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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: October 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, 480 residential properties sold in the Victoria Real Estate Board region during October 2022, which is 35.6% fewer properties than the 745 properties sold in October 2021 and a 17.1% increase from the previous month of September 2022.

 

Condo sales in October 2022 were down 39% compared to October last year (2021), with 152 units sold.

 

In addition, sales of single-family homes in October 2022 were down 32.2% from October 2021, with 230 houses sold.

 

Overall, inventory has remained stable, and at the end of October 2022, there were 2,192 active listings for sale on the Victoria Board MLS®. A slight decrease compared to the previous month of September where there were 2,300 active listings available.

 

Because we have a low housing supply, we are still seeing homes priced well, receiving multiple offers or selling close to their listing price.

 

Overall, there were 2,192 active listings for sale on the MLS® at the end of October 2022, which is a 4.7% decrease from the 2,300 active listings at the end of September 2022 but a 111.6% increase from the 1,036 active listings at the end of October 2021.

 

The continuous and substantial increase in interest rates throughout the year has reduced buyer demand as affordability is impacted since borrowing is more expensive. Despite early signs of a slowing economy, The Bank of Canada is expected to announce another interest rate hike on December 7th, 2022.

 

Although interest rates have increased, this market can be a great opportunity for home buyers. Buyers are able to purchase a home with less competition than 6 months to a year ago, and even though monthly mortgage payments will be higher because of interest rates, there’s often the potential to refinance at a lower rate when interest rates eventually go down again in the future.

 

On the supply side, high building costs, limited availability of construction workers and labour in general, zoning restrictions and regulations all reduce the pace and the number of homes coming to market.

 

So even though interest rates have increased (impacting only buyer demand), there is still a supply and demand imbalance in the housing market. Long term, lack of supply will continue to be an issue for the affordability of homes in Victoria and surrounding neighbourhoods.

 

Sellers may also be reluctant to sell their homes if they’re locked in at a low-interest rate since they would then purchase a new home with a significantly higher interest rate. This could also impact the number of new listings added to the MLS®.

 

While there is less competition for home buyers in today’s market, It’s important to note that homes that are priced well are still getting lots of interest and receiving multiple offers. Without a plan for more housing supply, we will continue to have too few homes available for the number of people who are looking to purchase a home.

 

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.  

 

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

 

October 2022

Net unconditional sales: 480

New Listings: 998

Active listings: 2,192

 

October 2021

Net unconditional sales: 745

New listings: 866

Active listings: 1,036

 

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

Single Family Homes Greater Victoria 

  • October 2022 median selling price: $1,060,000
  • October 2021 median selling price: $1,211,000
  • 12.5% decrease in median selling price compared to October 2021 

 

Condo Apartment

  • October 2022 median selling price: $539,500
  • October 2021 median selling price: $545,895
  • 1.2% decrease in median selling price compared to October 2021

 

Row/Townhome

  • October 2022 median selling price: $755,000
  • October 2021 median selling price: $797,895
  • 5.4% decrease in median selling price compared to October 2021 

 

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

Single Family Homes Greater Victoria 

  • October 2022 average selling price: $1,238,949
  • October 2021 average selling price: $1,327,228
  • 6.7% decrease in average selling price compared to October 2021 

 

Condo Apartment

  • October 2022 average selling price: $614,769
  • October 2021 average selling price: $620,859
  • 1.0% decrease in average selling price compared to October 2021

 

Row/Townhome

  • October 2022 average selling price: $823,515
  • October 2021 average selling price: $855,894
  • 3.8% decrease in average selling price compared to October 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 real estate 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 October 2022, the sales to active listings ratio increased to 28%, indicating an 8% increase from the 20% sales to active listings ratio in September 2022. Compared to October 2021, the sales-to-active listings ratio was at approximately 98%. The lower the percentage, the more properties that are available for buyers.

 

The Victoria, BC, real estate market is very dynamic, and many factors can 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. Easily 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

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