Juras also notes the relatively stability of active listings, which came in below expectations of large increases in a market undergoing broader pressures that typically correlate with more properties available for sale, and therefore more pressure on sellers.

 

“Sellers maintained their asking prices for much of the year due to a fairly balanced market as a result of a 10 year average in new listings,” Juras said. “Throughout the year, 12,308 listings appeared on MLS, even fewer than the already low volume in 2022, when 12,500 properties were listed for sale. For comparison, in 2008 there were more than 15,600 properties for sale.”

 

 

Total revenues from 6,207 MLS-listed property sales reached $5.9 billion. Last year the sum was markedly higher, at $6.8 billion, itself a far cry from the all-time high from 2021 of just under $9 billion. Sales in 2022 and 2021 were 6,804 and 10,052, respectively. And despite the reduction in property sales, new real-estate brokerages continue to enter the marketplace in Victoria based on the Island's healthy long-term outlook. 

 

As for December, the month generated a $1,277,575 average for single-family homes over 158 sales, with a median of $1,065,000. November saw an average of $1,217,853 at a $1,086,500 median.

 

Condominiums tumbled to the lowest average of 2023, at $556,293 over 108 sales, and a $525,000 median. November’s average was $600,921 at a median of $522,500.

 

Townhomes accounted for only 39 sales at a $734,172 average and a $712,500 median. In November, the average was $855,020 and the median was $847,000.

 

In total, December’s MLS sales numbered 329, including commercial sales and manufactured home sales. Last December had activity of 320 sales.

 

New listings reached 383 units, and totalled 2,132 active listings.

 

Looking towards the 2024 real-estate market, Juras says the potential drop in interest rates going forward and sustained demand for Victoria homes in 2023 could indicate a stronger year is in-store, provided no major external factors impact demand.

 

“We know with interest rates, the only reasonable direction they can go at this point, should they change in the near future, is down. In fact, rates should have dropped in the fall given their long-time correlation with federal bond rates, which fell in the fall while five-year mortgage rates lingered at their recent all-time highs,” Juras said.

 

“We are also likely to see people who held off buying in 2023 entering the market, and as wages rise, so too will affordability. The big question remains, though, will there be enough supply? Barring any other major inputs, if demand rises, and supply remains slow, we can assume that will put greater pressure on prices. If we see more supply, the market should balance out and prices will stabilize.” C