November 2023 Victoria Market Update

Hello Everyone and welcome to November!

Fall is officially here with some much needed rain and cooler temperatures. The fall ritual of salmon spawning plays out all over BC and they will be happy with higher stream flows as they end their life cycle and give birth to the next generation.
Another fall ritual is a slower real estate market but this October seemed especially slow. Only 407 properties transacted on MLS. This isn’t crazy low volume but it is 15% less properties than what sold in October of 2022 and 17% less than September 2023. I’ve been harping on this for the last few months but high interest rates and the cost of living (inflation) have a lot of buyers playing the “waiting game”. Who can blame them? But trust me. This amazing city and Island we live on is still in VERY high demand and when interest rates stabilize/start to fall and consumer confidence returns, the market will be busy again.

There is substantially more selection out there at the moment as well. Inventory is up 25% from a year ago so buyers have more choices and can afford to be patient.

As always, please feel free to reach out if you have any questions and please see the latest VREB report along with the full stats package.

And…don’t forget to turn the CLOCKS back Saturday night!

Cheers, Bobby

Click here to read the full newsletter.