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After years of a housing market upswing, there seems to be a downturn in housing sales across the Greater Victoria region., overall property sales fell to 407 sales in October, a 15.2 per cent drop compared to the same time last year. This is also a 17.4 per cent drop from September 2023.Experts are attributing the drop to some of the highest interest rates they’ve seen in 20 years.
“They’re waiting,” Joe said. “They have the hope that maybe interest rates will change perhaps in the new year, maybe in the spring or a little bit later as well.” Last month, 193 single-family homes were sold, a 16.1 per cent drop from October 2022. Condo sales fell 7.2 per cent to 141.The benchmark price for a single-family home in Greater Victoria’s core, Victoria, Esquimalt, Oak Bay, Saanich and View Royal, steadied at about $1.3 million, compared with $1.31 million in September.
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