October 2022 Victoria BC Area Realty Statistics

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Featured image for Victoria Real Estate Market statistics in 2022

Monthly realty statistics for October 2022 are now available for the Victoria BC region and we have some thoughts on the current market conditions to discuss.

Victoria Real Estate Stats for Condos and Apartments in October 2022

Over all the markets Condo/Townhouses and Single Family we are seeing a slight decline in prices based on average prices from a year ago, if you are comparing to six months ago the drop is in the order of 10%.
Illustration showing Victoria Real Estate Statistics for Condos and Apartments in October 2022
Given the ongoing shortage of supply we are still in a balanced market based on months of inventory.

Victoria Real Estate Stats for Single Family Homes in October 2022

What’s ahead for the Victoria real estate market in 2022? Who really knows? Each time the Bank of Canada raises the bank rate we lose 10% of the buyers in the market which is having impact on the average prices.
Illustration showing Victoria Real Estate Statistics for Single Family Homes in October 2022
A huge factor is shortage of supply, which I doubt various levels of government can fix, unless they are prepared to curtail immigration and open more land for development.

Victoria Real Estate Stats for Townhomes and Duplexes in October 2022

Regardless of the market, limiting the immigration side of the equation sets up a whole lot of other issues and controversy that become hard to discuss.
Illustration showing Victoria Real Estate Statistics for Row and Townhouse in October 2022
My prediction is that once the feds realize attacking the demand side of the economic equations through raising interest rates isn’t working, they will have start to focus on the supply side, and then things will change.

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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