Victoria's summer real estate market conditions push into September

 

Victoria Real Estate Board MLS® Statistics Victoria's summer real estate market conditions push into September October 3, 2022  A total of 410 properties sold in the Victoria Real Estate Board region this September, 46.1 per cent fewer than the 761 properties sold in September 2021 and a 14.2 per cent decrease from August 2022. Sales of condominiums were down 58.8 per cent from September 2021 with 126 units sold. Sales of single family homes decreased 33.2 per cent from September 2021 with 221 sold. "September heralds the start of the fall season, which traditionally brings a more active market than what we see in the summer months. October is generally the peak of the fall and winter market," says Victoria Real Estate Board President Karen Dinnie-Smyth. "This year sales have dropped month over month since May and we saw a reluctant September with some of the lowest sales numbers for that month in decades. While the rate of decrease has slowed due in part to concerns about rising interest rates and inflation, this level of activity may not necessarily reflect the actual demand that exists in the marketplace. While overall activity is below historical norms, well-priced properties are still receiving plenty of attention. Multiple offers on these homes are still quite common, which may not be reflected in the overall statistics, but is noticeable if you are actively buying and selling." READ MORE Search MLS® Property for Sale Headline Highlights Posthaste: Why Canada needs to come out 'full guns blazing' on housing Home prices to fall as much as 15%: CMHC forecast Despite falling prices, homes in Canada have never been so unaffordable: RBC VIDEO: September home sales likely lowest in 30 years Could it really be — at long last — a homebuyer’s market? Ten most affordable places to rent in Canada in 2022 ‘We are in a fill-blown housing crisis’: RESCON outlines new supply mandate  A deep-dive into the mortgage stress tests (Part 2): They’re necessary, but the design is flawed Housing market recession deepens in B.C. Ian latest: Storm’s insured losses seen as high as $57B Reverse mortgages are for people 62 and older who meet strict financial and housing requirements  The US housing market slowdown will last longer that originally expected as pending home sales fall off a cliff, says the top economist at the National Association of Realtors   Find out how much your home is worth in today's market Best regards, Diana Winger Personal Real Estate Corporation | eXp Realty CNE, SRS, SRES, ABR Housesforsale369.com | 250-588-8839 On Your Team!