A total of 410 properties sold through the Victoria Real Estate Board’s multiple listing service in September — down 14 per cent from August and 46 per cent from September 2021
Residential real estate sales in the capital region continued sliding in September as the cooler market saw prices decline and inventory climb due to inflation and higher interest rates.
Dinnie-Smyth said the numbers do not necessarily reflect demand in the market: Well-priced properties get lots of attention and multiple offers are still quite common.A total of 440 Vancouver Island homes of all kinds saw price drops — typically between five and 10 per cent — between the end of August and the end of September, he said.This provides buyers with more choice, more time to make a decision and the ability to put on conditions such as financing approvals and inspections.
There were 2,300 properties for sale through the Victoria Board as of the end of last month. That’s up 7.6 per cent from August and more than twice the 1,124 in September 2021. Buyers have more opportunity to choose a home that matches what they are looking for rather than look at just what is available, he said.
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