Total Properties Sold in September 2023
September 2023 saw a significant surge in property transactions, with 493 properties sold in the Victoria Real Estate Board region. This marks a notable 20.2% increase compared to the same period in 2022. However, a slight dip of 9.4% from August 2023 indicates a fluctuation in market activity.
Condominium Sales
The condominium market experienced a robust upturn in September 2023, witnessing a 23% spike in sales compared to September 2022. This increase reflects a growing interest in condominium units within the region, showcasing a shifting preference among buyers.
Single Family Home Sales
Single-family homes also saw positive growth, with 228 units sold in September 2023, a 3.2% increase from the previous year. This steady rise signifies continued demand for detached homes despite fluctuations in the market.
Active Listings in September 2023
The inventory for available properties displayed an upward trend in September 2023, totalling 2,699 active listings. This surge represents an 8.4% increase from August 2023 and a substantial 17.3% rise from the same period in 2022, providing prospective buyers with an expanded array of options.
Market Balance and Competition
Recent weeks have shown signs of the market moving towards a more balanced state. Despite this, well-priced properties continue to attract rapid sales, resulting in multiple offer situations across several local markets. This dynamic presents both opportunities and challenges for buyers and sellers alike.
Challenges for Buyers
The current housing landscape poses challenges for families seeking affordable options due to the prevailing interest rate environment. The increased cost of mortgages has created hurdles for first-time buyers and families aiming to secure two- or three-bedroom homes at affordable prices.
Housing Price Index (HPI) – Single Family Homes and Condominiums:
The Housing Price Index (HPI) for single-family homes in September 2023 showed a 1% increase, reaching $1,312,200. Conversely, the HPI for condominiums surged by 1.4%, reaching $589,600. These incremental changes demonstrate the market’s stability despite slight monthly fluctuations.
Local Area Insights
September 2023 marked a continuation of Victoria’s robust real estate landscape, with average single-family home prices experiencing a notable increase across several neighbourhoods. This upward trajectory reflects the city’s enduring appeal and the strong demand for housing within its diverse communities.
Oak Bay – See Oak Bay Homes for Sale
Oak Bay, an affluent municipality nestled on the eastern tip of Victoria Island, retained its position as the most expensive neighbourhood in Victoria during September 2023. Average single-family home prices hovered around $1.2 million, a testament to the area’s prestige and the desirability of its tranquil streets, scenic beauty, and exemplary schools.
James Bay – See James Bay Homes for Sale
James Bay, a historic neighbourhood gracing the southeastern side of Victoria, showcased its enduring charm in September 2023, with average single-family home prices reaching approximately $1 million.
Rockland – See Rockland Victoria Homes for Sale
Rockland, a tranquil residential enclave on the western side of Victoria, emerged as a haven of serenity in September 2023. Average single-family home prices remained relatively stable, averaging around $750,000.
Cadboro Bay – See Cadboro Bay Houses for Sale
Cadboro Bay, a small and exclusive neighbourhood nestled on the eastern tip of Victoria Island, continued to exude exclusivity in September 2023. Average single-family home prices soared to an impressive $1.5 million, reflecting the area’s stunning ocean views, rugged coastline, and proximity to Mount Baker.
Gordon Head – See Gordon Head Houses for Sale
Gordon Head, a diverse neighbourhood on the western side of Victoria, demonstrated a balanced real estate market in September 2023. Average single-family home prices settled around $850,000, indicating a healthy mix of single-family homes, apartments, and condos.
Fairfield – See Houses for Sale in Fairfield, Victoria, BC
Fairfield, a historic neighbourhood adorning the southern tip of Victoria Island, maintained its reputation as an affordable option in September 2023. Average single-family home prices remained relatively accessible, averaging around $650,000. This neighbourhood’s appeal lies in its blend of single-family homes, apartments, and condos, providing a range of options for buyers seeking a mix of heritage and affordability.
Conclusion
As our exploration of the Victoria real estate market in September 2023 draws to a close, it’s clear that resilience defines this landscape. We’ve reviewed the challenges prospective buyers face, observed the notable increase in active listings compared to August 2023, and witnessed the evolving dynamics within both condominiums and single-family homes.
These insights, sourced from the Victoria Real Estate Board (VREB), underscore the city’s enduring appeal and promising growth trajectory for prospective homeowners. The rising average prices of single-family homes across six distinct neighborhoods and the surge in sales figures in various areas highlight the unwavering demand within Victoria’s diverse and vibrant communities. This analysis solidifies Victoria’s position as an attractive destination within the ever-evolving real estate domain.
