January home sales 'slowest we've seen on record' in Victoria: VREB
For sale signs are pictured in Victoria in this file photo. (CTV News)
The Victoria Real Estate Board says 2023 is off to a slow start for home sales in the region.
Some 278 properties were sold in the Victoria area in January, down a whopping 41.4 per cent compared to the same time period in January 2022, and a decrease of 13.1 per cent compared to December 2022.
"If you’re looking at the statistics, this January was one of the slowest we’ve seen on record," said VREB chair Graden Sol in a release Wednesday.
"However, we did see a mid-month surge in activity as buyers seemed to regain confidence after the rapid interest rate increases of last year," he said.
Sol speculates that buyers and sellers may return to the market now that tumultuous interest rates have mostly settled down in Canada.
"Interest rates, continued low inventory and the greater economic situation in our area will determine what our early spring market will look like," he said.
Over the course of January, there were 1,739 active listings on the VREB "multiple listing service," marking a dramatic increase of about 133.7 per cent compared to the same time last year, when 744 active listings were on the service.
Sol notes that interest in properties that represent middle housing in Victoria remained relatively high during the slow month of January.
"The Victoria city council voting to move forward with their missing middle housing program is a great step in the right direction when we are considering how low inventory has impacted the attainability of housing in the CRD," said Sol.
"But this is one step in a marathon of work to be done to increase housing opportunities to meet our community’s short- and long-term needs," he said.
Sol encourages every municipality in Greater Victoria to continue adding housing density and inventory where possible.
Data from VREB's multiple listing service put the benchmark price of a home in Victoria at $1.25 million, in January, while the benchmark price for a condo was $578,300.
CTVNews.ca Top Stories
Biden is coming to Canada: Here's what we know about his visit
U.S. President Joe Biden is coming to Canada Thursday evening, kicking off his short but long-awaited official visit to Canada. Here's what CTV News has confirmed about what will be on the agenda, and what key players are saying about the upcoming visit.
What are the predictions for Canada's real estate market this spring?
The Canadian real estate market has been sluggish since last year, when prospective buyers started putting off plans to purchase homes as the Bank of Canada aggressively hiked interest rates eight consecutive times. But realtors see many edging toward a purchase once more.
Canada broke a population growth record in 2022: StatCan
Canada's population grew by more than one million over the course of one calendar year, breaking previous records, a new Statistics Canada report says.
5 planets will align in an arc across the night sky next week
Sky-gazers will be treated to a parade of planets near the end of month when Jupiter, Mercury, Venus, Uranus and Mars will appear together in the night sky.
Federal government allowing Ukrainians overseas to apply for free emergency visa until mid-July
The federal government will give Ukrainians until mid-July to apply for a free temporary visa to Canada under an emergency program put in place last year following Russia's invasion of Ukraine.
Prince William visits troops in Poland on surprise trip
Prince William made an unannounced trip to Poland on Wednesday to thank British and Polish troops involved in providing support to Ukraine, before meeting refugees who have fled the conflict with Russia to hear of their experiences.
AP sources: Manhattan DA postpones Trump grand jury session
Manhattan prosecutors postponed a scheduled grand jury session Wednesday in the investigation into Donald Trump over hush money payments during his 2016 presidential campaign, at least temporarily slowing a decision on whether to charge the ex-president.
What made Beethoven sick? DNA from his hair offers clues
Nearly 200 years after Ludwig van Beethoven's death, researchers pulled DNA from strands of his hair, searching for clues about the health problems and hearing loss that plagued him.
Canada needs 300,000 new rental units to avoid gap quadrupling by 2026: report
Canada's rental housing shortage will quadruple to 120,000 units by 2026 without a significant boost in stock, Royal Bank of Canada said in a report Wednesday.
Vancouver
-
1 person sent to hospital after 2-vehicle crash in Langley
A two-vehicle crash in Langley late Tuesday sent at least one person to hospital.
-
Lifetime teaching ban for B.C. man convicted for 'inappropriate' contact with student
A middle school teacher from British Columbia has been banned from his profession for life after pleading guilty to assault for an incident involving a student.
-
Homicide team deployed to West Vancouver after man stabbed in apartment parkade
An altercation in a West Vancouver parking garage escalated to a deadly stabbing late Tuesday afternoon.
Edmonton
-
Memorial donuts being sold in support of slain Edmonton police officers
A Crossfield, Alta., bakery is creating something special in memory of Constables Brett Ryan and Travis Jordan, who were shot to death last week.
-
Police say body of woman found on path by Prospect Point Park storm pond
An investigation is underway following the discovery of a woman's body along a park pathway in Fort McMurray, Alta.
-
Oilers sign Swedish centre Carl Berglund to entry-level contract
The Edmonton Oilers have signed forward Carl Berglund to a two-year entry level contract.
Toronto
-
Ontario to get rid of temporary paid sick days, lift some COVID measures in LTC homes
The Canadian Press has learned that Ontario will not extend its temporary paid sick day program.
-
Mystery surrounds Markham, Ont. woman who 'disappeared without a trace'
A Markham, Ont. woman who has been missing for nearly three weeks 'disappeared without a trace,' police say.
-
Nearly $2M worth of allegedly fake Nike, Calvin Klein seized from Toronto clothing store: police
Customers of one Etobicoke clothing store may want to check the tags on their purchases after police say they seized nearly $2 million worth of fake merchandise.
Calgary
-
Why were there fireworks in Calgary last night?
Plenty of Calgarians were surprised to hear the sound of fireworks ringing through the city on Tuesday night.
-
Calgary councillor expecting first child
Calgary councillor Jasmine Mian and her husband are expecting their first child.
-
Zellers food truck rolls into Calgary on Thursday as store reopens
The Calgary Zellers location opens to the public on Thursday and those visiting the nostalgic retailer will also be able to grab a bite from the Zellers Diner on Wheels.
Montreal
-
5 remain missing as rescuers continue search through wreckage of Old Montreal fire
The search for victims continues in Old Montreal Wednesday, nearly a week after a major fire left at least two dead and five missing. Rescuers are slowly but surely combing through the historic building, which contained multiple illegal Airbnb units at the time of the fire.
-
'Bricks versus bodies': Father agonizes over pace of recovery efforts in old Montreal fire
As the search for victims of a five-alarm fire in Old Montreal stretched into its fifth day on Tuesday, friends and family members are getting frustrated with the pace of the investigation and lack of answers.
-
WEATHER WARNING
WEATHER WARNING | Freezing rain warning in effect for Montreal
It may officially be spring, but wintery weather is hanging on. A Colorado low moving into Quebec is expected to bring light freezing rain this evening, after the evening rush hour
Atlantic
-
Transportation Safety Board report on sinking cites lax federal rules on stability
A Transportation Safety Board of Canada report has linked the fatal sinking of a Nova Scotia scallop dragger in 2020 to years of federal inaction on the imposition of stricter stability standards for fishing vessels.
-
Class to resume Wednesday at Halifax-area high school two days after stabbings
Students at a Halifax-area school where two staff members were stabbed Monday are set to return to class Wednesday afternoon.
-
Weather statements issued in the Maritimes ahead of snow Thursday
Environment Canada has issued special weather statements in the Maritimes ahead of a spring mix of snow and rain arriving Thursday.
Winnipeg
-
Manitoba's minimum wage is increasing
The minimum wage in Manitoba is increasing to $15.30 this October.
-
Major risk of flooding on Red River this spring, predicts Manitoba government
There is a major risk of flooding on the Red River this spring, according to Manitoba’s Hydrologic Forecast Centre
-
Winnipeg still waiting for opening date for Zellers
Fans of Zellers looking to shop locally at the revamped store in Winnipeg will have to keep waiting.
Kitchener
-
BREAKING
BREAKING | Ont.’s police watchdog investigating incident near Belwood Lake
Ontario’s police watchdog is investigating an incident near Belwood Lake, a few kilometres northeast of Fergus, Ont.
-
'I'm going to die': Officer recalls night Beau Baker died
Remembering the night he fatally shot Beau Baker outside a Kitchener apartment on Brybeck Crescent in April 2015, Waterloo Regional Police Service (WRPS) Staff Sgt. Eric Boynton - who was a patrol officer at the time - testified he was worried about Baker killing himself or others.
-
Close call caught on video after driver runs stop sign in Guelph
Guelph police are looking for a driver who was captured on dash cam footage speeding through an intersection without braking at a stop sign.
Regina
-
Here's what we could see in the 2023-24 provincial budget
The long awaited 2023-24 provincial budget will be unveiled in the Legislature on Wednesday afternoon, outlining the government’s taxation and spending plans for next year.
-
'Not ideal for anyone': Regina Public Schools to move 200 students from Harbour Landing School
The Regina Public School Board has endorsed the school division’s proposal to have 200 students change schools next year.
-
Sask. sees largest population increase in over a century
Saskatchewan experienced its largest population growth in more than a century last year.
Barrie
-
Barrie man released from prison after successfully appealing murder conviction
After spending nearly eight years behind bars for the stabbing death of Milan (Mike) Segota, Terrence Barrett is a free man.
-
Woman blows 4x legal alcohol limit after crashing into car in school parking lot
A Tottenham woman faces impaired driving charges for allegedly blowing four times over the legal limit after crashing into a vehicle in a school parking lot.
-
Collingwood firefighters rescue 5 people after boat capsized on Georgian Bay
Five people had to be rescued Wednesday morning when a boat capsized on Georgina Bay near Nottawasaga Island.
Saskatoon
-
Here's what we could see in the 2023-24 provincial budget
The long awaited 2023-24 provincial budget will be unveiled in the Legislature on Wednesday afternoon, outlining the government’s taxation and spending plans for next year.
-
'I felt the shock go through my whole body': Saskatoon woman wins $100K on scratch ticket
A Saskatoon woman is $100,000 richer after winning an instant scratch ticket.
-
Sask. sees largest population increase in over a century
Saskatchewan experienced its largest population growth in more than a century last year.
Northern Ontario
-
Northern Ont. police find driver unconscious at the wheel, motor running
Ontario Provincial Police responding to a different call March 17 discovered a driver slumped over the wheel in a running parked car on Main Street in the Town of Thessalon.
-
Ontario's summer forecast has been revealed. What to expect from June to September
The Farmers' Almanac has released its 2023 summer forecast, and, according to the long-range forecaster, Ontario could be in for some 'hot and soggy' summer months.
-
Woman blows 4x legal alcohol limit after crashing into car in school parking lot
A Tottenham woman faces impaired driving charges for allegedly blowing four times over the legal limit after crashing into a vehicle in a school parking lot.