Karl Russell - Victoria Realtor

SOLD! 🏡

Congratulations to my clients on the purchase of their stunning new home at 3603 Temperate Pl in Royal Bay!

🛌 5 Beds | 🛁 5 Baths | 🏡 3,434 sqft finished | 📐 7,470 sqft lot | 🛠 Brand new build by Verity Construction

Offered at $1,675,000

Big thanks to Rhys Duch and the South Island Home Team for representing the sellers and making this transaction seamless.

Looking to buy or sell in Royal Bay or Greater Victoria? Let's connect. 📲 Visit russellrealestatevictoria.com or message me directly.

Victoria Real Estate Board - Market Update

2025 housing market kicks off with good balance of inventory and stable pricing.

A total of 422 properties sold in the Victoria Real Estate Board region this January, 23.8 per cent more than the 341 properties sold in January 2024 and 0.2 per cent more than in December 2024. Sales of condominiums were up 30.4 per cent from January 2024 with 146 units sold. Sales of single family homes increased by 19.8 per cent from January 2024 with 194 sold.

“We’ve seen a strong hand off from the December market to January with a good sense of momentum building,” said 2025 Victoria Real Estate Board Chair Dirk VanderWal. “Over the course of the month, we saw an uptick in new listings, and it is the first time in ten years that over one thousand new listings were added to our inventory in a January. This is a positive sign for our market as we head into 2025.”

There were 2,395 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2025, an increase of 4.6 per cent compared to the previous month of December and an 11.9 per cent increase from the 2,140 active listings for sale at the end of January 2024.

“The overall housing market in the Greater Victoria Area continues to show signs of balance,” adds Chair VanderWal. “There are strong fundamentals underpinning our market. Pricing remains stable, inventory levels are favourable when compared to recent years and interest rates continue to trend in a positive direction for consumers. Of course, there may be uncertainty in the coming months as international trade relationships are tested, so we will track if these deliberations impact the market moving forward."

What a year! MLS Silver Award is earned by being amongst the top 20% of agents in Victoria based on sales volume. A huge thanks to all of my clients who put their trust in me, family+friends+colleagues who referred business my way, and my wife who is my biggest supporter. I couldn’t have done it without all of you. 🙏🏻 ❤️

Here’s to another big year in 2025! 🍻💪🏻

A Balanced Market Means Opportunity for buyers and sellers in Victoria

“A total of 341 properties sold in the Victoria Real Estate Board region this January, 22.7 per cent more than the 278 properties sold in January 2023 and a 3.6 per cent increase from December 2023.”

“There were 2,140 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2024, an increase of 0.4 per cent compared to the previous month of December and a 23.1 per cent increase from the 1,739 active listings for sale at the end of January 2023.”

“Our housing market eased into the new year with a renewed sense of balance,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “Sales were up slightly based off last year’s very low numbers, and overall, we saw the stabilization that we observed in late 2023 continue into 2024. Mortgage rates have levelled out, inventory is slowly creeping back up, and we are no longer in that highly pressurized market of recent years which created complicated and sometimes stressful conditions for buyers and sellers.”

“I think this balance and stability in our market brings with it an optimistic outlook for the coming months,” adds Chair Lidstone. “If balanced conditions continue, buyers and sellers will have more time to make decisions and there will be less pressure on pricing.”

Every neighbourhood and property type tells a different story. So reach out to a personalized assessment of your situation.

Karl Russell
📞 250-812-2042