Victoria Real Estate Market | January 2022

The January 2022 Victoria real estate market month in review


Quotes from Victoria Real Estate Board President Karen Dinnie-Smyth:

  • A cursory glance at our sales numbers could lead to the quick conclusion that our market is slowing down
  • To put our inventory into context, last year broke the record for lowest inventory for the month of January.
  • This January broke that record nearly in half and that lack of supply in the market really impacts what our end sales numbers are.

Now, some highlights from the monthly VREB report:

  • A total of 474 properties sold in the Victoria Real Estate Board region this January, 26.6 per cent fewer than the 646 properties sold in January 2021 but an 8.2 per cent increase from December 2021.
  • Sales of condominiums were down 13 per cent from January 2021 with 188 units sold.
  • Sales of single family homes decreased 39.7 per cent from January 2021 with 179 sold.

There were 744 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2022.


Benchmarks:

  • The benchmark value for a single family home in the Victoria Core in January 2021 was $932,200.
  • The benchmark value for the same home in January 2022 increased by 24.6 per cent to $1,161,500, up from December’s value of $1,144,900.
  • The benchmark value for a condominium in the Victoria Core area in January 2021 was $487,500
  • The benchmark value for the same condominium in January 2022 increased by 20.5 per cent to $587,300, up from the December value of $570,600.

CLICK HERE to read the full story from VREB.


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