MONTHLY MARKET UPDATE — JUNE 2023 UPDATE

Wow... where has the first half of the year gone!! It has been a varied market with many ups and downs, but the market overall has started to follow its traditional seasonal trends. Usually, we are slower in the months of November to end of January whereby we start to increase at the end of January into our spring market. The highest number of sales occur during this time period and then the market slows in the summer months, picking up in the fall till end of November. Even though there are more sales in the Spring, for a seller it is usually better to sell in the shoulder months as there are fewer listings.

There has been a small increase in inventory over the month of June which is encouraging as we are still low on available listings for sale. If inventory continues to rise, we may see prices stabilize further. Rumors of another interest hike might change things. Well-priced properties are still selling rapidly while benchmark pricing remains reasonably level. In terms of pace and stability this is good news for sellers and buyers and hopefully heralds a summer of positive real estate transactions.

The Multiple Listing Service®

Home Price Index benchmark value for a single family home in the Victoria Core in June 2022 was $1,408,500. The benchmark value for the same home in June 2023 decreased by 7 per cent to $1,310,100, which is up from May’s value of $1,297,600. The MLS® HPI benchmark value for a condominium in the Victoria Core area in June 2022 was $615,200, while the benchmark value for the same condominium in June 2023 decreased by 9 per cent to $573,800, which is up from the May value of $569,300.

If you would like more information about the real estate market or value of your home; please contact us at 250 656 0911 or send us an email