One year ago, with interest rates at rock bottom, the sky was the limit for the real estate market, but fast forward 12 months, with jacked-up interest rates, it’s a much different picture., February 2022 was a record with 718 home sales in Greater Victoria.
Leo Spalteholz is an independent real estate analyst and maintains the HouseHuntVictoria blog, and he says prices have stabilized. As the third priciest city in Canada, Victoria’s housing prices are still close to their peak but they are lower.