Greater Victoria real estate market cooled in August

The capital region’s real estate market ended August with just over 40 per cent fewer sales than the same month a year ago, reflecting an anticipated slowdown due to factors such as higher interest rates.

August, a traditionally slow month in the real estate sector, also saw sales slide 6.3 per cent slide from July. As for condos, the benchmark value in the core was $621,900 last month, a drop of 2.8 per cent from July, when it was $639,900. The benchmark in August of last year was $509,900. Real estate watchers look at the ratio of sales to active listings — represented as the percentage of available listings that sold in the past month — to help evaluate supply and demand.

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