In the News Archives - Victoria Real Estate | Capital City Group

Real Estate Market Update – April 2024

ccg — Tue, 23 Apr 2024 17:50:51 +0000

A total of 588 properties sold in the Victoria Real Estate Board region this March, 0.3 per cent fewer than the 590 properties sold in March 2023 but a 25.1 per cent increase from February 2024. Sales of condominiums were down 10.2 per cent from March 2023 with 177 units sold. Sales of single family homes increased 1.8 per cent from March 2023 with 286 sold.

The average price for a single family home in Greater Victoria was $1,304,353 for a single family home, $628,092 for a condominium, and $822,049 for a townhome last month (March 2024).

There were 2,647 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2024, an increase of 12 per cent compared to the previous month of February and a 34.4 per cent increase from the 1,970 active listings for sale at the end of March 2023. The sales to listings ratio for March was 22.2% and therefore into sellers side of the market.

The Bank of Canada held it’s target interest rate at 5% and the bank expects the global economy to continue growing at a rate of about 3%. There were some changes relating to mortgages that affect first time buyers recently announced. Changes to capital gains are also on the horizon. If you would like to learn more get in touch.

We have a lot of clients asking us if now it the right time to sell. The short answer is, for some it is and others it is not. We can offer you a market analysis on your home and provide you all the information you need to determine what is best for you.

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Real Estate Market Update – Sept 2023

ccg — Tue, 19 Sep 2023 20:43:58 +0000

Victoria real estate market needs better mix of housing supply to help restore balance

A total of 544 properties sold in the Victoria Real Estate Board region this August, 13.8 per cent more than the 478 properties sold in August 2022 and an 8.6 per cent decrease from July 2023. Sales of condominiums were up 10.8 per cent from August 2022 with 164 units sold. Sales of single family homes increased 9.6 per cent from August 2022 with 273 sold.

The average price for a single family home in Greater Victoria was $1,363,565; condo was $619,128; and townhome was $827,812 in August this year.

“Real estate activity this month reflected what we’d expect to see in an average late summer housing market,” said Victoria Real Estate Board Chair Graden Sol. “The beginning of the month was reasonably slow, and sales ramped up through the last half of the month. The brisk sales pace leading up to the end of August may very well continue into September.”

There were 2,490 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August 2023, an increase of 2.9 per cent compared to the previous month of July and a 16.5 per cent increase from the 2,137 active listings for sale at the end of August 2022.

The Sales-to-Active Ratio last month was 21.8% showing a more balanced market however inventory levels remain very low.

On Sept 6th the Bank of Canada held its target for the overnight rate at 5% – a welcomed relief for many!

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Real Estate Market Update for Victoria – April 2023

ccg — Sun, 23 Apr 2023 00:16:28 +0000

Good news makes for a buoyant market. It looks like the turbulent and uncertain waters of inflation on our real estate market are behind us and it’s back to confidence. The news has been positive on many fronts since my last newsletter. The Bank of Canada held rates for the second time in a row and has even started talking about rates coming back down, although not likely this year according to them. Inflation has dropped to just over 4%. which is well down from its peak and on the way back to 2%. The interest rate hikes certainly hurt some of us but they seem to be having the intended effect. The threat of recession has yet to materialize with the economy actually seeing modest growth in recent reports, and locally, Victoria has approved the missing middle bylaw but we’ll chat a little more about that in a minute.

All in all, good news all around. But what does that mean for our local market? Well there were 590 sales last month with 1970 active listings at month’s end. If you’ve been following this newsletter for sometime you know what that means. The Sales-to-Active Listings ratio is sitting at about 30%. Although a much lower percentage than before the slow down, that is still well above the 20% threshold that takes us from a balanced market into a seller’s market and a seller’s market means upward pressure on pricing. With no real prospects for increasing density quickly and a backlog of demand, we expect this will be reflected in price increases over the next few years, although moderate compared to the last few years.

So where is the new supply going to come from? Well I’m glad you asked…

Victoria, ahead of the curve, has passed into bylaw their missing middle initiative which will allow for greater density on some single family lots. This means houseplexes, duplexes with suites and townhouses where once there was only single family dwellings. There will of course be some pain. Many people won’t want to see the density in their neighbourhood. I understand. I wouldn’t want to see a condo development crammed in beside me however I would also like my kids to be able to afford a home in Victoria at some point. And within this, of course, is an opportunity. I have some investors I am partnering up with to build missing middle housing, and am looking for more who want to be part of the solution AND make money at the same time. So if you have a house in Victoria or Vic West (for now, the other municipalities will be following shortly or the province will just make it happen) and you’re thinking of selling, but perhaps are concerned about being able to buy. Give me a call. I can give you all the time you need to find the perfect place with no risk, and a guaranteed sale at a fair price (market value) when you do, for whatever dates you need.

If on the other hand you are looking for what I consider to be a safe investment with good return and want to be part of the housing solution give me a call. Let’s grab a coffee.

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