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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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  • Real Estate Market Update Victoria - April 2023
    Real Estate Market Update for Victoria – April 2023
  • Victoria Real Estate Market Update March 2023
    Victoria Real Estate Market Update – March 2023
  • February 2023 Real Estate Market Update Newsletter
    Victoria Real Estate Market Update – February 2023

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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

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Fantastic opportunity. 2 bed 1 bath character home PLUS a newly built 2 bed 1 bath GARDEN SUITE situated at the end of a quiet cul de sac in Vic West. The original home has recently been refreshed with new windows, roof, gutters, exterior doors, paint, electrical service, perimeter drains and more. Offering additional unfinished attic space with a fully fenced yard, the interior of the home is awaiting your personal touches. The self contained garden suite was constructed in 2021 and features a modern kitchen with quartz countertops, stainless steel appliances and opens to the living room with patio doors offering direct access to your fully fenced yard. Both homes are one level living that offer you endless possibilities. This location is ideal as close to parks, trails, schools and much more! Contact your Realtor today to arrange a showing of this unique offering in todays market. $1,189,000 Active

640 Griffiths St Victoria, British Columbia

4 Beds 2 Baths 2,131 SqFt 0.120 Acres

This stunning 1894 Queen Anne Style home is located amongst other charming Vic West Character homes on a knoll with views of the city and Selkirk waterway. The inside and out attention to detail is a testament to the elegance of the era, with modern updates incorporated.
Enjoy the renovated kitchen with sleek quartz countertops, open dining room and breakfast nook. The spacious living room with a cozy gas fireplace is ideal for gatherings, while the main floor office provides flexibility.
Upstairs, discover two bedrooms and a bathroom, as well as a full primary bedroom suite with a updated 4-piece ensuite with in floor heating. The bedroom balcony provides the space to relax with cityscape views and, on clear days, views of the Olympic Mountains.
This exceptional property is in an ideal walkable location with easy access to downtown, the Gorge & Selkirk Waterway, Inner Harbour and Galloping Goose Trail. Experience the best of historical charm and modern convenience. $1,149,999 Active

202 Raynor Ave Victoria, British Columbia

3 Beds 3 Baths 2,266 SqFt 0.100 Acres

Open House Sunday 11:45-1:00 VIRTUAL O/H> HD VIDEO, DRONE, 3D MATTERPORT, PHOTOS & FLOOR PLAN online! Steps to the ocean & Songhees Walkway, welcome to your dream home in Vic West! This stunning 3bd/3bth home is the perfect blend of comfort & luxury. As you step inside, you'll be greeted by an inviting living room w/9ft ceilings that's perfect to entertain guests or relax w/family. The large, functional kitchen is perfect for preparing meals w/plenty of counter space & newer appliances (F/S). With generous sized bedrooms & ample storage you'll never have to worry about running out of space. The yard boasts a beautiful garden that's perfect for enjoying the outdoors surrounded by the lush greenery, beautiful flowers & let the in-ground irrigation take care of the watering. This home is close to all local amenities, including rec centers, parks, ocean, pubs & shopping. You'll never be far from the action, making it easy to enjoy all that this vibrant community has to offer. Must see!! $1,097,000 Active

502 Russell St Victoria, British Columbia

3 Beds 3 Baths 1,705 SqFt 0.060 Acres

A great opportunity for a legal ( side by side ) DUPLEX;  fee simple, non strata titled with R - 2, Two Family Dwelling zoning.  An excellent land area of 9645 sf ( 0.22 Ac ) in size that has GREAT PRIVACY.  An ideal investment property for downsizers, investors or a home with a legal mortgage helper.  Each side is currently owner occupied with  2 BR floor plan that are a mirror image of the other side;  only except that 550 side has 1 full bath;  548 side has 2 full baths.  Both sides has a kitchen with skylit ceiling, livingroom / dining room combination, separate laundry room, wonderful sunny shared yard,  fully fenced and private;  2 separate enclosed garages. A brand new roof over the main residence.   An Excellent Location, quiet neighborhood that is a short distance to Downtown Victoria, close to many amenities and bus routes. $1,280,000 Active

648 / 650 Raynor Ave Victoria, British Columbia

4 Beds 3 Baths 2,700 SqFt 0.220 Acres

Development Potential!! Welcome to this exciting real estate opportunity - a rare chance to acquire two adjacent properties with massive development potential through a land assembly. Located in a highly desirable area, this site presents a fantastic opportunity for developers and investors seeking to create a landmark project in a prime location. The two properties being offered for sale are located at 790 Wilson and 802 Hereward, and are being sold together. The first property has a lot size of 50x120, which translates to 6,000 square feet. The second property, listed under MLS #929394, has a lot size of 50x130, which is 6,500 square feet. Combined, these two properties offer a total land size of 12,500 square feet with a 1.5 FAR, Floor Area Ratio, providing ample development potential for a variety of uses. The location of this property is in a vibrant and dynamic area that is in the midst of a rapid transformation, with new developments and infrastructure projects underway. $849,000 Active

790 Wilson St Victoria, British Columbia

1 Beds 1 Baths 1,004 SqFt 0.140 Acres

Development Potential!! Welcome to this exciting real estate opportunity - a rare chance to acquire two adjacent properties with massive development potential through a land assembly. Located in a highly desirable area, this site presents a fantastic opportunity for developers and investors seeking to create a landmark project in a prime location. The two properties being offered for sale are located at 790 Wilson and 802 Hereward, and are being sold together. The first property has a lot size of 50x120, which translates to 6,000 square feet. The second property, listed under MLS #929384, has a lot size of 50x130, which is 6,500 square feet. Combined, these two properties offer a total land size of 12,500 square feet with a 1.5 FAR, Floor Area Ratio, providing ample development potential for a variety of uses. The location of this property is in a vibrant and dynamic area that is in the midst of a rapid transformation, with new developments and infrastructure projects underway. $849,000 Active

802 Hereward Rd Victoria, British Columbia

4 Beds 2 Baths 1,505 SqFt 0.150 Acres

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Karen Williamson
Client Care Manager (Unlicensed)

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