Housing supply continues to present a major bottleneck for Greater Victoria's economy. The latest figures on Greater Victoria’s real estate market show low inventory, rising interest rates and buyer fatigue has the industry off to a slow start in 2022.
Spring is typically the busiest season fro real estate sales.
"This tells an interesting story because activity traditionally peaks over the course of the spring, and this year we have seen a gradual softening of the market," 2022 Victoria Real Estate Board President Karen Dinnie-Smyth said in a news release. "As we have reported many times in the past years, the market hinges on supply and demand."
A total of 824 properties in Greater Victoria sold in April, down from 1,116 in April 2021. The board's benchmark value for a single-family home increased to $1.27 million, up from $1.23 million the month before.