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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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349 Berwick St $1,495,000

349 Berwick St Victoria, British Columbia

5 Beds 3 Baths 2,895 SqFt 0.120 Acres

830 Cowichan St $1,549,000

830 Cowichan St Victoria, British Columbia

4 Beds 2 Baths 2,183 SqFt 0.150 Acres

603 Su'it St $2,099,000

603 Su’it St Victoria, British Columbia

4 Beds 4 Baths 6,236 SqFt 0.190 Acres

1911 Stanley Ave $1,088,000

1911 Stanley Ave Victoria, British Columbia

4 Beds 2 Baths 3,184 SqFt 0.150 Acres

  • Victoria Real Estate Market Update Statistics for July 2022
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    Not surprisingly the slowdown in the real estate market in Victoria continued with the Sales-to-Active Listings ratio down to 29.7% … » Learn More about Real Estate Victoria | Market Update – July 2022
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    The shift towards a balanced market continues. In May we saw the effect of the Fed’s (Bank of Canada) interest … » 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 … » Learn More about Victoria Real Estate Market Update – May 2022

More About Our Communities

Victoria Real Estate
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Victoria West (Vic West) Real Estate
View Royal Real Estate
Langford and Colwood Real Estate
Sooke Real Estate

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

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

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Karen Williamson
Client Care Manager (Unlicensed)

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