The Greater Victoria Real Estate market has cooled to a “less pressured environment,” which gives buyers more time to make decisions, the Victoria Real Estate Board chair said Wednesday.
The region’s market has changed from recent years, Graden Sol said in the board’s monthly report.
“There’s plenty of demand from buyers and we are still low in inventory, but there are opportunities in a less pressurized environment for consumers to get into a new home,” Sol said.
In an area where bidding wars have not been uncommon, buyers will typically have more time to make decisions, he said.
Although the market has calmed down, many people have given up on the idea of owning a single-family house. For those able to afford to buy, condominiums are typically a more affordable option.
February’s benchmark price for a single-family home in the region was $1,247,200, below January’s price of $1,251,100. It was also below the February 2022 benchmark at $1,321,400.
For condominiums, the February benchmark was $568,200, down from $578,300 in January, and also a drop from February of last year at $580,900.
Sol is optimistic at the approach of spring, traditionally the busiest time of the year for sales.
A total of 460 properties changed hands last month, up from 278 in January. February sales lag behind the 718 sales in the same month last year.
Single-family homes sales came in at 220 in February, up from 120 in January but behind February a year ago at 309.
Sol called the increase in the number of properties for sale in Greater Victoria a “welcome trend” after record low numbers in 2022.
Last month saw 1,809 properties listed, up from 849 in the same month in 2022, the board said in its monthly report.
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