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Victoria Real Estate Market Update – February 2022

February 3, 2022 by CapitalCityGroup

Where are all the listings?

Last year January broke the record for lowest inventory for the month of January and this January broke that record nearly in half! A mere 474 properties sold last month which was an 8.2% increase from December 2021 but 26.6% fewer than the 646 properties that sold in January 2021.

We remain in a very strong Sellers Market with our Sales-to-Active Listings ratio at 63% and we foresee this as unlikely to change until there are substantially more properties on the market. It’s starting to feel like Spring is just around the corner, and we are already starting to see more properties coming to market…

Condominium sales outsold sales of single family home sales in January. We finished the month with the average price for a single family home at $1,410,380; average townhouse at $872,661; and average condominium $683,759.

Are you getting ready to sell a property this year? Many of our clients are taking the time to re-evaluate their financial positions. Selling one investment property to pay off and increase cash flow in an overall real estate investment portfolio could be the difference between working full-time and semi-retirement. Or with the equity growth we have seen in the past few years maybe you are able to refinance and invest in a second property to begin your real estate empire? Or purchase that cabin or ski chalet you always wanted? We love talking strategies and helping all our clients achieve their goals as they plan for the future and balance their lives.

Contact us today to set up a zoom meeting or coffee!

2091 Stonehewer Pl $2,795,000

2091 Stonehewer Pl Oak Bay, British Columbia

5 Beds 3 Baths 4,032 SqFt 0.200 Acres

2742 Cavendish Ave $2,175,000

2742 Cavendish Ave Oak Bay, British Columbia

4 Beds 3 Baths 4,247 SqFt 0.210 Acres

1175 Beach Dr 504 $2,990,000

1175 Beach Dr 504 Oak Bay, British Columbia

2 Beds 3 Baths 1,830 SqFt 0.040 Acres

2659 Currie Rd $2,500,000

2659 Currie Rd Oak Bay, British Columbia

5 Beds 3 Baths 4,627 SqFt 0.170 Acres

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Filed Under: Real Estate Tagged With: 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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