company logo
  • Phone: 250-744-3301
  • Email: SandyMcManusRealty@shaw.ca
  • Home
  • About
    • Sandy McManus
    • Jay McManus
    • MISSION
  • News
  • Featured Properties
    • Active Listings
    • Sold Listings
    • Sold As Buyers Agent
  • ABOUT GREATER VICTORIA
    • Overview of Greater Victoria Neighbourhoods
    • Oak Bay
    • Victoria
    • Esquimalt
    • View Royal
    • Saanich East
    • Saanich West
    • Central Saanich
    • North Saanich
    • Sidney
    • Sooke
    • Langford
    • Metchosin
    • Colwood
    • Highlands
    • Malahat & Area
  • Selling
    • Find Out What Your Home Is worth
    • Moving Away?
    • Why Sell with Sandy
    • Glossary of Real Estate Terms
    • Things You Should Know When Buying or Selling a Strata Unit
    • Multiple Offers - What's Involved
    • Chattels and Fixtures - Put it in Writing Before You Sell
    • Could You Sell Your Own Home?
    • Creating Curb Appeal Can Help Sell Your Home
    • How to Market Your Home
    • Marketing Your Home With a REALTOR®
    • Moving Up in the Housing Market
    • Preparing Your Home For Sale
    • Selling Your Home - How to Review an Offer
    • Selling Your Home - What a Listing Entails
    • Selling Your Home - Why it Pays to Use a REALTOR®
    • Tips on Sprucing Up Your Home Prior to Selling
    • Using MLS® to Help Sell Your Home
  • Buying
    • Why Buy with Sandy
    • VIP Relocation Services
    • Access Your Private Portal
    • Get Pre-qualified for a Mortgage
    • Buying a Home - Investing in Your Future
    • Arranging a Mortgage
    • Buying a Home - Old Versus New
    • Buying a Home - Your Needs and Wants
    • Checklist for House Hunting
    • Choosing the Right Neighbourhood
    • Consulting a REALTOR®
    • Don't Forget Closing Costs When Buying a Home
    • Glossary of Real Estate Terms
    • Home Buying and Finances - Making the Right Decisions
    • Multiple Offers - What's Involved
    • No Time Like the Present to Buy a Home
    • The Final Cost of Buying a Home
    • Things You Should Know When Buying or Selling a Strata Unit
    • Tips for First-Time Home Buyers
    • Tips for Buying Strata Properties
  • RESOURCE CENTRE
    • Calculator For 5 Yr term 25 yr/mort
    • Mortgage Calculator
    • BC Property Purchase Transfer Tax Information
    • CMHC or Canadian Mortgage and Housing Corporation
    • Metric Conversion Calculator
    • BC Assessment
    • Specific Areas Speculation/Vacancy Tax Info
    • Market Report
  • Contact
  • Market Stats
banner

BLOGS

  1. Home
  2. archived

<<< back to article list

VREB Market Stats- March 2023

Sandy McManus | April 18th, 2023

Market Stats

Early spring market reflects consumer confidence and growing demand

A total of 590 properties sold in the Victoria Real Estate Board region this March, 29.2 per cent fewer than the 833 properties sold in March 2022 but a 28.3 per cent increase from February 2023. Sales of condominiums were down 29.4 per cent from March 2022 with 197 units sold. Sales of single family homes decreased 31.8 per cent from March 2022 with 281 sold.

"We've seen our sales numbers this month almost double from January," said Victoria Real Estate Board Chair Graden Sol. "As we move further into spring, we expect that the return to confidence we've seen in the market will continue. What we can't predict is what the overall impact on pricing will be if we continue to see quite low inventory across our community. Some pockets of our market are busier than others - by working with your REALTOR® you can better understand the market you are in."

There were 1,970 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2023, an increase of 8.9 per cent compared to the previous month of February and an 85.3 per cent increase from the 1,063 active listings for sale at the end of March 2022. "Demand is recovering," adds Sol. "Compared to the end of 2022, prices have firmed up and interest rates have become normalized. Consumers are more active, and we are seeing quite a few multiple offers on well-priced properties.

Inventory continues to trend lower than long term averages. As our spring market continues to strengthen, we may start to experience some upward pressure on pricing again. We have been talking about the need for supply to help moderate pricing for a long time. Premier Eby's announcement this week about the provincial government's Homes for People action plan reflects an increasing awareness of the importance of supply. We need all levels of government to continue to focus on solving our market housing crunch, so we do not return to the high-pressure markets of the recent past."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2022 was $1,387,200. The benchmark value for the same home in March 2023 decreased by 10.9 per cent to $1,236,200, down from February's value of $1,247,200. The MLS® HPI benchmark value for a condominium in the Victoria Core area in March 2022 was $616,400, while the benchmark value for the same condominium in March 2023 decreased by 9.1 per cent to $560,300, down from the February value of $568,200.

 

Download the full report here.

Categories

  • Listings
  • Market Stats

Archives

  • May 2025
  • April 2025
  • March 2025
  • February 2025
  • January 2025
  • December 2024
  • November 2024
  • October 2024
  • September 2024
  • August 2024
  • July 2024
  • June 2024
  • May 2024
  • April 2024
  • March 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
RSS 2
remax balloon logo

All information displayed is believed to be accurate, but is not guaranteed and should be independently verified. No warranties or representations of any kind are made with respect to the accuracy of such information. Not intended to solicit properties currently listed for sale.

The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA.

REALTOR® contact information provided to facilitate inquiries from consumers interested in Real Estate services. Please do not contact the website owner with unsolicited commercial offers.

QUICK LINKS

  • Sitemap
  • Privacy Policy
  • Real Estate websites for Agents

COMPANY

brokerage logo
4440 Chatterton Way,
Victoria, BC, V8X 5J2,
CA

ABOUT

Sandy grew up on both Southern Vancouver Island and Salt Spring Island.  Over the years, she and her husband Jay have lived in several locations in British Columbia and Alberta while Jay was a corporate transferee.  They feel extremely fortunately to have settled in beautiful, globally recognized Victoria B.C. and to have the opportunity to be involved in the real estate industry here.

Copyright © 2025. All rights reserved.