August 2023 Victoria Market Update

Hello Everyone and welcome to August. Hopefully as many of you as possible are enjoying the sun and summer!

You may have noticed that I missed July’s update, or not. Anyhow, after looking at July’s data and adding my observations from the field, I can firmly say we are in a classic summer/seasonal slowdown. Transaction are still happening but off the pace of April/May/June. Consumers are still battling interest rates and inflation but hopefully both are about to head in the right direction.
As people and Realtors (Realtors are people too!) continue to take time away, I would expect much the same market for the rest of August and things should pick up (volume) in the fall as people try to make purchases and move in before XMAS.

According to the Home Price Index (HPI)  single family home prices are down approx. 3.5% from this time last year. Not bad really as they were down 10% or better through the end of 2022 and early in 2023. Price wise we have definitely made a decent recovery and the market seems stable with slightly increasing inventory.

Please see the latest VREB report along with the full stats package.

All the best and if you have any real estate related questions, please feel free to reach out.

 Cheers, Bobby

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