February 2023 Victoria BC Area Realty Statistics

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Featured image for Victoria Real Estate Market statistics in 2022

Welcome back to our series of monthly Victoria BC realty articles. This month we are looking at local Victoria BC realty reports comparing February 2023 with February 2022.

Victoria Real Estate Stats for Condos and Apartments in February 2023

The market is waking up, we’ve had an upswing in sales activity over the last four weeks.
Illustration showing Victoria Real Estate Statistics for Condos and Apartments in February 2023
There’s been a dramatic increase in the number incoming inquiries and showing activity on listings plus we are seeing a few multiple offers happen as well.

Victoria Real Estate Stats for Single Family Homes in February 2023

Buyers seem to have resigned themselves to the new interest rate reality with most people not expecting any further dramatic increases.
Illustration showing Victoria Real Estate Statistics for Single Family Homes in February 2023
Condo’s have the strongest absorption rate at 66%, Single Family absorption has increased to 59% with Townhomes at 47%.

Victoria Real Estate Stats for Townhomes and Duplexes in February 2023

The market is still struggling with a shortage of supply, as of today March 1/23 there are 1383 residential properties, of all types, on the market in Greater Victoria for a population approaching 400,000.
Illustration showing Victoria Real Estate Statistics for Row and Townhouse in February 2023
With demand higher than supply we could see these trends hold or even get stronger, making March an interesting month to keep an eye on for Victoria Real Estate activity.

Geoff McLean

Geoff is an established real estate professional whose years of experience have earned him numerous awards and accolades. He has been one of the top RE/MAX Realtors in the Victoria (BC) area since 1990, a Victoria Real Estate Board MLS Gold Award winner for more than 36 years, and has won many other awards over the years. What do these awards mean to you? They mean that Geoff works hard and that he produces consistently. He is well connected in the industry and in the community. Connect with Geoff via email geoff@mcleanrealestategroup.ca

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