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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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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

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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

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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Conveniently located to everything you need! Just a few steps away from parks, between the Galloping Goose and the E&N Rail trail, shopping, restaurants, local coffee shops & bakeries. Minutes away from Downtown! This 2189sqft home was transformed from a rancher (1964) to a two-level home in 2007. It feels like a duplex as both spaces are pretty much equal. The main level offers 2 bedrooms and a den, large kitchen, 4pc bathroom, living & dining area with direct access to the deck and backyard.  The upper-level features 10ft ceilings, 3 bedrooms, 4pc bathroom, spacious living room & dining area.  Both units are bright, shared laundry on the main level, and hot water on demand!  Low maintenance backyard with raised garden beds. Truly a must see! $1,050,000 Active

82 Bay St Victoria, British Columbia

5 Beds 2 Baths 2,310 SqFt 0.100 Acres

The "Burleith Gatehouse" was built In 1901 to service James Dunsmuir's family estate at the time, Burleith Estate. The beautiful stone wall along with the gateposts and iron gate marked the entrance to the 20-acre Burleith estate. The home has Heritage significance but is not currently designated as a heritage property. The large corner lot has a sunny South exposure and two separate driveways. Located conveniently close to downtown and the gorge waterway with public access and a dock at Banfield park. There are shopping options near by and a local coffee shop, bakery and barber just down the road. The home features ten foot ceilings, original wood finishing and floors with all the charm of yesteryear and retains some original features including a full-width veranda, round window, and flattened pediments in the gable. Access to the property is by appointment only, please do not walk the property without permission. This home is unique, call your realtor today! $1,050,000 Active

701 Craigflower Rd Victoria, British Columbia

2 Beds 2 Baths 1,989 SqFt 0.190 Acres

Now being sold individually!! 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 separately or together. The first property has a lot size of 50x120, which translates to 6,000 square feet. The second property, listed under MLS #939131, 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. $699,000 Active

790 Wilson St Victoria, British Columbia

1 Beds 1 Baths 1,004 SqFt 0.140 Acres

Now being sold individually!! 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 separately or together. The first property has a lot size of 50x120, which translates to 6,000 square feet. The second property, listed under MLS #939131, 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. $750,000 Active

802 Hereward Rd Victoria, British Columbia

4 Beds 2 Baths 3,010 SqFt 0.150 Acres

Welcome to this immaculate 3 bed, 1 bath nestled in the heart of a sought-after neighborhood! Meticulously updated from top to bottom, this home combines comfort and style.This inviting living space boasts an open-concept design, allowing natural light to cascade through large windows, highlighting clean lines and modern finishes. The spacious living room is perfect for both relaxation and entertaining. Enjoy an updated kitchen with stainless steel appliances, ample cabinet and counter space-designed for functionality. The newly renovated bathroom offers a granite countertop and heated floors. Nestled on a generous lot, the exterior has ample space to relax, play, and entertain! Conveniently located in a desirable Vic West, close to schools, shopping, minutes to downtown Victoria, and bus routes. Steps away from the Gorge Waterway, Banfield Park and Galloping Goose. The community is known for its friendly atmosphere making it the perfect place to put down roots. This gem is a must-see! $949,999 Active

737 Craigflower Rd Victoria, British Columbia

3 Beds 1 Baths 1,318 SqFt 0.130 Acres

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Karen Williamson
Client Care Manager (Unlicensed)

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