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Victoria Real Estate Market Update – April 2022

April 7, 2022 by ccg

Is there change in the wind? As expected inflation is on the rise hitting levels not seen in decades. This is hardly surprising given the money printed to keep the economy from falling off a cliff during the pandemic combined with the supply chain issues we are all too familiar with. One of the leaders in inflationary pressure is the cost of housing. Many factors have contributed to this boom in housing, including the shortage caused by bottle-necked municipal development policies, a surge in employees working from home or remotely, (which is expected to stay and will have a profound effect on local economies -why wouldn’t they move here given the chance?), and low unemployment numbers also not seen in decades. 

The increased housing costs and rising interest rates are likely to cool the housing market, although there is so much backed up demand it will likely take a while to see any significant plateau. If rates continue to climb we may see a price leveling.  

833 homes sold with 1063 active listings, a sales-to-active listings ratio of 78%. This is consistent with the sellers market we have seen and continues to put upward pressure on pricing. The provincial and federal government continue to drop election sound bites with “housing initiatives” which to date have proven ineffectual. 

The Benchmark home price in the Victoria Core hit $1,233,700 last month, up year over year and month over month with this trend expected to continue. The average single family home in Victoria last month sold for $1,426,628.

If you want to discuss your options or receive neighbourhood pending and sold listings to keep an eye on the trends let us know, we’re here to help. Drop us a line anytime!

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More About Our Communities:

Victoria Real Estate
Oak Bay Real Estate
Saanich Real Estate
Sidney Real Estate
Esquimalt Real Estate
Victoria West (Vic West) Real Estate
Sidney Real Estate
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Victoria West (Vic West) Real Estate
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Langford and Colwood Real Estate
Sooke Real Estate

Filed Under: 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, … » 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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Andrea Prowse
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Josh Prowse*

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Andrea Prowse

REALTOR®
Phone: 250-217-3465
Email: Andrea@CapitalCityGroup.ca

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