Welcome back to my market updates post! I will continue to update this Victoria, British Columbia, real estate market page at the beginning of each month. 

 

This post’s data, housing prices, statistics, and property information are from the Vancouver Island Real Estate Board Region. Alright, let’s get to it!

 

The Market Overall 

In total, 595 residential properties were sold in the Victoria Real Estate Board region during July 2023. The number of property sales is 16.7% more than the 510 properties sold in July 2022 (last year) and a 15.6% decrease from June 2023 (the previous month).

 

Sales of condominiums were up 16.3% from July 2022, with 200 units sold.

 

In addition, sales of single-family homes increased by 15.4% from July 2022, with 293 homes sold.

 

At the end of July 2023, there were 2,419 active listings for sale on the Victoria Board MLS®. An increase of 3.3% compared to the previous month of June 2023 and an 11.9% increase compared to the 2,162 active listings for sale at the end of July 2022.

 

Starting to see a more seasonal pattern in the real estate market, with a slowdown in activity throughout the summer months. The increase in inventory is a good sign and may stabilize prices for the short term, but there should still be a strong emphasis on adding more supply to the marketplace.

 

Properties that are well-priced, in good condition, and in desirable neighbourhoods are receiving lots of interest as demand for homes is still strong.

 

On the supply side, high building costs, limited availability of construction workers and labour in general, zoning restrictions and regulations all reduce the pace and the number of homes coming to market.

 

As interest rates normalize or slightly increase, there is still a supply and demand imbalance in the Victoria housing market. In the short-term and long-term, lack of supply will continue to be an issue for the affordability of homes in Victoria and surrounding areas unless steps are taken to add gentle density to neighbourhoods.

 

Below are the statistics released at month end from the Victoria Real Estate Board (VREB)

 

Median Sale Prices For Single Family Homes, Condos, and Townhomes

Single Family Homes Greater Victoria 

• July 2023 median selling price: $1,200,000
• July 2022 median selling price: $1,087,000
• June 2023 median selling price: $1,185,000
• 10.4% decrease in median selling price compared to last year (July 2022)
• 1.3% increase in median selling price compared to the previous month (June 2023)

 

Condo Apartment

• July 2023 median selling price: $552,900
• July 2022 median selling price: $550,000
• June 2023 median selling price: $560,500
• 0.5% increase in median selling price compared to last year (July 2023)
• 1.4% decrease in median selling price compared to the previous month (June 2023)

 

Row/Townhome

• July 2023 median selling price: $785,000
• July 2022 median selling price: $755,000
• June 2023 median selling price: $804,198
• 4.0% increase in median selling price compared to last year (July 2022)
• 2.4% decrease in median selling price compared to the previous month (June 2023)

 

Average Sale Prices For Single Family Homes, Condos, and Townhomes

Single Family Homes Greater Victoria 

• July 2023 average selling price: $1,396,864
• July 2022 average selling price: $1,199,126
• June 2023 average selling price: $1,274,512
• 16.5% decrease in average selling price compared to last year (July 2022)
• 9.6% increase in average selling price compared to the previous month (June 2023)

 

Condo Apartment

• July 2023 average selling price: $637,214
• July 2022 average selling price: $598,039
• June 2023 average selling price: $668,110
• 6.6% increase in average selling price compared to last year (July 2022)
• 4.6% decrease in average selling price compared to the previous month (June 2023)

Row/Townhome

• July 2023 average selling price: $831,442
• July 2022 average selling price: $850,982
• June 2023 average selling price: $836,207
• 2.3% decrease in average selling price compared to last year (July 2022)
• 0.6% decrease in average selling price compared to the previous month (June 2023)

 

 

Sales to Active Listings Ratio 

The total residential sales over the total active residential listings ratio is a measurement of supply and demand and is expressed as a percentage at months-end. This measurement is the percentage of available listings that have sold in a specific month.

 

The sales to active listings ratio can provide buyers, sellers, and their real estate agents an understanding of whether we are in a buyers’ market, sellers’ market, or a balanced market.

 

When the percentage of sales to active listings is in the 15-20% range, there is little pressure on home prices either way, and it is typically considered a balanced market. 

 

However, when the sales to active listings percentage falls below 10%, there is downward pressure on prices, which is considered a buyers’ market. 

 

Alternatively, when the sales to active listings percentage increases above 25%, there is upward pressure on prices, which is considered a sellers’ market.

 

For July 2023, the sales to active listings ratio decreased to 30%, indicating a 9% decrease from the 39% sales to active listings ratio in June 2023.

 

The Victoria, BC, real estate market is very dynamic, and many factors can influence market conditions. If you have any questions about the Victoria real estate market or if you’d like to know what your home is worth in today’s market, I can prepare a free, comparative market analysis for you. Easily send me a message on my contact page or email ria@mavrikoscollective.com. I look forward to hearing from you!

 

• First-Time Home Buyer? Know These 9 Tips
• 15 Powerful Blogging Tools Every Real Estate Agent Needs
• 10 Easy Home Moving Tips!
• The 31 Best Housewarming Gift Ideas This Year
• 6 Tips To Improve An Awkward Kitchen Layout