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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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Featured Listings

$425,000

83 Saghalie 105 Victoria, British Columbia

1 Beds 1 Baths 482 SqFt

$52,500,000

1069/1101 Beach Dr Oak Bay, British Columbia

5.13 Acres

$27,999,000

3175 Beach Dr Oak Bay, British Columbia

12 Beds 10 Baths 16,543 SqFt 3.23 Acres

$7,500,000

3375 Ripon Rd Oak Bay, British Columbia

5 Beds 6 Baths 8,115 SqFt 0.67 Acres

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The post Real Estate Market Update for Victoria – April 2023 appeared first on Victoria Real Estate | Capital City Group.

Greater Victoria Mini Hikes

CapitalCityGroup — Thu, 03 Feb 2022 23:32:34 +0000

One of the favorite activities of outdoor enthusiasts in Victoria is hiking. The amazing thing about this area is that it only takes 5-15 minutes to drive to a location of a beautiful walk or hike along the coastline or forested area. No better way to break up your day than with some fresh air, exercise and the accomplishment of getting to the top of a hill to see the view. Here are a few of our favorite shorter hikes. These are great if you are limited on time, or taking the whole family or just want something a little easier.

Mount Douglas Park -PKOLS

Mt Doug

Mount Douglas Park located in Gordon Head is a beautiful area to explore. We love to parking the lower beach parking lot and hiking up the mountain along the Irvine Trail, but there are so many other trails to explore leading up top as well as around the mountain or down to the beach. The kids love Tinker Town an outdoor natural playground up the path from the playground.

BEAR HILL REGIONAL PARK

Bear Hill

We typically park on Bear Hill Road and the Summit Trail is 760 meters up Bear Hill. We enjoy the views of Saanich. The last time there the most beautiful rainbow could be seen from the top! Bear Hill Regional Park is located in Saanich West on Bear Hill Rd just off Oldfield Rd.

Mount Tolmie

Mt Tolmie

Mt Tolmie is well worth the trek or drive up to the summit just for the fabulous views of our beautiful city, Victoria! From the top you can also take in views of Mount Baker and The Olympic Mountains. Mount Tolmie Park is located in Saanich near the University of Victoria and Camosun College and features over 1500 metres of trails.

Cascade Falls / McKenzie Bight

Cascade Falls | McKenzie Bight

This more moderate hike is a trail down to McKenzie Bight beach of the Saanich Inlet. From there we usually choose the Cascade Falls trail back. For an easier route go the opposite way. This hiking trail is located in Gowlland Tod Provincial Park off Ross Durrance Road, near Brentwood Bay.

Real Estate Market Update – April 2024
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 … » Learn More about Real Estate Market Update – April 2024
Real Estate Market Update – Sept 2023
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 … » Learn More about Real Estate Market Update – Sept 2023
Real Estate Market Update June 2023
Summer is here! “The month of May marks the highest number of sales we’ve seen since April of last year,” said Victoria Real Estate Board Chair Graden Sol. “While we haven’t seen the number of total sales we would expect in a spring market, the … » Learn More about Real Estate Market Update June 2023

The post Greater Victoria Mini Hikes appeared first on Victoria Real Estate | Capital City Group.

Skiing & Snowboarding on Vancouver Island

CapitalCityGroup — Tue, 18 Jan 2022 21:24:45 +0000

Vancouver Island is known for its temperate climate, beautiful forests and beaches and Canada’s sunniest coastal city, Victoria. What many people don’t realize is that on our Island are two incredible ski destinations. Mt Washington Alpine Resort and Mt Cain.

Mount Washington Alpine Resort

Mt Washington Alpine Resort located on the edge of Strathacona Provincial Park near Courtney / Comox on Vancouver Island receives some of the largest snowfalls in North America (over 11 metres annually on average) on its 82 trails. The resort is more than just a ski destination as it is open year round. In the Winter it is well known for Skiing, Snowboarding, Tubing, Sledding, and Nordic activities of Cross Country, Snowshoeing and fat biking. In the Summer Months is is rapidly becoming more famous for epic mountain biking as well as hiking and ziplining. For more information on this beautiful resort visit their website.

Mount Cain

Mt Cain is run by the not-for-profit organization, Mount Cain Alpine Park Society. Known for it’s powder this incredible quaint ski resort consists of 21 runs that are accessed by 2 T-Bars and a beginners handle tow. Located on Northern Vancouver Island Mt Cain is only open on the weekends and Holidays and season beginning in December and ending in April is dependent on the natural snowfall which averages 1500 cm / 38 feet annually. For more information on this less commonly knows yet amazing ski destination visit their website.

$5,000,000

717 Robleda Cres Victoria, British Columbia

5 Beds 5 Baths 4,558 SqFt 0.21 Acres

$2,999,995

1215 Richardson St Victoria, British Columbia

5 Beds 5 Baths 3,991 SqFt 0.19 Acres

$2,999,900

862 Somenos St Victoria, British Columbia

5 Beds 5 Baths 3,591 SqFt 0.13 Acres

$2,900,000

3025 Jackson St Victoria, British Columbia

3 Beds 3 Baths 4,083 SqFt 0.13 Acres

Real Estate Market Update – April 2024
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 … » Learn More about Real Estate Market Update – April 2024
Real Estate Market Update – Sept 2023
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 … » Learn More about Real Estate Market Update – Sept 2023
Real Estate Market Update June 2023
Summer is here! “The month of May marks the highest number of sales we’ve seen since April of last year,” said Victoria Real Estate Board Chair Graden Sol. “While we haven’t seen the number of total sales we would expect in a spring market, the month of May marks the fourth consecutive month with sales … » Learn More about Real Estate Market Update June 2023

The post Skiing & Snowboarding on Vancouver Island appeared first on Victoria Real Estate | Capital City Group.

The Butchart Gardens – A Christmas Tradition

CapitalCityGroup — Thu, 16 Dec 2021 18:01:35 +0000

For our Family, a trip to The Butchart Gardens is a must!

The kids LOVE all the lights and finding the 12 days of Christmas as we enjoy a beautiful walk outdoors during the holiday season. Butchart Gardens is filled with lights and Christmas Spirit with an Ice Skating Rink, Carousel, The 12 Days of Christmas, a live Band and of course Hot Chocolate and other delicious treats available at the café. As it is stroller friendly this has been a family tradition since the children were very little. Covid-19 has changed things a little bit as some of the amenities may not be in full operation this year so check The Butchart Gardens website for more details and to book ticket entry into the gardens. Hope to see you there!

Nearby Homes For Sale…

$2,599,000

6583 Wallace Dr Central Saanich, British Columbia

3 Beds 4 Baths 5,807 SqFt 1.36 Acres

$2,165,000

1193 Garden Gate Dr Central Saanich, British Columbia

5 Beds 3 Baths 5,055 SqFt 1 Acres

$1,700,000

6799 Jedora Dr Central Saanich, British Columbia

6 Beds 5 Baths 3,725 SqFt 0.22 Acres

$1,499,900

6983 Hagan Rd Central Saanich, British Columbia

4 Beds 4 Baths 2,717 SqFt 0.1 Acres

Real Estate Market Update – April 2024

ccg

April 23, 2024

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…

Continue Reading Real Estate Market Update – April 2024

Real Estate Market Update – Sept 2023

ccg

September 19, 2023

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…

Continue Reading Real Estate Market Update – Sept 2023

Real Estate Market Update June 2023

ccg

June 24, 2023

Summer is here! “The month of May marks the highest number of sales we’ve seen since April of last year,” said Victoria Real Estate Board Chair Graden Sol. “While we haven’t seen the number of total sales we would expect in a spring market, the month of May marks the fourth consecutive month with sales…

Continue Reading Real Estate Market Update June 2023

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Salmon Spawning Season at Goldstream Park

ccg — Thu, 18 Nov 2021 21:35:47 +0000

Aeriana watching the salmon at Goldstream Provincial Park – Photo by Andrea Prowse

One of our fall traditions is taking the family for a walk at Goldstream Provincial Park. We typically walk from the main parking area to the Nature Information centre and under the tunnel to Niagara Falls waterfall if the water levels within the tunnel allow for passage. This is a beautiful 477 hectare park all year round, with large trees, wildlife and waterfalls but we especially enjoy the brilliant fall colours in October and November. We have seen lots of salmon, seagulls and squirrels. Hope to see an eagle this year!

https://bcparks.ca/explore/parkpgs/goldstream/

No properties found

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October: Halloween Fun – Victoria BC

ccg — Thu, 07 Oct 2021 20:42:29 +0000

One of our favorite places to take the family in October is Galey Farms.

The kids LOVE the train and the corn maze and it’s a bonus that they get to wear their Halloween costume another day!

The tickets are already on sale and they have COVID-19 protocols in place for everyone’s safety. Vaccine Passports are not necessary and the Corn Maze, Train, Pumpkin Patch and Haunted House are all open for Halloween 2021! Check out their website for further details and booking. http://www.galeyfarms.net/

Hope to see you there!

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