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Victoria Real Estate Market Update – March 2023

March 25, 2023 by ccg

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Here comes the spring market!!!

As expected, the Federal Government’s indication of interest rate stability by choosing not to raise interest rates in March, and recent announcement showing inflation continues to fall has breathed confidence back into the market in Victoria, a real estate market plagued with low inventory and soaring demand. The Sales-to-Active Listings ratio in February was 25.4%,  well back into Sellers Market territory. These levels will drive prices up, albeit at a slower level than we have seen in the past few years. So if you’re thinking of getting in I’d suggest sooner than later.  There were 460 sales last month with 1809 active listings at month’s end. 

The average price for a Single Family Home was $1,272,933 Condo $579,025 and Townhouse $788,113.

A quick look at posted rates tells an interesting story from the one big bank I checked.  The current posted fixed rate for a high ratio (less than 20% down) mortgage is just over a full percent lower than the current variable rate mortgage. 

Now if there’s one thing I’ve learned from my dealings with the banks it’s they always make money. So to me this is very telling. The variable rate is usually lower than the fixed rate, so an inversion like this makes me think this bank is anticipating interest rates to drop as they’re trying to encourage borrowers to lock in for the long term with what appears to be a better deal in the short term.  Now I’m not here to give you mortgage advice, and each individual’s decision should be based on personal situations, risk tolerance, and a conversation with a financial advisor, but I’ll be staying variable and if I had to hazard a guess I’d say given the current economic trajectory we are likely to see rates starting to ease towards the end of the year. What a great Christmas present that would be!!!

If you’re a home owner in Victoria and wondering how to improve your affordability, you may want to have a look at the recently adopted  Missing Middle Initiative adopted by council. There may be an opportunity in there… 

If you want to discuss options let me know and we can help.

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828 Gannet Crt $1,035,000

828 Gannet Crt Langford, British Columbia

4 Beds 3 Baths 2,368 SqFt 0.080 Acres

331 Atkins Ave $1,099,900

331 Atkins Ave Langford, British Columbia

3 Beds 2 Baths 1,855 SqFt 0.900 Acres

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980 Shaw Ave Langford, British Columbia

3 Beds 3 Baths 2,183 SqFt 0.300 Acres

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2829 Meridian Ave 110 Langford, British Columbia

4 Beds 4 Baths 2,511 SqFt 0.090 Acres

View Royal Community
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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

Filed Under: Real Estate Tagged With: Capital City Group, Colwood, Real Estate, Royal Bay, Victoria Real Estate Market Update, Westshore, 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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Conveniently located to everything you need! Just a few steps away from parks, between the Galloping Goose and the E&N Rail trail, shopping, restaurants, local coffee shops & bakeries. Minutes away from Downtown! This 2189sqft home was transformed from a rancher (1964) to a two-level home in 2007. It feels like a duplex as both spaces are pretty much equal. The main level offers 2 bedrooms and a den, large kitchen, 4pc bathroom, living & dining area with direct access to the deck and backyard.  The upper-level features 10ft ceilings, 3 bedrooms, 4pc bathroom, spacious living room & dining area.  Both units are bright, shared laundry on the main level, and hot water on demand!  Low maintenance backyard with raised garden beds. Truly a must see! $1,050,000 Active

82 Bay St Victoria, British Columbia

5 Beds 2 Baths 2,310 SqFt 0.100 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 has 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

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

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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