Sales activity slows as capital region housing market returns to seasonal norms

A total of 595 properties changed hands in July, down by 15 per cent from last month

Greater Victoria real estate activity slowed significantly in July, with 595 properties changing hands.

Condominium sales were up 16.3 per cent from July 2022, with 200 units sold, and the number of single-family homes sold jumped by 15.4 per cent from the same period last year, with 293 sold. In the core — Victoria, Esquimalt, Oak Bay, Saanich and View Royal — the benchmark price of a single-family home held fairly steady at $1.32 million last month, compared with $1.31 million in June and $1.37 million at the same time last year.

“The good news is that, despite a slowdown in sales, we did witness an increase in inventory coming to the market,” said Sol. “These new listings are quite encouraging, as they indicate a growing movement in our market and show that consumers are becoming more willing to take action and make a move.

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