Victoria BC 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.

Sign up for our newsletter:

No properties found

The post Real Estate Market Update – April 2024 appeared first on Victoria Real Estate | Capital City Group.

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.

Stay up to date! Sign up for our Newsletter!

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

Our Communities:

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

Victoria Real Estate Market Update – May 2022

ccg — Sun, 15 May 2022 15:08:01 +0000

Is change in the air.

Rising inflation, rising interest rates and rising uncertainty seem is simmering just below the surface of a still hot, but markedly cooling real estate market.

The Sales-to-Active listings ratio dripped last month to 60%. Although a substantial drop as you’ll realize if you’ve been following my newsletter, it’s also still well above the 20% threshold for a seller’s market.

Inventory levels closed April at just over 1364 with 824 total sales. There is still pent up demand in the market but new qualification levels with interest rate hikes are continuing to price some folks out of the market.

The average price for a single family home was $1,432,298 in April 2022; townhome was $946,319; and condo was $666,733.

Have we reached the top? Maybe. The next couple months will be very interesting.

I learned many years ago though that the top of one cycle is the bottom of the next.

I don’t have a crystal ball, if I did I would be buying lottery tickets, but history tends to repeat itself and for the last 40+ years the cycle has seen price increases, a leveling, and a small pullback. We could be seeing the beginnings of the leveling. Time will tell.

Not sure if it’s a good time for you to buy or sell? Unsure how a lower price but higher mortgage rate will effect your monthly carrying costs?

Wondering which market segments historically get hit the hardest during a correction?

Drop us a line. We’re happy to chat.

Sign up for Our Monthly Newsletter

$1,349,000

132 Clarence St Victoria, British Columbia

3 Beds 4 Baths 2,503 SqFt 0.1 Acres

$819,900

1727 Lillian Rd Victoria, British Columbia

2 Beds 1 Baths 794 SqFt 0.06 Acres

$1,999,999

737 Vancouver St Victoria, British Columbia

6 Beds 5 Baths 3,554 SqFt 0.1 Acres

$1,599,000

590 Simcoe St Victoria, British Columbia

3 Beds 4 Baths 2,871 SqFt 0.11 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 … » 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 … » 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,” … » Learn More about Real Estate Market Update June 2023

More About Our Communities

The post Victoria Real Estate Market Update – May 2022 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.

Victoria Real Estate Market Update – November 2021

CapitalCityGroup — Thu, 18 Nov 2021 20:44:29 +0000

Once again the Real Estate story remains with tight supply restricting sales. The Sales-to Active Listings ratio for October was a hair under 72% with 745 properties changing hands and just 1036 active listings at month-end. This is roughly 50% of the active listings from the previous year. This remains a great time to sell but a very challenging time to buy, with prices climbing and well priced homes seeing multiple offers, often without many subject conditions. The provincial government has tabled legislation that will allow for a cooling off period for buyers, similar to that in new construction. This is slated to come into effect in the spring and is meant to allow buyers time to reflect on their decision however, like previous attempts by the provincial government to cool the real estate market (speculation tax, foreign buyers tax) this is not likely to curb demand or supply issues. If anything it could have the opposite effect, allowing people to gamble without pause for consequences, and to make bigger bets.

The solution for the current housing crisis is, and remains, increased supply. Unfortunately the speed at which municipalities approve redevelopments which would increase that supply, and thus reduce pressure on pricing and demand, is a notoriously slow pace. Coupled with the prevailing NIMBY attitude people in many neighbourhoods have, (currently living on old forest land, or farm land that was densified to allow them to have a place to live…) means we are unlikely to see a relaxation on demand, or prices in the foreseeable future. The New Zealand federal government has moved to ban single family zoning in some of their most populous cities, taking the power away from the municipalities and the NIMBYs. Perhaps this is the solution we need?

Have a question or just want to chat about real estate? Get in touch via the form below!

$2,648,000

2461 Sidney Ave 603 Sidney, British Columbia

2 Beds 3 Baths 2,402 SqFt 0.08 Acres

$2,160,000

1175 Beach Dr 405 Oak Bay, British Columbia

2 Beds 2 Baths 1,527 SqFt 0.03 Acres

$2,649,000

10393 Allbay Rd 302 Sidney, British Columbia

3 Beds 3 Baths 2,275 SqFt 0.05 Acres

$2,200,000

21 Dallas Rd 631 Victoria, British Columbia

3 Beds 3 Baths 2,013 SqFt 0.05 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 Victoria Real Estate Market Update – November 2021 appeared first on Victoria Real Estate | Capital City Group.