MONTHLY MARKET UPDATE — JULY 2022 EDITION
A
total of 510 properties were sold in the
Victoria Real Estate board region this July, 38.9 per cent fewer than the 835 properties sold in July 2021 and a 16.7 per cent decrease from June 2022. Sales of condominiums were down 39.4 per cent from July 2021 with 172 units sold. Sales of single family homes decreased 35.9 per cent from July 2021 with 254 sold. "We'd previously indicated a shift in the local housing market," said 2022 VREB President Karen Dinnie-Smyth. "This continued be the case in July as sales dipped, and we saw fewer listings come to the market. with more of the existing inventory remaining for sale. This slowdown means a calmer and more friendly environment with time for decision-making, which benefits sellers and buyers and will be a relief to many."
Active Listings / Number of Sales Greater Victoria - (last 24 months)
2162
510
Active Listings
Number of Sales
There were 2, 162 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of July 2022, an increase of 5 per cent compared to the previous month of June and a 70.2 per cent increase from the 1,270 active listings for sale at the end of July 2021.
510
"As a result of the higher interest rates and inflation occurring right now, we see fluctuations in price and availability," adds President DinnieSmyth. "Values will rise and fall over time, and historically local real estate values slowly increase over time, which means despite· month-tomonth variations, if you are buying a home, you have a sound, long-term
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