October 2022 Market Report

MONTHLY MARKET UPDATE — OCTOBER 2022 EDITION

Inventory has remained stable this 2022, we are beginning to see a slight increase in the month over month sales. The market continues to evolve and so up-to-date market information is important for everyone who is active in therealestatemarket. Octobersaleshave shown what the industry has been experiencing, an increase in activity, more sales and well-priced homes receiving plenty of attention – some receivingmultipleoffers.

month andforthefirsttimesince May

A total of 480 properties sold in the Victoria Real Estate Board region this October, 35.6 per cent fewer than the 745 properties sold in October 2021 but a 17.1 per cent increase from September 2022. Sales of condominiums were down 39 per cent from October 2021 with 152 units sold. Sales of single family homes decreased 32.2 per cent from October 2021 with 230 sold.

There were 2,192 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of

2481 BEACON AVENUE SIDNEY BC V8L1X9 | 1-877-656-0911

REACHUS@HOLMESREALTY.COM | WWW.HOLMESREALTY.COM

When you buy or sell a home with Holmes Realty, a portion of the commission goes in support of local charities. Over $250,000 raised!

October 2022, a decrease of 4.7 per cent compared to the previous month of September but a 111.6 per cent increase from the 1,036 active listings for sale at the end of October 2021.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in October 2021 was $1,216,900. The benchmark value for the same home in October 2022 increased by 10.2 per cent to $1,341,400 but was down 1.7 per cent from September's value of $1,364,200. The MLS® HPI benchmark value for a condominium in the Victoria Core area in October 2021 was $524,500, while the benchmark value for the same condominium in October 2022 increased by 14.9 per cent to $602,700, down by 2.4 per cent from the September value of $617,400.

2481 BEACON AVENUE SIDNEY BC V8L1X9 | 1-877-656-0911

REACHUS@HOLMESREALTY.COM | WWW.HOLMESREALTY.COM

When you buy or sell a home with Holmes Realty, a portion of the commission goes in support of local charities. Over $250,000 raised!

Absorption Rate

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Greater Victoria Area - {2019-2022) 2.8 2.2 1_.7 1.4 )> s: '-C"C 0J ::::,:::::!. -< (I) ....2019 �2020 --'-C < 2.0 l.4---13 -1.3 • )> V'I 0 z C C1) n 0 OQ "C r-t <r-t 0C VICl) C" 3r-t 3 C1) .., C"C" C1)C1) .., 2021 ---2022 3.7 1.1 0 C1) n C1) 3 C" (I) ..,

Jan

Monthly Sales Comparison

Greater

Mar

Oct Nov

1400 1200 � 1000800 E ::, z 600 400 200 I

Feb l-0-2019 329 421 -2020 411 563 lcw2021 646 863 l-2022 474 718

Victoria - (2019-2022)

Apr May Jun Jul Aug Sep 640 696 848 740 706 661 616 608 287 457 808 979 979 989 1173 1116 1049 942 835 831 761 833 824 761 612 510 478 410 --

Dec 619 577 402 990 795 631 745 653 438 480

4.50 4.00 3.50 3.00 0 C 2.50 C0 en 2.00 .c .., C 0 � 1.50 1.15 1.00 0.83 0.55 0.50 0.00 "" <o'b,� ��q,' ��,<., 0 �.,o-: �� "o .J;.,c; Absorption Rates - Single Family Detached October2022 3.67 2.75 1.57 1.31 1.21 _Q..9.J__ 0.27 � "" " .;s .;s e}. ◊.,o..J/, �7>' � � 1.58 0��q,' 9-◊� �.f ,:i-0,:i-q;. -o' '1>-,; '1>-,;.;s �':, 1(:-':, -�� c...,d'.J;.,e � � �c..,7>-,; ,-,;c..,7>-,; ��c...,'li 0�� 4.00 3.33 2.77� if' �e!<,.O' �o 00�QJ �c; c., "-,; �q, ---

4.00 3.50 3.00 ----0 +' 2.50 C C� 2.00 0 Cl) .c +' C 1.so 0 � 1.00 0.50 o.oo 1.76 1.33 Absorption Rates - Condominiums October 2022 3.11 1.71 L43__ ------1-:-88 1.08 1.00 ---! I 0.29 I 4.00 -I