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Victoria Real Estate Market Update-September 2022

Posted by on Tuesday, September 13th, 2022 in Victoria Real Estate News


Hope you are enjoying the tail end of the Summer and this great run of weather we are experiencing in Victoria. The Bank of Canada has increased interest rates this year to try and offset the high inflation rate, resulting in a summer slow down of the Real Estate market. Housing sales and prices are down, and Buyers now have more choice and can take more time shopping for the right home without having to panic buy. Alternately, Sellers must be well priced to attract Buyers and their offers.

Below are some of the statistics for August 2022

Listing Inventory:

There were 2,137 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August 2022, a decrease of 1.2 % compared to the previous month of July but a 90.8 % increase from the 1,120 active listings for sale at the end of August 2021. Inventory is holding steady but should continue to increase into the fall


A total of 478 properties sold in the Victoria Real Estate Board region this August, 42.5 % fewer than the 831 properties sold in August 2021 and a 6.3 % decrease from July 2022. Sales of condominiums were down 57.1 % from August 2021 with 148 units sold. Sales of single family homes decreased 30.3 % from August 2021 with 249 sold. The slow down in sales numbers has been a direct result of the interest rate increases this year, which have eliminated many Buyers from the market.

Average Prices:

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in August 2021 was $1,201,400. The benchmark value for the same home in August 2022 increased by 15.8 % to $1,391,700 but was down 2.9 %  from July’s value of $1,433,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in August 2021 was $509,000, while the benchmark value for the same condominium in August 2022 increased by 22.2 % to $621,900, down by 2.8 % from the July value of $639,900. This rapid increase in interest rates was unforeseen 4 months ago and took the market by surprise, resulting in price drops that we are now seeing reflected in the monthly statistics. This trend is predicted to remain until interest rates start dropping again which may not be until late 2023 or into 2024.

If you or any of your family or friends require any real estate related information, feel free to contact Dale at 250-744-0844, or email him through his website:

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