The number of real estate sales increased in the capital region in September compared with the same month a year ago but buyers are continuing to face an ongoing shortage of missing-middle housing such as townhouses and multi-unit houses.
A total of 493 properties sold through the Victoria Real Estate Board last month, up from the 410 which sold in September 2022.
The value of all sales combined was $475 million.
Inventory rose to 2,699 at the end of last month, an increase from 2,300 a year earlier.
Higher inventory is welcome news in the real estate sector because there’s more for buyers to choose from.
Multiple offers are still being seen for well-priced desirable properties, board president Graden Sol said Tuesday.
“The challenge of the day is that there are many buyers who hope to find homes in the missing middle — families who seek two- to three-bedroom homes at attainable price points — who are challenged by our current interest rate environment.”
House prices are fairly stable but the increase seen in interest rates means that mortgage costs have increased substantially. Many families and first-time buyers can not afford to buy homes in the current market, Sol said.
Buyers seeking a single-family home anywhere in Greater Victoria face benchmark prices of $1 million or more.
The benchmark for a single-family home in the core was $1.3 million last month, an increase from $1.29 million a year ago. The core refers to Oak Bay, Esquimalt, Saanich, Victoria and View Royal.
Many buyers have moved towards condominiums because they are priced out of the single-family market.
Last month’s benchmark price for a condo the Victoria core was $589,600. A year earlier it was $581,500.
The province released guidelines in September for 10 B.C. municipalities, setting targets to increase the housing supply within five years. Categories include multi-family, rental, owned, market-priced and non-market-priced homes, and housing that includes support services.
Oak Bay, Saanich and Victoria have been given targets. Other municipalities will be added to the list in coming months.
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