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Victoria Real Estate Market Update – June 2022

June 20, 2022 by ccg

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 over do cooling on our market. The Sales-to-Active Listings ratio last month was just under 43%, with 761 sales and 1776 active listings at month’s end. This is still strongly in seller’s market territory but well down from the 70%+ highs we experienced over the last couple years. The ratio has been dropping 10-20% per month the last couple months and if this trend continues, which it likely will, we should be back into a balanced market mid summer.

The average price for a single family home in May just under $1.4M; townhome was $850,224 and condominium was $655,518.

Buyer’s are getting some relief, with subject conditions becoming much more common and heated bidding wars the exception vs. the rule. It’s hard to predict what will come. If the Canadian Government keeps increasing interest rates in their battle against inflation, affordability is going to become more challenging, which will likely drive prices down. Historically after each peak there has been a 5-10% market correction and history tends to repeat itself. Having said that last time we had double digit inflation in the early eighties and interest rates approached 20% the market correction was around 25%. It’s worth noting though, that although people were walking away from their homes then, from the top of the market to value equalization after the dip was only about 3 years. Real estate has always gone up here on the island over the mid to long term and there’s no reason to think that trend won’t continue. Just remember, the top of this cycle is close to the bottom of the next.

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3355 Midland Rd $9,940,000

3355 Midland Rd Oak Bay, British Columbia

5 Beds 12 Baths 13,975 SqFt 0.990 Acres

249 King George Terr $7,999,000

249 King George Terr Oak Bay, British Columbia

5 Beds 10 Baths 18,290 SqFt 0.800 Acres

2999 Beach Dr $6,000,000

2999 Beach Dr Oak Bay, British Columbia

4 Beds 6 Baths 5,043 SqFt 0.370 Acres

2810 Lansdowne Rd $4,980,000

2810 Lansdowne Rd Oak Bay, British Columbia

6 Beds 7 Baths 11,197 SqFt 0.630 Acres

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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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