According to a ‘barometer’ report from HelloSafe, real estate transaction prices grew by 2.3 per cent in Victoria and 0.9 per cent across Vancouver Island between December 2021 and December 2022.
There was a drop of 11.9 per cent for all of British Columbia.
“British Columbia’s real estate market seems to have entered a downtrend,” HelloSafe said.
The report shows prices dropping in the three most populated provinces in the country with Ontario seeing a 12.2 per cent decline and Quebec going down by 0.9 per cent.
“Prices continued to increase in seven of the 10 Canadian provinces between December 2021 and December 2022,” HelloSafe said. “While real estate prices peaked in 2021 in Canada, 2022 seems to be the beginning of a trend reversal.”
The largest increase of any Canadian area on the report was in South Central Alberta with a jump of 27.1 per cent.
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