The Victoria Real Estate Board says sales fell 15.2 per cent to 407 in October compared to the same time last year.
The spectre of high interest rates continued to weigh down the Victoria real estate market in October, as the pace of sales activity dropped off significantly.
“Generally speaking, when we have periods of static interest rates, consumer confidence returns to the market.” Last month, sales of single-family homes dropped 16.1 per cent to 193 over the last year, while condo sales dropped 7.2 per cent to 141 units over that same time period.The board’s benchmark value — which it considers a more accurate reflection of the market — for a single-family home in the region was $1.162 million in October, just a fraction below the September benchmark of $1.169 million, and up from the $1.13 million benchmark last October.
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