May's real-estate sales surpassed May of 2022

There was a slight increase in real estate sales in Greater Victoria in May, with 775 properties sold compared to 761 in May 2022.

The uptick was good news for the real estate industry, though sales are still not as high as typically seen in spring. The optimism that had been starting to grow could be short-lived however after the Bank of Canada opted to further raise interest rates today. Time will tell if the move stalls potential buyers or if it encourages more people to put their homes on the market.

"With momentum building, there’s an indication of consumer optimism in the market heading into June," Victoria Real Estate Board Chair Graden Sol said before today's rate announcement. "However, if the ongoing lack of homes for sale
persists and inventory is not added, we risk a return to an overheated market with pressure on pricing.”

The benchmark value in May for a single family home in the core Victoria municipalities was $1,297,600. That's up from $1,295,800 in April, but almost 9% lower than the benchmark value in May 2022.