Less Pressure on Buyers in August in the Victoria Real Estate Market

August is typically one of the slower months for real estate in the Greater Victoria area and this year was no exception. After two years of market conditions that favoured home sellers, sales have diminished in the past few months and inventory levels have been slowly increasing.

478 properties sold in the Victoria region this August; 42.5% fewer than the 831 properties sold in August 2021 and a 6.3% decrease from July 2022. Sales of condos were down 57.1% from August 2021 with only 148 units sold. Sales of single family homes also decreased 30.3% from August 2021 with 249 sold.
There were 2,137 active listings for sale on the Victoria MLS 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.

We continue to trend towards a more balanced market and as conditions change, connect with me to understand how your selling and buying plans fit into the current market.