Welcome to the Victoria Market Minute, our weekly 1 minute look at what's happening in Greater Victoria real estate and what it means if you're thinking about buying or selling.
Greater Victoria's housing market continues to improve, with sales up about 20% since early October and inventory declining nearly 7%. Sales remain slightly below last year's levels, but the market is moving into better balance.
Single-family homes are showing the strongest conditions, with improving sales and declining inventory. Townhomes are also performing well, while condos remain the weakest segment, although they're showing some improvement.
Despite stronger activity, median selling prices remain relatively soft, with no clear evidence of a sustained recovery. Last week's Bank of Canada interest rate increase adds some uncertainty, although it's too early to know how buyers will respond.
For buyers, opportunities remain, particularly with condos. For sellers, improving activity is encouraging, but realistic pricing remains important.
