Real estate stats show balance returning to market

There’s reason for optimism in Greater Victoria’s real estate sector, as a sense of stability is returning after what felt like truly turbulent times.

“Mortgage rates have levelled out, inventory is slowly creeping back up, and we are no longer in that highly pressurized market of recent years which created complicated and sometimes stressful conditions for buyers and sellers,”
Victoria Real Estate Board Chair Laurie Lidstone said in the organization’s latest news release.

“If balanced conditions continue, buyers and sellers will have more time to make decisions and there will be less pressure on pricing. Of course, there are many factors that impact the market here in Victoria, and, as we’ve seen in the past, things can change very rapidly.”

The real estate board had 2,140 active listings for sale at the end of January, a 23.1% increase from 12 months ago.

The benchmark value for a single family home in January was about $1.24 million, down from December’s value of $1.27 million. The benchmark value for a condominium in the Victoria Core in January was $559,000, down from the December value of $562,000.