Realtors sold 474 properties in the Victoria Real Estate Board area in January 2022, 26.6 per cent fewer than in January 2021 but up 8.2 per cent from December 2021.
“To put our inventory into context, last year broke the record for lowest inventory for the month of January,” said Karen Dinnie-Smyth, VREB’s president.
Dinnie-Smyth said sales will not perk up until inventory improves.
For Spalteholz, prices, especially for detached properties, have entered what he calls “uncharted territory on the affordability side” with worse to come.