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Victoria Real Estate Market Update – November 2021

November 18, 2021 by CapitalCityGroup

Once again the Real Estate story remains with tight supply restricting sales. The Sales-to Active Listings ratio for October was a hair under 72% with 745 properties changing hands and just 1036 active listings at month-end. This is roughly 50% of the active listings from the previous year. This remains a great time to sell but a very challenging time to buy, with prices climbing and well priced homes seeing multiple offers, often without many subject conditions. The provincial government has tabled legislation that will allow for a cooling off period for buyers, similar to that in new construction. This is slated to come into effect in the spring and is meant to allow buyers time to reflect on their decision however, like previous attempts by the provincial government to cool the real estate market (speculation tax, foreign buyers tax) this is not likely to curb demand or supply issues. If anything it could have the opposite effect, allowing people to gamble without pause for consequences, and to make bigger bets.

The solution for the current housing crisis is, and remains, increased supply. Unfortunately the speed at which municipalities approve redevelopments which would increase that supply, and thus reduce pressure on pricing and demand, is a notoriously slow pace. Coupled with the prevailing NIMBY attitude people in many neighbourhoods have, (currently living on old forest land, or farm land that was densified to allow them to have a place to live…) means we are unlikely to see a relaxation on demand, or prices in the foreseeable future. The New Zealand federal government has moved to ban single family zoning in some of their most populous cities, taking the power away from the municipalities and the NIMBYs. Perhaps this is the solution we need?

Have a question or just want to chat about real estate? Get in touch via the form below!

4696 Boulderwood Dr $2,275,000

4696 Boulderwood Dr Saanich, British Columbia

4 Beds 5 Baths 4,857 SqFt 0.510 Acres

242 Beach Dr $3,495,000

242 Beach Dr Oak Bay, British Columbia

5 Beds 4 Baths 5,261 SqFt 0.220 Acres

8433 Lochside Dr $4,350,000

8433 Lochside Dr Central Saanich, British Columbia

6 Beds 5 Baths 6,329 SqFt 1.080 Acres

2383 Lyn Cres $2,595,000

2383 Lyn Cres Oak Bay, British Columbia

2 Beds 2 Baths 1,555 SqFt 0.160 Acres

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