Real estate sales numbers and prices have softened this year compared to last year’s hot market as the number of properties on the market continues to climb.
“Sales numbers for this April are more moderate than the higher levels we’ve seen in recent years,” Victoria Real Estate Board chair Graden Sol said Monday when monthly statistics were revealed.“We are in a familiar market pattern, where the majority of sales for the year occur in the spring.”
The housing market in the capital region has been affected by the same pressures as other markets; factors include inflation, interest rates, supply-chain issues and a shortage of labour.“More inventory is needed to balance the supply against spring demand.” That’s up by eight per cent from March but lags by 27.7 per cent from April last year. Single family sales slid by 19.4 per cent from April 2022 and condominium sales dropped by 21.8 per cent year-over-year.
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