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Ria Mavrikos

Licensed REALTOR® with Pemberton Holmes + Mavrikos Collective

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Licensed REALTOR® in Victoria, BC with Pemberton Holmes + Mavrikos Collective

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Market Updates

Victoria, BC Real Estate Market: April 2022

Welcome back to my market updates post! I will continue to update this VictoriaBritish Columbia, real estate market page at the beginning of each month. 

 

This post’s data, housing prices, statistics, and property information are from the Vancouver Island Real Estate Board Region. Alright, let’s get to it!

 

The Market Overall 

In total, 824 residential properties were sold in the Victoria Real Estate Board region during April 2022, which is 26.2% fewer properties than the 1,116 properties sold in April 2021 and a 1.1% decrease from the previous month of March 2022.

 

Traditionally, more listings come to market in the spring. However, we are still at very low inventory levels compared to previous spring markets.

 

In April 2022, the Bank of Canada increased the overnight rate to 1%.

 

With inflation almost at 6%, the aggressive increase in the policy rate will attempt to counter increasing inflation. The Bank of Canada has suggested that there will be another interest rate increase on June 1st, 2022.

 

Over the past few months, the amount of active listings has slowly increased each month.  The amount of active listings is still really low compared to the months before the pandemic.

 

The Victoria real estate market continues to be competitive for home buyers and especially for well-priced homes.  

 

If buyer demand softens and supply continues to increase then we may start to see the Victoria real estate market soften.  However, since inventory is still very low, I don’t think the market will change instantly.

 

Allowing secondary suites, zoning changes, and quicker approval of development permits are necessary to continue to have enough housing in the Greater Victoria area.  

 

Days on market is an important indicator of the strength of a real estate market.   

 

If listings do start to take more time to sell (more days on market) then that is an indicator that we may start to see home prices flatten or slightly decrease.   

 

What about interest rates? Increases in interest rates will likely not have an immediate impact on the housing market.  

 

If anything, home buyers will be more motivated to purchase before their rate holds expire.  Home sellers may only consider lowering their list price if their home hasn’t sold for at least 60-90 days   

 

If interest rates keep climbing for another 3-6 months then that may be another indication that we might see a slow down in the market.

 

Overall, days on market, the total amount of active listings, and interest rates are important to keep an eye on.

 

Condo sales in April 2022 were down 20.8% compared to April last year (2021), with 262 units sold.

 

In addition, sales of single-family homes in April 2022 were down 28.5% from April 2021, with 403 houses sold.

 

There were 1,365 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of April 2022, an increase of 28.4% compared to the previous month of March but a 6.1% decrease from the 1,454 active listings for sale at the end of April 2021.

 

As a result, low-interest rates and increasingly low supply are influencing the real estate prices and housing market in Victoria to trend upwards for single-family homes, townhomes, and condos.

 

Single-family homes, townhomes and condos continue to be high in demand. With very low inventory in all property types, we still see delayed offer dates and multiple offers on well-priced homes.

 

Below are the statistics released at months end from the Victoria Real Estate Board (VREB)

 

April 2022

Net unconditional sales: 824

New listings: 1,368

Active listings: 1,365

 

April 2021

Net unconditional sales: 1,116

New listings: 1,516

Active listings: 1,454

 

Median Sale Prices For Single Family Homes, Condos, and Townhomes

Single Family Homes Greater Victoria 

  • April 2022 median selling price: $1,250,000
  • April 2021 median selling price: $1,008,000
  • 24% increase in median selling price compared to April 2021 

 

Condo Apartment

  • April 2022 median selling price: $601,000
  • April 2021 median selling price: $489,000
  • 22.9% increase in median selling price compared to April 2021

 

Row/Townhome

  • April 2022 median selling price: $890,000
  • April 2021 median selling price: $690,000
  • 29.0% increase in median selling price compared to April 2021 

 

Average Sale Prices For Single Family Homes, Condos, and Townhomes

Single Family Homes Greater Victoria 

  • April 2022 average selling price: $1,434,415
  • April 2021 average selling price: $1,144,729
  • 25.3% increase in average selling price compared to April 2021 

 

Condo Apartment

  • April 2022 average selling price: $666,733
  • April 2021 average selling price: $534,021
  • 24.9% increase in average selling price compared to April 2021

 

Row/Townhome

  • April 2022 average selling price: $946,319
  • April 2021 average selling price: $712,261
  • 32.9% increase in average selling price compared to April 2021

 

 

Sales to Active Listings Ratio 

The total residential sales over the total active residential listings ratio is a measurement of supply and demand and is expressed as a percentage at months-end.

 

The ratio can provide buyers, sellers, and their agents an understanding of whether we are in a buyers’ market, sellers’ market, or a balanced market.

 

When the percentage of sales to active listings is in the 15-20% range, there is little pressure on home prices either way, and it is typically considered a balanced market. 

 

However, when the sales to active listings percentage falls below 10%, there is downward pressure on prices, which is considered a buyers’ market. 

 

Alternatively, when the sales to active listings percentage increase above 25%, there is upward pressure on prices, which is considered a sellers’ market.

 

For April 2022, the sales to active listings ratio was 78%, indicating a 31% decrease from the 109% sales to active listings ratio in March 2022. Despite the decrease, we are still in an excellent sellers’ market

 

Overall, the previous months have shown a decrease in residential sales activity primarily due to fewer available real estate listings on the market. There is some indication that demand is slowing. However, we are still in a competitive housing market because of the low supply and strong demand for homes in Victoria’s real estate market.

 

A second factor is that there is a low supply of new homes coming to market in Victoria because of the high prices of construction materials, municipal zoning regulations, and high cost to acquire land to build.

 

The Victoria, BC real estate market is very dynamic, and there are many important factors that influence market conditions.

 

If you have a question about the real estate market or if you’d like to know what your home is worth in today’s market, I would love to help you! Feel free to send me a message on my contact page or email ria@mavrikoscollective.com. I look forward to hearing from you!

 

Are You Interested In More Real Estate Blog Posts?

  1. Bridge Dale says:

    This July update for Victoria’s real estate market was helpful for me because I invested in a property in that real estate market. Without the details shared here, I wouldn’t have been able to do it.

  2. Diana Bosnjak says:

    This blog really helped me understand the madness out there. Thank you for breaking it down so clearly and putting it into terms that anyone can digest.

    Hope to be working with you in the future!

    Diana

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