Victoria Real Estate Market Update for March 2023:
Consumer Confidence and Growing Demand Drive Early Spring Market
The Victoria Real Estate Board has released its market update for March 2023, indicating a 28.3% increase in property sales compared to the previous month of February. The total number of properties sold was 590, representing a 29.2% decrease compared to March 2022.
Sales of single-family homes decreased by 31.8% with 281 units sold, while condominium sales were down by 29.4%, with 197 units sold compared to March 2022. Despite this, the return of consumer confidence and growing demand are driving a recovery in the market, which is expected to continue through the spring season.
Victoria Real Estate Board Chair, Graden Sol, "stated that some pockets of the market are busier than others, and working with a REALTOR® can help potential buyers better understand their local market. The market is still experiencing low inventory, which could result in upward pressure on pricing as the spring market strengthens."
At the end of March 2023, there were 1,970 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® - an increase of 8.9% compared to February and an 85.3% increase from March 2022.
The Multiple Listing Service® Home Price Index benchmark value for a single-family home in the Victoria Core area decreased by 10.9% from March 2022 to March 2023, reaching $1,236,200. Similarly, the benchmark value for a condominium decreased by 9.1% to $560,300.
Sol noted that Premier Eby’s announcement about the provincial government’s Homes for People action plan reflects a growing awareness of the need for increased housing supply. He added that all levels of government must continue to focus on solving the market housing crunch to avoid a return to high-pressure markets of the recent past.
For more information, review the March 2023 statistics package on the Victoria Real Estate Board website.
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