October 2023 Victoria Market Update

Hello Everyone and welcome to fall.

Following the much-needed rain we’ve had, we’re experiencing a typical early October. I hope you made the most of the warm 21-degree Saturday, and I also hope you had a fantastic Thanksgiving! 

So what’s happening in the Real estate world?

Well, sales volume was decent last month (493 on MLS). Not bad for the first month after summer vacation and considering that the current interest rates are inhibiting/reducing buying power. Prices are relatively stable and basically the same as one year ago but still lower than the highs of May 2022.

One thing that has changed significantly over the last year is the inventory. At the moment there are nearly 2,700 listings on MLS as compared to 2,300 a year ago. This is giving buyers more choice and creating more of a balanced market. Sellers, in most cases have to sharpen their pencils. However, there are still multiple offers in some situations for those special properties and hot price points. The next few months should be interesting for the market as interest rates stabilize and the consumer continues to deal with inflation and a dragging economy.

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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