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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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  • February 2023 Real Estate Market Update Newsletter
    Victoria Real Estate Market Update – February 2023
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Victoria Community
Oak Bay Community
Saanich Community, East Saanich, West Saanich, Central Saanich
Sidney Community
Esquimalt Community
Vic West 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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Open House Sun March 25th 11am-2pm. In heart of Vic West this Charming 4 bedroom (plus bachelor suite) home epitomizes Old Victoria at its best, this lovely property boasts tons of street parking on a quiet street just off Selkirk waterway. A formal dining room & and lovely large living room, main home has 2 beds up and two beds down w bonus large Rec room on lower for your entertainment needs. Second half of home (1324 Burleith) is a Bachelor self-contained suite & could be easily reappointed back into the main portion of home. Recent updates include new kitchens & laundry in both . Ideal use as a family home at front with a bonus bachelor mortgage helper or used at its current capacity as a revenue property generating $4600 in combined income per month, your options are endless. Home sits on a flat 6000 sq ft lot with tons of light & fruit trees in an incredible location that's walkable to everything! This is a great investment with plenty of potential to make it your dream home. $1,199,900 Active

1322-1324 Burleith Cres Victoria, British Columbia

4 Beds 2 Baths 2,203 SqFt 0.140 Acres

Welcome home to 1111 Catherine St. A truly special property this beautifully restored and maintained  1907 Edwardian up down duplex is on a quiet Victoria West street . Two 1400 sq. ft. 2 bedroom suites with separate entrances and utilities . This fine  heritage designated home features many restored period details including  fireplaces , stain glass , wood floors  , period lighting , claw foot bathtubs . Set on a large 7000 sq. ft. garden lot with slate pathways , rock walls , pathways , fruit trees , underground sprinklers. Located a quiet street of other restored heritage homes . Enjoy walking to your local bakery , coffee shop , recreation center , and park. Easy access to the Gorge and Inner harbour. A quick commute by bike or car to downtown . Viewings by appointment only . Originally built as a single-family home, legally duplexed in 1942.  Traditionally, tenants have had the upper suite, the owners living in the lower suite.  It could readily become a single family home again. $1,600,000 Active

1111 Catherine St Victoria, British Columbia

4 Beds 2 Baths 4,226 SqFt 0.170 Acres

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Karen Williamson
Client Care Manager (Unlicensed)

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