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!
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
Victoria Real Estate Market Update – June 2022
The shift towards a balanced market continues. In May we saw the effect of the Fed’s (Bank of Canada) interest rate hikes and the uncertainty in the economy as a whole. Although the economy continues to show great strength here combined with low unemployment, inflation and the fears associated with it are putting a long…
Continue Reading Victoria Real Estate Market Update – June 2022
Victoria Real Estate Market Update – May 2022
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…
Continue Reading Victoria Real Estate Market Update – May 2022
