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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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1211 Fairfield Rd $949,900

1211 Fairfield Rd Victoria, British Columbia

3 Beds 2 Baths 1,957 SqFt 0.040 Acres

379 Richmond Ave $1,549,900

379 Richmond Ave Victoria, British Columbia

4 Beds 4 Baths 2,320 SqFt 0.100 Acres

600/602 Dallas Rd $2,100,000

600/602 Dallas Rd Victoria, British Columbia

4 Beds 2 Baths 3,708 SqFt 0.180 Acres

27 Pilot St $2,625,000

27 Pilot St Victoria, British Columbia

5 Beds 4 Baths 2,656 SqFt 0.120 Acres

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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
Esquimalt Real Estate
Victoria West (Vic West) Real Estate
View Royal Real Estate
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, … 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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