Victoria Real Estate | Capital City Group

Real Estate - Real Service

Victoria Real Estate Market Update – September

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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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2266 Windsor Rd $2,175,000

2266 Windsor Rd Oak Bay, British Columbia

4 Beds 4 Baths 2,768 SqFt 0.100 Acres

1148 Goodwin St 201 $624,900

1148 Goodwin St 201 Oak Bay, British Columbia

2 Beds 2 Baths 1,320 SqFt 0.030 Acres

2172 Cranmore Rd $1,489,900

2172 Cranmore Rd Oak Bay, British Columbia

6 Beds 4 Baths 3,577 SqFt 0.160 Acres

2328 Dunlevy St $3,388,000

2328 Dunlevy St Oak Bay, British Columbia

7 Beds 7 Baths 4,862 SqFt 0.170 Acres

Sidney Community
Esquimalt Community
Vic West Community
Victoria Community
Oak Bay Community
Saanich Community, East Saanich, West Saanich, Central Saanich
View Royal Community
Western Communities, Langford, Colwood
Sooke Community
Victoria Community
Oak Bay Community
Saanich Community, East Saanich, West Saanich, Central Saanich
View Royal Community
Western Communities, Langford, Colwood
Sooke Community
View Royal Community
Western Communities, Langford, Colwood
Sooke Community

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