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
Canada's relationship with the U.S. needed rebuilding post-Trump says Ambassador Hillman
Canada's Ambassador to the U.S. Kirsten Hillman says the country’s relationship with its American counterparts required rebuilding after the Trump administration.
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 overnight 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.
Former prime minister Stephen Harper says Canada needs a 'Conservative renaissance'
Canada needs a 'Conservative renaissance,' former prime minister Stephen Harper said Wednesday, but he cautioned that Pierre Poilievre should wait until an election before telling Canadians how he might run the country.
WeightWatchers appears set to close dozens of Canadian locations Sunday
WW International appears set to close dozens of its roughly 118 WeightWatchers locations across Canada on March 26 in what may be part of a restructuring strategy.
First victim in fatal Old Montreal fire identified as 76-year-old woman
Montreal police have identified the first victim of the deadly fire in Old Montreal last week that has left two dead and five missing. Insp. David Shane said it was a woman named Camille Maheux, who was 76 years old.
Top 4 quirky consumer complaints received in 2022: BBB
The Better Business Bureau (BBB) says it receives tens of thousands of complaints from consumers across Canada each year, but once in a while a "quirky" one will take them by surprise.
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.
More than half of Canadians OK with telling lies to spare others’ feelings: Poll
According to a new poll conducted by Research Co., more than half of Canadians surveyed said it is permissible to lie to spare someone’s feelings.
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.
Vancouver
-
Vanier Park tent encampment residents refuse to leave
Residents of a tent encampment on Vancouver’s west side are defying orders to leave, despite being given 24 hours' notice to vacate the area.
-
Victim of Richmond, B.C., shooting gets prison sentence for handgun found in underwear
A Vancouver man who was shot in Richmond three-and-a-half years ago has been given a five-year prison sentence because of what doctors found in his underwear while they were treating him.
-
B.C. investors lost $24M to crypto scams last year: financial regulator
British Columbians lost a combined $24 million to cryptocurrency scams in 2022, an amount the province's financial regulator says is nearly triple what was recorded in 2021.
Edmonton
-
'We are a natural gas province': Smith says Alberta needs power plants, not wind and solar
Alberta's premier assured a ballroom of rural leaders Wednesday that she does not want to see the province move away from electricity generated from fossil fuels, while complaining about solar panels covering farm land.
-
EPS announces death of constable
The Edmonton Police Service announced the death of an officer on Tuesday.
-
'He's helped me': Oilers' Bouchard blossoming since arrival of new partner Ekholm
Getting more power play time with some of the best hockey players on the planet has certainly helped but Evan Bouchard also credited a new teammate Wednesday for his recent resurgence.
Toronto
-
Ontario 4-year-old diagnosed with brain tumour after doctors believed it was a virus
An Ontario mother and father say their four-year-old was recently diagnosed with a brain tumour after doctors believed his symptoms were a flu-like virus for months.
-
'I feared for my life': Toronto man shot by police wants bodycam footage of incident released
A Toronto man who was shot multiple times by a police officer while he was walking his dog last month says more could have been done to de-escalate the situation that almost left him dead.
-
Toronto woman receives free gift, but signs contract for $7,000 vacuum cleaner
A Toronto woman said she received a free air purifier as an online promotion, but also signed up for a $7,000 vacuum cleaner in the process.
Calgary
-
Battle between UCP, NDP too close to call as provincial election inches closer: ThinkHQ
A new political poll surveying Albertans ahead of May's provincial election shows a deep divide within the province, with the governing United Conservative Party and Alberta's New Democrats fighting neck and neck for support.
-
Downtown CTrain platforms get improved lighting, as data shows decline in some city crime in 2023
CTrain riders will notice upgraded lighting at CTrain platforms downtown, which have been installed to improve safety.
-
1 person injured in fight outside southeast Calgary Wal-Mart
One person was injured after a fight involving a weapon outside a southeast Calgary department store.
Montreal
-
First victim in fatal Old Montreal fire identified as 76-year-old woman
Montreal police have identified the first victim of the deadly fire in Old Montreal last week that has left two dead and five missing. Insp. David Shane said it was a woman named Camille Maheux, who was 76 years old.
-
School board welcomes Quebec probe into sexual abuse
At least one school board is welcoming news of an investigation into allegations of sexual violence at schools.
-
Plante says Quebec budget ignores Montreal's housing needs
The mayor of Montreal says she only had two requests of the Quebec government and one of them was ignored. Despite new buildings going up in Montreal, Mayor Valerie Plante says it's harder than ever for some people to find a place to live.
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.
-
Nova Scotia Teachers' Union calls for government action on school violence
Students at a Halifax-area school where two staff members were stabbed Monday returned 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
-
More nurses resign from sexual assault program at HSC
A day after four nurses resigned from a department at the Health Sciences Centre, more have followed suit.
-
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
-
Police release picture of suspect in assault case
Winnipeg police are looking for the public's help in trying to identify a suspect in an assault case.
Kitchener
-
Ont.’s police watchdog investigating after Centre Wellington man seriously injured
Ontario’s police watchdog is investigating a crash near Belwood Lake that saw a 43-year-old Centre Wellington man transported to hospital.
-
'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.
-
Regina
-
BREAKING
BREAKING | Sask. projects $1B surplus, will use cash to pay debt instead of further funding boosts
Saskatchewan is projecting a $1 billion surplus in the coming year and plans to spend just as much in paying down the province's debt.
-
Sask. finance minister cautions against using surplus to fund overburdened health system
Saskatchewan’s healthcare spending will rise to record levels in the 2023-24 provincial budget but, after adjusting for inflation, critics say the boost is weaker than advertised.
-
Funding for distance learning, capital projects included in record $3.1B education budget
The Government of Saskatchewan is committing over $20 million for online learning as part of its record $3.1 billion education budget for the 2023-2024 fiscal year.
Barrie
-
Barrie residents urged to secure vehicles with truck thieves back in action
Police in Barrie say Ram pickup truck thieves are active in the community again after two were reported stolen overnight on Wednesday.
-
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.
Saskatoon
-
BREAKING
BREAKING | Sask. projects $1B surplus, will use cash to pay debt instead of further funding boosts
Saskatchewan is projecting a $1 billion surplus in the coming year and plans to spend just as much in paying down the province's debt.
-
Accused in Ally Moosehunter homicide cross-examined by the crown
The man charged with first-degree murder in the death of Ally Moosehunter took the stand Wednesday for cross-examination by the crown.
-
Funding for distance learning, capital projects included in record $3.1B education budget
The Government of Saskatchewan is committing over $20 million for online learning as part of its record $3.1 billion education budget for the 2023-2024 fiscal year.
Northern Ontario
-
Family sues OPP, others, for more than $2M after woman dies in Sudbury, Ont., jail
The family of a woman who died by suicide in November 2020 while incarcerated at the Sudbury Jail is suing police and other officials for more than $2 million.
-
An abundance of job options at Northern College career fair
Northern College said it hopes the Ontario government will consider funding its trade programs -- this after being left out of a $224 million funding announcement for skilled trade centres.
-
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.