Tthere has been an increase in the number of sales over the previous month, we’re not expecting a return to record setting activity levels.. Our inventory levels continue to be very low and new properties are slow to come onto market. More inventory is needed to balance the supply against spring demand. The good news is that prices have stabilized for now. If listings do not pick up over this season, there is a risk that the prices will rise. Sellers are not putting their homes onto the market until they can secure a new home that is suitable to
their needs. If stabilization of the listing inventory is not achieved, we could once again see prices increase. We are starting to see multiple offers once again appear in our market, The circumstances for multiple offers are dependent on a number of factors including price, competition, area, condition of home, and of course the amount of homes available for sale.. Overall, consumer confidence in the market has returned. Accurately priced homes
single family home in the Victoria core are selling quickly and close to list price.
The Multiple Listing Service® Home Price Index benchmark value for ain April 2022 was $1,424,900. The benchmark value for the same home in April 2023 decreased by 11.3 per cent to $1,264,200, which is up from March’s value of $1,236,200. The MLS® HPI benchmark value for a condominium in the Victoria Core area in April 2022 was $630,200, while the benchmark value for the same condominium in April 2023 decreased by 10.3 per cent to $565,000, which is up from the March value of $560,300.
If you would like more information about the real estate market or the value of your home; please give us a call at 250 656 0911 or send us an email.
