• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
Capital City Group Logo

Victoria Real Estate | Capital City Group

Real Estate - Real Service

  • Home
  • Buying a Home
  • Selling a Home
  • All Communities
    • Victoria
    • Saanich
    • Oak Bay
    • Victoria West
    • Esquimalt
    • Sidney
    • View Royal
    • Western Communities
    • Sooke
  • Your Victoria Life
  • About Us
  • Contact Us

Victoria Real Estate Market Update – January 2022

January 18, 2022 by CapitalCityGroup

Happy New Year!

Hope you enjoyed the holiday season and are having a great start to the new year.

What a year it was for Real Estate in Victoria…

We finished 2021 with the average single family home selling for $1,330,847. That is 35% higher than December 2020 when the average home price was $970,597.

The average price for a condominium was $663,079 at the end of December 2021 which was up 30% from the $485,312 average in December of 2020. Townhouses saw an average increase of 23% from $681,616 in December 2020 to $882,876 in December 2021.

We have been consistently discussing low inventory levels each month and not surprisingly December had the same story. We ended the year 2021 with 49% less active listings for a total of 652 while we had 12279 active listings at the end of December 2020.

Despite the extremely low inventory throughout the year, the total sales for 2021 were up 18% with a total of 10052 residential sales. In 2020 there were 8497 sales. The month of December 2021 saw 438 of those residential property sales (30% fewer than the 631 sold December 2020).

The Sales-to-Active Listings ratio for December 2021was 67%. We continue to be in an extreme Sellers Market. How can we get back to a balanced market of 14-20% Sales-to-Active ratio? We desperately need more supply. Some municipalities have begun looking at ways to make it easier for new homes to be brought to market – great news! The governments however are instead looking at creating new rules which include the introduction of a “cooling-off” period. This “cooling-off” period gives buyers the right to withdraw from a purchase agreement within a specified period of time after an offer is accepted. While it might be brought forward with the best intentions for the public, concern arises as it could mean more buyers may be likely to bid on more properties, potentially causing an increase to the housing prices according to initial research conducted by BCREA.

What we are not seeing is the government addressing the low supply issues. We will continue to keep you posted as this unfolds.

For anyone considering selling this spring whether to move up-market or downsize let’s set up a meeting (online or in person) in the next few weeks to discuss and together formalize a plan. This market might feel daunting without having a road-map in place for achieving your real estate goals.

Looking forward to catching up with you soon!

3903 Persimmon Dr $2,298,000

3903 Persimmon Dr Saanich, British Columbia

4 Beds 3 Baths 4,556 SqFt 0.530 Acres

45 King George Terr $3,788,000

45 King George Terr Oak Bay, British Columbia

4 Beds 4 Baths 3,113 SqFt 0.270 Acres

2810 Lansdowne Rd $5,750,000

2810 Lansdowne Rd Oak Bay, British Columbia

6 Beds 7 Baths 11,197 SqFt 0.630 Acres

6146 Old West Saanich Rd $2,499,000

6146 Old West Saanich Rd Saanich, British Columbia

5 Beds 4 Baths 6,685 SqFt 8.690 Acres

  • Victoria Real Estate Market Update Statistics for July 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 … » Learn More about Real Estate Victoria | Market Update – July 2022
  • Victoria Real Estate Market Update June 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 … » Learn More about Victoria Real Estate Market Update – June 2022
  • Victoria Real Estate May 2022 Newsletter
    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 … » Learn More about Victoria Real Estate Market Update – May 2022

Filed Under: 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

Primary Sidebar

This beautiful home hasn’t been on the market in nearly 50 years. Tasteful updates meet classic charm. 1st meet the charm. Original solid hardwood floors, classic coved ceilings, big windows and craftsman attention to detail. Now the best of the new. This home features updated windows, gas furnace, gas hot water heater, gas fireplace, a beautifully updated kitchen with modern quartz counters and stainless appliances. The main bath is inviting, contemporary and delightful in its artisan tile work. The main floor features 3 bedrooms, living room, separate dining area, and a large walk out deck looking out over your manicured backyard oasis. Downstairs has offers a 4th bedroom and full bath making this space ideal for extended family, or extra space for yourself with a perfect home office area. Sitting on a quiet street, backing onto the Carnarvon Park in the ever desirable municipality of Oak Bay this is a true gem and a wonderful place to raise your family, as the sellers did theirs. $1,450,000 Active

2170 Newton St Oak Bay, British Columbia

4 Beds 2 Baths 2,153 SqFt 0.170 Acres

Step inside this bright & airy 1914 Craftsman bungalow located in vibrant Fernwood. Elegant yet laid back with an expansive verandah featuring bay windows, Tuscan Revival columns and original stained glass. Modern updates inside meet stunning old world architectural details, 9’ coffered ceilings, wainscoting, built-in buffet, original fir flooring and more. 
Enjoy nearly 1500 sq ft of one level living on the main with an open concept living room/dining area, large designer kitchen, 3 spacious bedrooms and private laundry. The south facing backyard and porch off the kitchen are ideal for entertaining. 
Downstairs you’ll find a large suite generating $2210/month with laundry and great tenants who would love to stay! The zoning allows for duplex development, and Victoria is currently in the final draft phase of increasing density. 
Great cafes, bakeries, schools and downtown are steps away making this home a perfect place to raise your family! Book your showing today. $1,299,900 Pending

1117 Princess Ave Victoria, British Columbia

5 Beds 2 Baths 3,387 SqFt 0.140 Acres

Enjoy waterfront living on The Gorge from this spacious top floor, corner unit. You'll love the generous kitchen's great layout featuring plenty of cupboard space and stainless steel kitchen appliances, separate dining area, large living room with a fireplace to keep the place warm and cozy and enclosed balcony for enjoyment all year long. Oversized bedrooms, a walk-in closet, and deep storage spaces plus in-suite laundry add to the list of benefits. The complex amenities include a large indoor pool with hot-tub and sauna, tennis court, racquetball court and ample parking. This rentable, adult oriented complex is in a convenient location a short drive or bike ride to downtown. Whether you're getting into the market for the first time, looking for an investment, or thinking of downsizing and simplifying your life you'll want to have a look at this lovely unit. $429,000 Active

71 Gorge Rd W 509 Saanich, British Columbia

2 Beds 2 Baths 1,241 SqFt

This beautiful home hasn’t been on the market in nearly 50 years. Tasteful updates meet classic charm in this wonderful family home.
First meet the charm. Original solid hardwood floors, classic coved ceilings, big bright windows and craftsman texturing and attention to detail. 
Now I’d like to introduce you to the best of the new. The windows have all been updated, this home features a gas furnace, gas hot water heater, gas insert fireplace, a beautiful updated kitchen with modern quartz counter-tops and stainless appliances, and the main bathroom is inviting, contemporary and delightful in its artisan tile work.
The main floor features 3 bedrooms, a living room with separate dining area, and a large walk out deck looking out over your manicured backyard oasis.
Downstairs has options. A fourth bedroom and full bathroom makes this space ideal for your older child, extended family, or extra space for your self, with a perfect home office area OR talk to Oak Bay about the possibility of putting in a suite.

Situated on a quiet street, and backing onto the Carnarvon Park in the ever desirable municipality of Oak Bay this is a true gem and a wonderful place to raise your family, as the sellers did theirs. $1,450,000 Active

2170 Newton Victoria, British Columbia

4 Beds 2 Baths 2,153 SqFt 0.170 Acres

Featured Properties

Located in the heart of Vic West, this charming 1913 home has been completely transformed to blend original character with modern updates. Enjoy the heritage details as soon as you enter the foyer with warm wood casing/trim throughout, exposed brick & classic emerald fireplace tile while embracing the modernized details – stunning kitchen ft quartz countertops, stainless appliances, well-sized island with bar seating, walk-in pantry, casual + formal dining areas. Upper level is dedicated to the primary suite where skylights, vaulted ceilings, built-ins, ensuite, living area & private patio make this a beautiful place to unwind. Industrial-style 1 or 2 BED SUITE features large bedroom + walk-in closet, separate laundry. Every room in this charming 4 BED/3BATH home has been thoughtfully updated – too many to list! A block from Banfield Park & Vic West Community Centre – close to all amenities & minutes to downtown Victoria. 200 amp wiring, newer hot water on demand, & 2014 updated roof. $1,199,900 Active

709 Connaught Rd Victoria, British Columbia

4 Beds 3 Baths 2,744 SqFt 0.070 Acres

Incredible Victoria West location only steps from the Selkirk trestle ,Gorge waterway, Galloping goose bike trails and only minutes from downtown Victoria .This 1947 built home was converted to a legal duplex ( but not a strata ) in 1965 with two hydro metres. used as a single family home or a 3 or 4 bedroom home with a one bedroom or bachelor legal revenue suite the options here are endless. This lovely recently updated home boasts 4 bedrooms ( 2 up & 2 Down)  formal dining room lovely large Living room with additional flex/Rec room downstairs, and tons of charm. The second half of this home is a 1 bedroom Suite currently used by main portion of the home but only requires a door to be closed to revert back to an ideal one bedroom (or bachelor) suite. Ideal family home or revenue property. Backyard is semi private and perfect for children or adults alike,  home sits on a 6000 square foot lot , Curb appeal and Charm in one of Victorias most desirable locations , call to view today. $1,189,000 Active

1322-1324 Burleith Cres Victoria, British Columbia

4 Beds 2 Baths 2,203 SqFt 0.140 Acres

Vic West Best Buy! Come and discover this versatile Vic West home with a ton of possibilities. From the moment you enter, you'll appreciate all that this home has to offer including 2 beds 1 bath up with nice wood flooring, an eat in kitchen, laundry, and a large south facing deck. Downstairs offers separate additional accommodation with another 2 beds and 1 bath with it's own entrance and laundry. Or, if you're looking for more space for your family, simply reclaim the lower level by easily opening the home back up to a four bedroom home. Downstairs offers nice ceiling height. Updated 200 amp panel and newer perimeter drains and hot water tank. Nice and efficient gas furnace. This location can't be beat with downtown within walking or biking distance, the Galloping Goose close by, great schools, amenities, shopping, transit, community centers, and more. Quick possession possible. Don't miss out on this great opportunity. $869,900 Active

1275 Dominion Rd Victoria, British Columbia

4 Beds 2 Baths 2,538 SqFt 0.110 Acres

Attention investors, builders, or first time home buyers. A fantastic south facing opportunity in the heart of the idyllic Vic West neighbourhood. Located on a quiet no through street, this versatile property provides the opportunity for some sweat equity or possible holding property while you work towards your newly built home with plans (by local Victoria company Adapt Designs) and permits in place. The approved house plans are for a 2,338sqft home over three levels, with 4 beds / 3.5 baths, a single car garage, and a low maintenance outdoor space (with covered porch area). Choose your finishes, a builder, and get started! The current home has 3 beds and 2 baths over 1,399sqft, it has natural gas to the property, and can be used to produce income right away. Ask your realtor for the info package to get the full details of what is available with this sale! $699,000 Active

737 Belton Ave Victoria, British Columbia

3 Beds 2 Baths 1,572 SqFt 0.060 Acres

Stay Up To Date!

Enter your email address to receive our Real Estate Market Update newsletter.

Search

Footer

Karen Williamson
Client Care Manager (Unlicensed)

Connect with us on:

  • Email
  • Facebook
  • Google+
  • Instagram
  • LinkedIn
  • YouTube

Contact Us

  • Victoria
  • Victoria West
  • Oak Bay
  • Saanich
  • Sidney
  • Esquimalt
  • View Royal
  • Western Communities
  • Sooke

Copyright © 2022 · Capital City Group · Pemberton Holmes Ltd · Privacy Policy