As we head into spring, the market is settling into what I would describe as a more balanced rhythm, especially here on the Peninsula. It’s not a hot market, but it’s certainly not a slow one either.
Across the Victoria Real Estate Board region, there were 465 sales in February, which is lower than last year but a noticeable increase from January, showing that activity is starting to build as we move toward the spring market. Inventory has also increased, with 2,903 active listings, giving buyers more choice than we’ve seen in recent years. Prices have remained relatively steady, with the benchmark single family home sitting around $1.3M. Source: Victoria Real Estate Board.
What this means locally is that buyers are taking a bit more time. They’re doing their due diligence and comparing options, which is a shift from the urgency we saw in past markets.
For sellers, pricing and positioning matter more than ever. The homes that are well presented and aligned with current market expectations are still seeing strong interest, while others are sitting longer and adjusting.
The biggest thing I continue to see is how much micro-markets matter. Sidney, North Saanich, and Central Saanich can all behave slightly differently at any given time. If you’re curious what your specific property might look like in today’s market, I’m always happy to chat.