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Victoria Real Estate Market Update – February 2023

February 2, 2023 by ccg

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 there may not be more hikes for the next little while, and slowing inflation has given confidence to buyers and triggered the late month surge. Overall sales however were some of the lowest on record, with just 278 properties selling during January 2023. A Sales-To-Active Listings ratio of just 15%, nearing buyer’s territory but still on the low side of a balanced market. There were 1739 active listings for sale at month’s end. 

The balanced market vs a buyer’s market is only being maintained by the continuing low inventory levels. 

The average price for a Single Family Home was $1,233,152, Condo $606,681, and Townhouse $662,338.

Average Home Prices February 2023

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Victoria Community
Oak Bay Community
Saanich Community, East Saanich, West Saanich, Central Saanich
View Royal Community
Western Communities, Langford, Colwood
Sooke Community
Sidney Community
Esquimalt Community
Vic West Community
Victoria Community
Oak Bay Community
Saanich Community, East Saanich, West Saanich, Central Saanich
View Royal Community
Western Communities, Langford, Colwood
Sooke Community
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, … » 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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Welcome to 760 Wilson Street, a fully rented and well-maintained 4-plex ideally located just steps from the heart of Vic West. This updated investment property features a desirable suite mix of a 3-bedroom, a 2-bedroom, a 1-bedroom, and a bachelor unit, all with access to a shared laundry room and separate electrical meters. Set on a level lot with convenient off-street parking, the building has seen tasteful improvements over the years. Whether you're an experienced investor or exploring your first income opportunity, 760 Wilson offers stability, upside, and a prime location close to amenities, parks, and downtown Victoria. $1,498,000 Active

760 Wilson St Victoria, British Columbia

6 Beds 4 Baths 3,219 SqFt 0.15 Acres

EXCEPTIONAL OFFERING! Own a piece of Victoria’s heritage w this beautifully restored 1890 Queen Anne-style home on a corner lot in vibrant Vic West. Awarded The Hallmark Society Award of Merit, “Montview” blends late Victorian elegance w modern functionality. Reconstructed as 4 legal suites (3 one-bed + 1 studio), each with separate meters & hot water tanks, this stately residence features soaring 10’ ceilings, original wood floors & wallpaper, vintage fixtures, & a wood-burning fireplace. Distinctive heritage elements include hipped roof & three cross-gabled, two-storey pedimented bays, recessed corner porch w chamfered posts, spindled frieze, & turned balusters, along w wood storm windows, a finished attic, & a wide shingled beltcourse. Lovingly maintained gardens w irrigation, storage units, & off-street parking complete the offering. Steps from the Market Garden and Westside Village, this designated Heritage Home is a rare find! Great investment potential. Commercial MLS: 1003911 $1,574,900 Active

1020 Catherine St Victoria, British Columbia

4 Beds 4 Baths 3,900 SqFt 0.14 Acres

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Andrea Prowse

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Email: Andrea@CapitalCityGroup.ca

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