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.
We hope everyone had a great Thanksgiving long weekend and had a chance to enjoy some time with family and friends!
There are some encouraging signs in Greater Victoria’s housing market this week, although the picture is quite different depending on the type of home.
Single-family home sales have picked up over the past week, while the number of homes available for sale has fallen. Townhomes are also showing improvement, with sales gradually recovering from their September lows.
Condos, however, are moving in the opposite direction. Sales remain slow, and the number of condos for sale continues to rise. That means condo buyers have plenty of choice and negotiating room, while sellers face more competition.
Across the broader market, sales have improved modestly from late September, but they're still well below this time last year. So while there are some signs that conditions may be stabilizing, it's too early to call this a turnaround.
We also need to be careful reading this week's numbers. The Thanksgiving long weekend can affect both new listings and sales, so the next couple of weeks should give us a clearer picture of whether this improvement will last.
For buyers, opportunities remain, particularly in the condo market. For sellers, pricing and presentation still matter, but the recent improvement in single-family and townhome activity is worth watching.
Follow us for a new Victoria Market Minute each week and keep up with what’s happening in our local real estate market.
Grant Walker | Karl Leong | Mark Roozendaal | Leanne Benedict
The Preferred Homes Team | RE/MAX Camosun
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