Real estate market improves for local buyers, sellers

A slow economy could help Greater Victoria residents finally make the move to a new home within the region. Having that mobility is one of the keys to improving the supply of housing affordable to people at various stages of their careers.

“Local people who planned to sell and move within Greater Victoria may have hesitated to list their homes back when record low inventory meant less choice when they became buyers,” Victoria Real Estate Board Chair Graden Sol said in a media release. “Now that we see some balance in the market, these people have more inventory to pick from and may feel more confident listing their existing home. And of course, all buyers are having better experiences with more time and more choice.”

There were 2,644 active listings for sale at the end of November 2023, a 25.2% increase from November 2022.

The benchmark value for a single-family home in the Victoria Core in November 2023 was $1,286,400, down from October’s value of $1,305,900. The benchmark value for a condominium in the Victoria Core area in November 2023 was $577,400, down from the October value of $585,600.