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Real Estate Market Update – Sept 2023

September 19, 2023 by ccg

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!

Average Prices for Homes, Townhomes and Condos in Aug 2023
Market Meter Sept 2023

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OPEN HOUSE Sunday 1-3pm. Located on a approx. 6000sq.ft. lot on a quiet street in sought after Oak Bay, this 1300+sq.ft. house with loads of character & charm has been lovingly maintained w/ house pride throughout. The open concept kitchen by IKAN features slow-closing cabinets/drawers, quartz countertops, & matching SS appliances. Other updates include the house being re-wired, refinished hardwood flooring, renovated 4pc bath, newer gas h/w tank, newer front stairs & pathway, newer gutters etc. Lower level recently finished for a possible 3rd bedroom or rec room (or both!) with a 6'5 ceiling height (as per floorplan). The rest of basement is great for storage & the attic has a vaulted ceilings height up to 7’3. Ask agent about future shared driveway cost & detached carport/garage. Located in the Ecole Willows elementary, Monterey/Lansdowne middle & Ecole Oak Bay High catchments. 1 block to amenities (grocery store/pizza/coffee shop/Charelli’s) & 2-3 blocks to Carnarvon Park! $999,980 Active

2072 Neil St Oak Bay, British Columbia

3 Beds 1 Baths 2,152 SqFt 0.130 Acres

Lovely family home located in the center of Oak Bay steps to schools, shopping, and recreational facilities. Built in 1912, this home provides privacy, warmth and character in a bright, functional living space. Character features include fir floors, bay windows, coved ceilings, and leaded glass windows. With over 2800 finished sqft and 5 bedrooms, the arrangement of rooms includes a main level formal dining room with built-in bar, living room with gas fireplace, den/office, bathroom, and primary bedroom. Upstairs includes 2 bedrooms and downstairs you will find 2 beds, family room, bathroom, laundry, and storage. The sunny rear yard garden and deck face South and provide a warm private space to relax, BBQ, and play. Studio/workshop and additional secure storage for bikes and gear. Upgrades and features include new perimeter drains, gas F/P and HWT, new concrete driveway, and pathways. This location and space are ideal for an active growing family wanting an Oak Bay home. $1,295,000 Active

2023 Goldsmith St Oak Bay, British Columbia

5 Beds 2 Baths 3,014 SqFt 0.140 Acres

Beautifully updated family home located in the Henderson neighbourhood of Oak Bay! Offering 3 bed/2 baths over 1850sqft this tastefully updated home has maintained it’s 1930s charm.Boasting a bright open floorplan,the main level presents oak flooring,living room with a cozy wood burning fireplace,separate dining area and functional kitchen with butcher block island,SS appliances,apron sink & open shelving for addtl storage.The bonus sunroom provides an exceptional space for an office.The bright master bedroom features oversized built in closet cabinetry and a big picture window.A 4 piece spa like bath and second bedroom complete the main level.The underheight lower level is the perfect space for a teenager or kids playroom/family room with an extra bedroom&3 piece bath.Enjoy the fully fenced south facing flat backyard with an expansive patio to entertain all year round.A short walk to Carnarvon park,Estevan Village,Camosun College,various shopping experiences. $1,349,000 Active

2917 Foul Bay Rd Oak Bay, British Columbia

3 Beds 2 Baths 1,896 SqFt 0.140 Acres

Priced under BC assessment value!!! Great location: right in front of Oakdowne Park, walking distance to Camosun College and Uplands Golf Club. This great family house totally have 4 good size bedrooms and 3 full bathrooms!
Main floor has the primary bedroom with ensuite, kitchen, living room, dining room, one more bedroom and bathroom. Lower floor has great potentials: there are two more bedrooms, huge family room and door to backyard. Additionally, there is an in-law accommodation for extended family or teenagers with a separate entrance for added privacy.  Property is sitting on a large corner lot, features a fully fenced backyard, as well as a spacious front and side yard for your toys. Priced to sell!!! $1,449,000 Active

2319 Middowne Rd Oak Bay, British Columbia

4 Beds 3 Baths 2,831 SqFt 0.190 Acres

Sidney Community
Esquimalt Community
Vic West Community
Victoria Community
Oak Bay Community
Saanich Community, East Saanich, West Saanich, Central Saanich
View Royal Community
Western Communities, Langford, Colwood
Sooke Community
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Filed Under: In the News, Real Estate Tagged With: Capital City Group, Real Estate, 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, … Read more

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), … Read more

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Now being sold individually!! 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 separately or together. The first property has a lot size of 50x120, which translates to 6,000 square feet. The second property, listed under MLS #939131, 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. $699,000 Active

790 Wilson St Victoria, British Columbia

1 Beds 1 Baths 1,004 SqFt 0.140 Acres

Now being sold individually!! 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 separately or together. The first property has a lot size of 50x120, which translates to 6,000 square feet. The second property, listed under MLS #939131, 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. $750,000 Active

802 Hereward Rd Victoria, British Columbia

4 Beds 2 Baths 3,010 SqFt 0.150 Acres

The "Burleith Gatehouse" was built In 1901 to service James Dunsmuir's family estate at the time; Burleith Estate. The beautiful stone wall along with the gateposts and iron gate marked the entrance to the 20-acre Burleith estate. The home has Heritage significance but is not currently designated as a heritage property. The large corner lot is just over 8100 sq.ft. with a sunny South exposure and two separate driveways. Located conveniently close to downtown and the gorge waterway with public access and a dock at Banfield park. There are shopping options near by and a local coffee shop, bakery and barber just down the road. The home features ten foot ceilings, original wood finishing and floors with all the charm of yesteryear and retains some original features including a full-width veranda, round window, and flattened pediments in the gable. Access to the property is by appointment only, please do not walk the property without permission. This home is unique call your realtor today! $1,050,000 Active

701 Craigflower Rd Victoria, British Columbia

2 Beds 2 Baths 1,989 SqFt 0.190 Acres

Welcome to this immaculate 3 bed, 1 bath nestled in the heart of a sought-after neighborhood! Meticulously updated from top to bottom, this home combines comfort and style.This inviting living space boasts an open-concept design, allowing natural light to cascade through large windows, highlighting clean lines and modern finishes. The spacious living room is perfect for both relaxation and entertaining. Enjoy an updated kitchen with stainless steel appliances, ample cabinet and counter space-designed for functionality. The newly renovated bathroom offers a granite countertop and heated floors. Nestled on a generous lot, the exterior has ample space to relax, play, and entertain! Conveniently located in a desirable Vic West, close to schools, shopping, minutes to downtown Victoria, and bus routes. Steps away from the Gorge Waterway, Banfield Park and Galloping Goose. The community is known for its friendly atmosphere making it the perfect place to put down roots. This gem is a must-see! $949,999 Active

737 Craigflower Rd Victoria, British Columbia

3 Beds 1 Baths 1,318 SqFt 0.130 Acres

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Karen Williamson
Client Care Manager (Unlicensed)

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