOR® you can better understand the market you are in.”

There were 1,970 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2023, an increase of 8.9 percent compared to the previous month of February and an 85.3 percent increase from the 1,063 active listings for sale at the end of March 2022.

“Demand is recovering,” adds Sol. “Compared to the end of 2022, prices have firmed up and interest rates have become normalized. Consumers are more active, and we are seeing quite a few multiple offers on well-priced properties. Inventory continues to trend lower than long-term averages. As our spring market continues to strengthen, we may start to experience some upward pressure on pricing again. We have been talking about the need for supply to help moderate pricing for a long time. Premier Eby’s announcement this week about the provincial government’s Homes for People action plan reflects an increasing awareness of the importance of supply. We need all levels of government to continue to focus on solving our market housing crunch, so we do not return to the high-pressure markets of the recent past.”

Benchmark Pricing

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in
March 2022 was $1,387,200. The benchmark value for the same home in March 2023 decreased by 10.9 per cent to
$1,236,200, down from February’s value of $1,247,200. The MLS® HPI benchmark value for a condominium in the
Victoria Core area in March 2022 was $616,400, while the benchmark value for the same condominium in March 2023
decreased by 9.1 per cent to $560,300, down from the February value of $568,200.

March 2023 Victoria Real Estate Market Stats

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Source: VREB