We are starting to feel a little like a broken record with the Real Estate situation in Victoria BC.
In November a mere total of 653 properties were sold. That is 17.9% fewer than the 795 properties sold this same month a year ago and just over 12% less than the previous month of October 2021.
The average price for a single family home in November was $1,330,251. The average price for a townhome was $807,289 and for a condominium was $648,867.
Of the total properties sold 276 were single family homes sales, 76 were townhome sales, and 236 were condominium sales. The sales-to-Active Listings ratio for November 2021 was 73.6% and we finished November with 887 Active Listings. That’s over 50% fewer properties on the market than there was November 2020! Taking in these facts it is not surprising that there continues to be upward pressure on prices and competition with continued multiple offer situations.
The Governments announced their plan to introduce a cooling off period for resale homes instead of addressing the supply and attainability issues. We therefore do not foresee improvement to the supply and demand of our complex housing market as a result.
Victoria remains one of the most desired places to live in Canada which is no surprise to those of us already living here!
December is now upon us and we hope you have a peaceful holiday season with your family. Wishing you a prosperous 2022!
4696 Boulderwood Dr Saanich, British Columbia
4 Beds 5 Baths 4,857 SqFt 0.510 Acres
242 Beach Dr Oak Bay, British Columbia
5 Beds 4 Baths 5,261 SqFt 0.220 Acres
8433 Lochside Dr Central Saanich, British Columbia
6 Beds 5 Baths 6,329 SqFt 1.080 Acres
2383 Lyn Cres Oak Bay, British Columbia
2 Beds 2 Baths 1,555 SqFt 0.160 Acres
Victoria Real Estate Market Update – February 2023
A frigid January in the real estate market Consumer confidence remained cool in the real estate market in the first half of January this year with sales quite cold but warming up towards the end of the month. The slowing of interest rate hikes with a modest 1/4 point rise this month coupled with indications…
Continue Reading Victoria Real Estate Market Update – February 2023
Victoria Real Estate Market Update – September
Victoria Real Estate Market Update | Average Home $1.27M. The benchmark price for a home in Greater Victoria area was down 2.9% to $1,391,700 from July’s value of $1,433,400.
Continue Reading Victoria Real Estate Market Update – September
Real Estate Victoria | Market Update – July 2022
Not surprisingly the slowdown in the real estate market in Victoria continued with the Sales-to-Active Listings ratio down to 29.7% at the end of last month. This represents another 10% drop in sales over inventory month over month and the move back towards a balanced market. As this is a bit of a trailing indicator…
Continue Reading Real Estate Victoria | Market Update – July 2022