January home sales 'slowest we've seen on record' in Victoria: VREB
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
'It could be catastrophic': Woman says natural supplement contained hidden painkiller drug
A Manitoba woman thought she found a miracle natural supplement, but said a hidden ingredient wreaked havoc on her health.
WATCH Video shows dramatic police takedown of carjacking suspects chased through parking lot north of Toronto
Police have released video footage of a dramatic takedown of a group of teens wanted in connection with an attempted carjacking in Markham earlier this month.
After hearing thousands of last words, this hospital chaplain has advice for the living
Hospital chaplain J.S. Park opens up about death, grief and hearing thousands of last words, and shares his advice for the living.
DEVELOPING G7 warns of new sanctions against Iran as world reacts to apparent Israeli drone attack
Group of Seven foreign ministers warned of new sanctions against Iran on Friday for its drone and missile attack on Israel, and urged both sides to avoid an escalation of the conflict.
WHO likely to issue wider alert on contaminated cough syrup
The World Health Organization is likely to issue a wider warning about contaminated Johnson and Johnson-made children's cough syrup found in Nigeria last week, it said in an email.
Tesla recalling nearly 4,000 Cybertrucks because accelerator pedal can get stuck
Tesla is recalling 3,878 of its 2024 Cybertrucks after it discovered that the accelerator pedal can become stuck, potentially causing the vehicle to accelerate unintentionally and increase the risk of a crash.
'It was all my savings': Ontario woman loses $15K to fake Walmart job scam
A woman who recently moved to Canada from India was searching for a job when she got caught in an online job scam and lost $15,000.
A couple lost their wedding rings during the ceremony. Two strangers found a fitting solution
Every good wedding has to have one teensy, tiny crisis.
Families to receive Canada Child Benefit payment on Friday
More money will land in the pockets of some Canadian families on Friday for the latest Canada Child Benefit installment.