Real Estate Market Update - March 2023
Hello everyone! I hope your March is off to a great start. I'm here with an update on the Victoria real estate market, as the latest statistics from the Victoria Real Estate Board have just been released. Looking back at February 2023, there's a noticeable decline in sales volumes compared to the same period last year, with a 35% drop in sales. However, from my on-the-ground experience with buyers, the market is showing signs of significant activity. Despite the statistics, we're increasingly encountering multiple offer situations, particularly around the million-dollar mark for single-family homes. This price point, especially for move-in-ready homes or those with a suite, is particularly active.
It's encouraging to see buyers regaining confidence and re-entering the market after a quieter period. This shift seems to reflect an adjustment to the new norm of peaked interest rates and the high immigration numbers expected this year, suggesting a sustained strong demand in the Victoria area.
Another trend I've noticed is the growing inventory and the quick movement of well-priced properties. If you have any questions about buying or selling in this dynamic market, don't hesitate to reach out. I'm always here to help and would love to discuss your real estate needs.
Consider contacting Ainsley Gower a local Victoria Realtor for all your real estate needs.