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Victoria Real Estate Market Update – May 2022

May 15, 2022 by ccg

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 well above the 20% threshold for a seller’s market. 

Inventory levels closed April at just over 1364 with 824 total sales. There is still pent up demand in the market but new qualification levels with interest rate hikes are continuing to price some folks out of the market. 

The average price for a single family home was $1,432,298 in April 2022; townhome was $946,319; and condo was $666,733.

Have we reached the top? Maybe. The next couple months will be very interesting. 

I learned many years ago though that the top of one cycle is the bottom of the next. 

I don’t have a crystal ball, if I did I would be buying lottery tickets, but history tends to repeat itself and for the last 40+ years the cycle has seen price increases, a leveling, and a small pullback. We could be seeing the beginnings of the leveling.  Time will tell. 

Not sure if it’s a good time for you to buy or sell? Unsure how a lower price but higher mortgage rate will effect your monthly carrying costs? 

Wondering which market segments historically get hit the hardest during a correction? 

Drop us a line. We’re happy to chat. 

Average House, Condo and Townhome Prices in April 2022
Real Estate Stats for May 2022 Victoria BC

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2411 Quadra St $949,000

2411 Quadra St Victoria, British Columbia

4 Beds 2 Baths 2,760 SqFt 0.08 Acres

2553 Empire St $599,000

2553 Empire St Victoria, British Columbia

3 Beds 2 Baths 1,015 SqFt 0.14 Acres

1581 Denman St $998,500

1581 Denman St Victoria, British Columbia

4 Beds 3 Baths 2,131 SqFt 0.16 Acres

1502-1508 Davie St $2,050,000

1502-1508 Davie St Victoria, British Columbia

8 Beds 4 Baths 3,340 SqFt 0.1 Acres

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Victoria Real Estate
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Filed Under: Real Estate Tagged With: Capital City Group, Real Estate, Victoria BC, 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

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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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Welcome to 760 Wilson Street, a fully rented and well-maintained 4-plex ideally located just steps from the heart of Vic West. This updated investment property features a desirable suite mix of a 3-bedroom, a 2-bedroom, a 1-bedroom, and a bachelor unit, all with access to a shared laundry room and separate electrical meters. Set on a level lot with convenient off-street parking, the building has seen tasteful improvements over the years. Whether you're an experienced investor or exploring your first income opportunity, 760 Wilson offers stability, upside, and a prime location close to amenities, parks, and downtown Victoria. $1,498,000 Active

760 Wilson St Victoria, British Columbia

6 Beds 4 Baths 3,219 SqFt 0.15 Acres

EXCEPTIONAL OFFERING! Own a piece of Victoria’s heritage w this beautifully restored 1890 Queen Anne-style home on a corner lot in vibrant Vic West. Awarded The Hallmark Society Award of Merit, “Montview” blends late Victorian elegance w modern functionality. Reconstructed as 4 legal suites (3 one-bed + 1 studio), each with separate meters & hot water tanks, this stately residence features soaring 10’ ceilings, original wood floors & wallpaper, vintage fixtures, & a wood-burning fireplace. Distinctive heritage elements include hipped roof & three cross-gabled, two-storey pedimented bays, recessed corner porch w chamfered posts, spindled frieze, & turned balusters, along w wood storm windows, a finished attic, & a wide shingled beltcourse. Lovingly maintained gardens w irrigation, storage units, & off-street parking complete the offering. Steps from the Market Garden and Westside Village, this designated Heritage Home is a rare find! Great investment potential. Commercial MLS: 1003911 $1,574,900 Active

1020 Catherine St Victoria, British Columbia

4 Beds 4 Baths 3,900 SqFt 0.14 Acres

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Andrea Prowse
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Josh Prowse*

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*Personal Real Estate Corporation

Andrea Prowse

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Phone: 250-217-3465
Email: Andrea@CapitalCityGroup.ca

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