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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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3117 Carran Rd $799,900

3117 Carran Rd Colwood, British Columbia

3 Beds 2 Baths 2,196 SqFt 0.170 Acres

1102 Crispin Pl $949,800

1102 Crispin Pl Langford, British Columbia

3 Beds 3 Baths 1,678 SqFt 0.080 Acres

2883 Constellation Ave $1,207,000

2883 Constellation Ave Langford, British Columbia

4 Beds 4 Baths 2,972 SqFt 0.080 Acres

2891 Constellation Ave $1,152,900

2891 Constellation Ave Langford, British Columbia

4 Beds 4 Baths 2,878 SqFt 0.080 Acres

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Victoria Community
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Saanich Community, East Saanich, West Saanich, Central Saanich
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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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Fantastic opportunity. 2 bed 1 bath character home PLUS a newly built 2 bed 1 bath GARDEN SUITE situated at the end of a quiet cul de sac in Vic West. The original home has recently been refreshed with new windows, roof, gutters, exterior doors, paint, electrical service, perimeter drains and more. Offering additional unfinished attic space with a fully fenced yard, the interior of the home is awaiting your personal touches. The self contained garden suite was constructed in 2021 and features a modern kitchen with quartz countertops, stainless steel appliances and opens to the living room with patio doors offering direct access to your fully fenced yard. Both homes are one level living that offer you endless possibilities. This location is ideal as close to parks, trails, schools and much more! Contact your Realtor today to arrange a showing of this unique offering in todays market. $1,189,000 Active

640 Griffiths St Victoria, British Columbia

4 Beds 2 Baths 2,131 SqFt 0.120 Acres

This stunning 1894 Queen Anne Style home is located amongst other charming Vic West Character homes on a knoll with views of the city and Selkirk waterway. The inside and out attention to detail is a testament to the elegance of the era, with modern updates incorporated.
Enjoy the renovated kitchen with sleek quartz countertops, open dining room and breakfast nook. The spacious living room with a cozy gas fireplace is ideal for gatherings, while the main floor office provides flexibility.
Upstairs, discover two bedrooms and a bathroom, as well as a full primary bedroom suite with a updated 4-piece ensuite with in floor heating. The bedroom balcony provides the space to relax with cityscape views and, on clear days, views of the Olympic Mountains.
This exceptional property is in an ideal walkable location with easy access to downtown, the Gorge & Selkirk Waterway, Inner Harbour and Galloping Goose Trail. Experience the best of historical charm and modern convenience. $1,149,999 Active

202 Raynor Ave Victoria, British Columbia

3 Beds 3 Baths 2,266 SqFt 0.100 Acres

Open House Sunday 11:45-1:00 VIRTUAL O/H> HD VIDEO, DRONE, 3D MATTERPORT, PHOTOS & FLOOR PLAN online! Steps to the ocean & Songhees Walkway, welcome to your dream home in Vic West! This stunning 3bd/3bth home is the perfect blend of comfort & luxury. As you step inside, you'll be greeted by an inviting living room w/9ft ceilings that's perfect to entertain guests or relax w/family. The large, functional kitchen is perfect for preparing meals w/plenty of counter space & newer appliances (F/S). With generous sized bedrooms & ample storage you'll never have to worry about running out of space. The yard boasts a beautiful garden that's perfect for enjoying the outdoors surrounded by the lush greenery, beautiful flowers & let the in-ground irrigation take care of the watering. This home is close to all local amenities, including rec centers, parks, ocean, pubs & shopping. You'll never be far from the action, making it easy to enjoy all that this vibrant community has to offer. Must see!! $1,097,000 Active

502 Russell St Victoria, British Columbia

3 Beds 3 Baths 1,705 SqFt 0.060 Acres

A great opportunity for a legal ( side by side ) DUPLEX;  fee simple, non strata titled with R - 2, Two Family Dwelling zoning.  An excellent land area of 9645 sf ( 0.22 Ac ) in size that has GREAT PRIVACY.  An ideal investment property for downsizers, investors or a home with a legal mortgage helper.  Each side is currently owner occupied with  2 BR floor plan that are a mirror image of the other side;  only except that 550 side has 1 full bath;  548 side has 2 full baths.  Both sides has a kitchen with skylit ceiling, livingroom / dining room combination, separate laundry room, wonderful sunny shared yard,  fully fenced and private;  2 separate enclosed garages. A brand new roof over the main residence.   An Excellent Location, quiet neighborhood that is a short distance to Downtown Victoria, close to many amenities and bus routes. $1,280,000 Active

648 / 650 Raynor Ave Victoria, British Columbia

4 Beds 3 Baths 2,700 SqFt 0.220 Acres

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 together. The first property has a lot size of 50x120, which translates to 6,000 square feet. The second property, listed under MLS #929394, 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, with new developments and infrastructure projects underway. $849,000 Active

790 Wilson St Victoria, British Columbia

1 Beds 1 Baths 1,004 SqFt 0.140 Acres

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 together. The first property has a lot size of 50x120, which translates to 6,000 square feet. The second property, listed under MLS #929384, 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, with new developments and infrastructure projects underway. $849,000 Active

802 Hereward Rd Victoria, British Columbia

4 Beds 2 Baths 1,505 SqFt 0.150 Acres

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Karen Williamson
Client Care Manager (Unlicensed)

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