November Market Update.

In November, the Victoria Real Estate Board region saw a total of 394 properties change hands, marking a 2.6% uptick from the 384 properties sold in the same month last year. However, this figure represents a 3.2% decline from the sales recorded in October 2023. Condominium sales experienced an 11.8% dip compared to November 2022, with 120 units sold, while single-family home sales increased by 6% to 193 units from the previous year. Victoria Real Estate Board Chair Graden Sol commented on the market dynamics, noting that a slight relaxation in sales was expected given the current interest rate environment. While sales figures remain below long-term averages, Sol pointed out a positive trend with a 25% increase in listings compared to the previous year, indicating a recovery from the historically low inventory levels. As of the end of November 2023, there were 2,644 active listings on the Victoria Real Estate Board Multiple Listing Service®, reflecting a 4.1% decrease from October but a significant 25.2% rise from November 2022. Sol emphasized the benefits of balanced market conditions, making transitions smoother for buyers and sellers. He highlighted that increased inventory provides more choices for sellers, and buyers can enjoy a more favourable market with additional time and options. Sol encouraged those considering a move in the new year to consult with their preferred REALTOR® now, taking advantage of the balanced market conditions. The Multiple Listing Service® Home Price Index showed that the benchmark value for a single-family home in the Victoria Core increased by 3% from November 2022 to $1,286,400. Similarly, the benchmark value for a condominium in the same area rose by 1.6% to $577,400 compared to the previous year. Despite these increases, both figures were slightly down from those recorded in October 2023.  

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