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Victoria Real Estate Market Update – September

September 28, 2022 by ccg

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First an apology;

As you probably noticed we missed last month’s newsletter after years of a perfect record. In early August Josh, Andrea and family travelled to Toronto where Josh’s oldest friend was getting married and had asked him to be his best man. Two weeks in Toronto with the kids, and they came back with COVID-19, which wiped out the rest of August. Then kids back to school, and well, here we are, a day late and a dollar short…

We Continue to See a Seller’s Real Estate Market

But you aren’t here to hear our tale. This is about the Victoria Real Estate Market. Interest rate hikes and uncertainty continue to drive sentiment in the Victoria real estate market however ongoing low inventory levels continue to keep us out of a buyer’s market, and indeed, even out of a balanced market. The Sales-To-Active Listings ratio in August was 22%. Just north of the 20% threshold for a balanced market. Having said that the benchmark price for a home in the core area was down 2.9% to $1,391,700 from July’s value of $1,433,400. Buyer’s are coming back into the market now realizing they can get offers with conditions, a reasonable due diligence period and finally make a purchase. To many, including ourselves, this is a relief and a movement back to a better market.

We are also hearing buyers wanting to use the rates they have locked in for fear rates will continue to increase. All in all, a good time to be buying and yet still a reasonable time to be selling… a balanced market and a breath of fresh air.   

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2090 Cadboro Bay Rd $1,890,000

2090 Cadboro Bay Rd Oak Bay, British Columbia

4 Beds 3 Baths 3,239 SqFt 0.140 Acres

2268 Windsor Rd $2,350,000

2268 Windsor Rd Oak Bay, British Columbia

4 Beds 4 Baths 2,759 SqFt 0.100 Acres

374 Sunset Ave $5,500,000

374 Sunset Ave Oak Bay, British Columbia

5 Beds 7 Baths 6,028 SqFt 0.250 Acres

1318 Beach Dr 203 $949,000

1318 Beach Dr 203 Oak Bay, British Columbia

3 Beds 2 Baths 1,631 SqFt 0.040 Acres

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View Royal Community
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Filed Under: Real Estate Tagged With: Capital City Group, Real Estate, 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

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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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