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Real Estate Market Update for Victoria – April 2023

April 22, 2023 by ccg

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. 

Average home prices March 2023

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Featured Listings

83 Saghalie 105 $425,000

83 Saghalie 105 Victoria, British Columbia

1 Beds 1 Baths 482 SqFt

3175 Tarn Pl $10,850,000

3175 Tarn Pl Oak Bay, British Columbia

4 Beds 5 Baths 4,875 SqFt 0.6 Acres

3375 Ripon Rd $7,500,000

3375 Ripon Rd Oak Bay, British Columbia

5 Beds 6 Baths 8,115 SqFt 0.67 Acres

2975 Beach Dr $7,500,000

2975 Beach Dr Oak Bay, British Columbia

3 Beds 6 Baths 10,355 SqFt 1.22 Acres

  • Real Estate Market Update April 2024
    Real Estate Market Update – April 2024
  • Sept 2023 Real Estate Market Update
    Real Estate Market Update – Sept 2023
  • Real Estate Market Update June 2023
    Real Estate Market Update June 2023

Our Communities:

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View Royal Community
Western Communities, Langford, Colwood
Sooke Community

Filed Under: In the News, Real Estate, Your Victoria Life Tagged With: Capital City Group, Real Estate, Victoria BC, Victoria Real Estate Market Update, YYJ Real Estate

Sooke

Just 35 minutes away from Victoria and nestled along the Juan de Fuca coastline lies the growing community of Sooke. The area is a true nature lover’s delight and is known for hiking, kayaking, mountain biking, fishing and other outdoor activities. If you’re looking to live among nature with amazing water and Olympic Mountain views, … » Learn More about Sooke

View Royal

Centrally located, View Royal offers quaint waterfront neighbourhoods and park-like surroundings. Undulating topography filled with trees and forest meadows, View Royal has a unique rural feel while still being close to major urban centers. Homes For Sale in View Royal

Western Communities

Langford & the Westshore Victoria’s Western Communities – commonly referred to as the “Westshore” – includes Colwood, Metchosin and Langford, British Columbia’s fastest growing community. The area prides itself on offering affordable family homes and many local amenities. Home to Canada’s rugby team and several international sports centers (including Bear Mountain Golf & Tennis Resort), … » Learn More about Western Communities

Primary Sidebar

Imagine waking up to breathtaking panoramic views of shimmering Lake Cowichan, framed by majestic mountain peaks. This is your opportunity to build your dream retreat in the coveted "Cottages at Marble Bay" community.
This exceptional lot isn't just a piece of land; it's a ready-to-build canvas. Over $150k in meticulous site preparation has been completed, saving you valuable time and resources. This means you can focus on the exciting part: bringing your vision to life.
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9238 Nighthawk Rd Lake Cowichan, British Columbia

0.46 Acres

Welcome to Nature’s front door. Experience the tranquility of nature from your private, nearly 1200 sq ft deck on this stunning property backing onto East Sooke park and retaining its natural rugged beauty. Built in 2016 and sporting many system updates including a 36 solar panel system, 9 kw generator, heat pump, a beautiful propane fireplace, heated flooring, a 2100 gallon cistern and a separate 19x20 garage/workshop.

Inside you’ll live in 1692 sq ft home featuring an open concept floorplan, 3 bedrooms with a generous walk in closet in the primary, one level living and a smart private layout between the primary, second and third bedroom provide ample space for family or office without the wasted space of a huge house.

Watch, listen, breath nature in your own west coast oasis. Call today for your private viewing $1,100,000 Active

5557 East Sooke Sooke, British Columbia

3 Beds 2 Baths 4.79 Acres

You’ll find this cozy 1 bedroom ground floor condo in the Promontory has everything you need, without the extras you don’t. At 482 sq ft inside and 218 sq ft of private outdoor patio space, this is a great option for first time buyers, or investors and yes, bring your puppy. The unit allows 2 dogs AND 2 cats with no size restrictions.
The promontory features secure underground parking and a gym for the building’s use so throw away that gym membership and start saving today. If you’re a dog lover the Vic West off leash dog park is a short walk away, and of course so is downtown. 
Quit the renting, quit the roommates, and get the puppy you’ve wanted for years. This is it. $425,000 Active

83 Saghalie 105 Victoria, British Columbia

1 Beds 1 Baths 482 SqFt

JUST LISTED! Own a piece of Victoria’s heritage w this beautifully restored 1890 Queen Anne-style home on a corner lot in vibrant Vic West. Awarded The Hallmark Society Award of Merit, “Montview” blends late Victorian elegance w modern functionality. Reconstructed as 4 legal suites (3 one-bed + 1 studio), each with separate meters & hot water tanks, this stately residence features soaring 10’ ceilings, original wood floors & wallpaper, vintage fixtures, & a wood-burning fireplace. Distinctive heritage elements include hipped roof & three cross-gabled, two-storey pedimented bays, recessed corner porch w chamfered posts, spindled frieze, & turned balusters, along w wood storm windows, a finished attic, & a wide shingled beltcourse. Lovingly maintained gardens w irrigation, storage units, & off-street parking complete the offering. Steps from the Market Garden and Westside Village, this designated Heritage Home is a rare find! Great investment and income potential. $1,599,900 Active

1020 Catherine St Victoria, British Columbia

4 Beds 4 Baths 3,900 SqFt 0.14 Acres

Welcome to 760 Wilson Street, a fully rented and well-maintained 4-plex ideally located just steps from the heart of Vic West. This updated investment property features a desirable suite mix of a 3-bedroom, a 2-bedroom, a 1-bedroom, and a bachelor unit, all with access to a shared laundry room and separate electrical meters. Set on a level lot with convenient off-street parking, the building has seen tasteful improvements over the years. Whether you're an experienced investor or exploring your first income opportunity, 760 Wilson offers stability, upside, and a prime location close to amenities, parks, and downtown Victoria. $1,585,000 Active

760 Wilson St Victoria, British Columbia

6 Beds 4 Baths 3,219 SqFt 0.15 Acres

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Karen Williamson
Client Care Manager (Unlicensed)

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