Real Estate Tips, Tools, & Strategies To Help You Succeed

Ria Mavrikos

Licensed REALTOR® with Pemberton Holmes + Mavrikos Collective

A little bit about me

Always professional but I don't take myself too seriously. I enjoy the process of helping my clients find their dream home, investment property or anything in between!

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

Browse by Category

Let's Connect!

Market Updates

Victoria, BC Real Estate Market: August 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, 478 residential properties sold in the Victoria Real Estate Board region during August 2022, which is 42.5% fewer properties than the 831 properties sold in August 2021 and a 6.3% decrease from the previous month of July 2022.

 

Overall, the Victoria real estate market seems to be less competitive for homebuyers as the urgency in the market has slowly levelled off. In addition, inventory is gradually increasing each month, and at the end of August 2022, there were 2,137 active listings for sale on the Victoria Board MLS®.

 

Overall, there was a 1.2% decrease from the 2,162 active listings at the end of July 2022 and a 90.8% increase from the 1,120 active listings at the end of August 2021.

 

The increase in interest rates has slightly discouraged some buyers and is an attempt by the Bank of Canada to cool home buyer demand and high inflation.

 

The Bank of Canada is expected to announce another interest rate hike on September 7th, 2022.

 

The good news for home buyers is that inventory (supply) is increasing.  Average days on market are going up, more new listings are coming on the market daily, and sales activity is decreasing.  As a result, home sellers are more willing to negotiate terms, conditions, and prices, and home buyers have more time to make their purchase decision.

 

Over the past two years, the market has been a complete sellers’ market, so it’s refreshing to see some balance restored as buyers have more time to write an offer and complete their due diligence.

 

While there is less competition for home buyers, the higher interest rates have made monthly mortgage payments more expensive in most cases for new homeowners today than they were at this time last year.

 

Although, over the past few months, the number of active listings has slowly increased. Limited long-term supply will continue to be an issue with housing affordability in Victoria for the short-term and long term.

 

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

 

Condo sales in August 2022 were down 57.1% compared to August last year (2021), with 148 units sold.

 

In addition, sales of single-family homes in August 2022 were down 30.3% from August 2021, with 249 houses sold.

 

There were 2,137 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August 2022, a decrease of 1.2% compared to the previous month of July 2022 with 2,162 active listings and a 90.8% increase from the 1,120 active listings for sale at the end of August 2021.

 

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

 

August 2022

Net unconditional sales: 478

Active listings: 2,137

 

August 2021

Net unconditional sales: 831

Active listings: 1,120

 

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

Single Family Homes Greater Victoria 

  • August 2022 median selling price: $1,111,500
  • August 2021 median selling price: $1,094,000
  • 1.6% increase in median selling price compared to August 2021 

 

Condo Apartment

  • August 2022 median selling price: $549,950
  • August 2021 median selling price: $482,500
  • 14% increase in median selling price compared to August 2021

 

Row/Townhome

  • August 2022 median selling price: $777,000
  • August 2021 median selling price: $699,000
  • 11.2% increase in median selling price compared to August 2021 

 

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

Single Family Homes Greater Victoria 

  • August 2022 average selling price: $1,288,902
  • August 2021 average selling price: $1,224,438
  • 5.3% increase in average selling price compared to August 2021 

 

Condo Apartment

  • August 2022 average selling price: $583,427
  • August 2021 average selling price: $552,353
  • 5.6% increase in average selling price compared to August 2021

 

Row/Townhome

  • August 2022 average selling price: $833,947
  • August 2021 average selling price: $716,949
  • 16.3% increase in average selling price compared to August 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. This measurement is the percentage of available listings that have sold in a specific month.

 

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 increases above 25%, there is upward pressure on prices, which is considered a sellers’ market.

 

For August 2022, the sales to active listings ratio dropped to 28%, indicating a 2% decrease from the 30% sales to active listings ratio in July 2022. Compared to August 2021, the sales to active listings ratio was at almost 95%. The lower the percentage, the more properties that are available for buyers.

 

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

 

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

 

If you have any questions about the Victoria real estate market or if you’d like to know what your home is worth in today’s market, I can prepare a free comparative market analysis for you! You can send me a message on my contact page or email ria@mavrikoscollective.com. I look forward to hearing from you!

 

  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

Leave a Reply

Your email address will not be published.

Seller's Checklist 

Buyer's Checklist 

Property Comparison

Instantly Get all 3 Free templates when you sign up!

ABOUT US

Farm-to-table jianbing kickstarter, mixtape taxidermy actually scenester. Asymmetrical tattooed locavore meggings YOLO organic pabst forage.

More About Us

market updates


sellers

buyers

Browse by Category

neighbourhoods

I'd love to hear from you! 

Questions? Let's Connect. 

Please fill out the form below or if you'd prefer you can send an email to ria@mavrikoscollective.com

Thank You!

I appreciate you taking the time to reach out. I'll be in touch shortly! 

Design by TONIC  |  © Ria Mavrikos  | 
back to top

*Disclaimer: The topics of discussion, content and resources on this website are general information that may not be the right solution or advice for you specifically. Not intended to solicit buyers or sellers currently under contract with a brokerage.  

Privacy Policy 

*Stock images from Social Squares

  General Disclaimer

THIS WEBSITE IS A PARTICIPANT IN THE AMAZON SERVICES LLC ASSOCIATES PROGRAM, AN AFFILIATE ADVERTISING PROGRAM DESIGNED TO PROVIDE A MEANS FOR SITES TO EARN ADVERTISING FEES BY ADVERTISING AND LINKING TO AMAZON.CA.

Google Web Stories