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Victoria Real Estate Market Report for March 2026

Fri, 10 Apr 2026 20:39:33 GMT

A total of 579 properties sold in the Victoria Real Estate Board region this March, 5.5 per cent fewer than the 613 properties sold in March 2025 and 24.5 per cent more than in February 2026. Sales of condominiums decreased by 18.8 per cent from March 2025 with 164 units sold. Sales of single family homes decreased by 2.4 per cent from March 2025 with 285 sold.

“Our market is following a fairly typical spring market trend,” said Victoria Real Estate Board Chair Fergus Kyne. “With sales and listings both increasing from the previous month, we’re tracking a seasonal pattern that generally builds to the peak of the market in May or June.”

There were 3,261 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2026, an increase of 12.3 per cent compared to the previous month of February and a 7.9 per cent increase from the 3,023 active listings for sale at the end of March 2025.

“We continue to observe a market which offers plentiful opportunity for both buyers and sellers. The current conditions of good supply and a reasonable level of consumer demand have created fewer high-pressure transactions and allowed time for both sides of the sale to make decisions and undertake due diligence,” notes Chair Kyne. “Every listing is unique in our market. Greater Victoria is a relatively small area which consists of many micro markets with varying conditions and demand. It’s a good time to connect with your favourite local REALTOR® to ensure your property or your purchase gets the correct analysis and strategy it deserves.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2025 was $1,344,900. The benchmark value for the same home in March 2026 decreased by 1.1 per cent to $1,330,200, up from February’s value of $1,307,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in March 2025 was $558,100, while the benchmark value for the same condominium in March 2026 decreased by 0.8 per cent to $553,800, up from the February value of $545,600.

Victoria Real Estate Market Report for February 2026

Tue, 03 Mar 2026 18:18:43 GMT

Victoria Real Estate Market Report for February 2026

A total of 465 properties sold in the Victoria Real Estate Board region this February, 11.9 per cent fewer than the 528 properties sold in February 2025 and 37.2 per cent more than in January 2026. Sales of condominiums decreased by 19.8 per cent from February 2025 with 154 units sold. Sales of single family homes decreased by 12 per cent from February 2025 with 206 sold.

“February’s sales definitely picked up the pace compared with sales from the previous month,” said Victoria Real Estate Board Chair Fergus Kyne. “Though our sales numbers are lower than they were in 2025, with an over 35 per cent increase month over month, and a very healthy amount of inventory currently available, it will be interesting to see how our spring market unfolds in the upcoming months.”

There were 2,903 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2026, an increase of 10.6 per cent compared to the previous month of January and a 10.4 per cent increase from the 2,630 active listings for sale at the end of February 2025.

“Last month we reported how the market rested on the threshold between balanced and a buyer’s market,” notes Chair Kyne. “Over the course of February, more activity led to increased sales which has helped to balance market conditions. When the market is in balance, it means excellent opportunities exist for buyers and sellers. If you’ve been waiting for the spring to start your home sale or search, now is a great time to connect with a local Victoria REALTOR® to start planning.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February 2025 was $1,319,100. The benchmark value for the same home in February 2026 decreased by 0.9 per cent to $1,307,400, up from January’s value of $1,265,500. The MLS® HPI benchmark value for a condominium in the Victoria Core area in February 2025 was $549,600, while the benchmark value for the same condominium in February 2026 decreased by 0.7 per cent to $545,600, up from the January value of $537,800.

I have sold a property at 202 360 Dallas Rd in Victoria

Sun, 01 Mar 2026 09:03:50 GMT

I have sold a property at 202 360 Dallas Rd in Victoria on Feb 28, 2026. See details here

Your dream of living, walking and biking on the Dallas Rd waterfront in James Bay is here! This is an exceptional opportunity to start your day with the ocean & Breakwater just steps away. Find gorgeous partial water and mountain views from your bedroom windows & the east facing balcony. Offering an open floor plan with 2 bedrooms and 2 bathrooms. It has been lovingly updated with a newer kitchen, bathrooms, paint, flooring & sliding door which make the unit bright, airy and a pleasure to spend time in. Generously sized at 1109 sq ft you will have room for all your furniture plus entertaining. A well maintained building with parking, storage, bike storage, workshop & laundry room. Sorry no pets. Truly an outstanding location and close to all conveniences. Walk everywhere from Fisherman’s Wharf, Beacon Hill Park to grocery stores, restaurants, coffee shops & Inner Harbour. This home offers the true Victoria lifestyle that everyone moves here for!

Pacific House: Modern Concrete Living in the Heart of Esquimalt

Thu, 26 Feb 2026 16:40:44 GMT

A new chapter of urban living is unfolding in Esquimalt’s vibrant urban core. Pacific House, located at 899 Esquimalt Road, is a striking 12-storey concrete development offering thoughtfully designed one-, two-, and three-bedroom homes, along with exclusive townhomes — all currently selling in pre-sales.

Positioned at the corner of Head Street and Esquimalt Road, this modern collection of homes is just minutes from downtown Victoria while offering a quieter, community-focused lifestyle.

Elevated Living with Spectacular Views

Built on a natural slope only three blocks from the waterfront, Pacific House is designed to maximize its expansive southwest exposure. Its glass façade captures stunning views beginning right from the main floor, offering residents breathtaking outlooks across the surrounding area.

The building features:

Open-concept floor plans
Large private balconies
Seamless indoor-outdoor living spaces
A spacious podium-level indoor/outdoor amenity area for entertaining
Private rooftop terraces for townhomes and penthouses, with up to 180-degree views

With a roof height of approximately 35 metres and concrete construction, Pacific House offers durability, sound insulation, and long-term investment value.

A Mix of Residential & Commercial Opportunity

Pacific House blends residential comfort with commercial convenience.

Residential Highlights

12 storeys
Concrete construction
Underground parking
Mid-market target pricing
Unit types: 1BR, 2BR, 3BR, and townhomes
Completion anticipated in 2025
Pre-sales now underway

Three townhomes will be located along the southern edge of the development with frontage on Wollaston Street, offering a more private, ground-oriented living option.

Commercial Component

Two commercial units will front directly onto Esquimalt Road, contributing to the walkable and growing retail environment of the neighbourhood. Commercial leasing is currently in the planning phase.

Designed by Industry Leaders

Pacific House is being developed by Lexi Development Group and designed by Farzin Yadegari Architect, bringing contemporary design and functional living spaces to one of Greater Victoria’s most promising communities.

Why Esquimalt?

Esquimalt is rapidly emerging as a sought-after urban neighbourhood within Greater Victoria. Its proximity to downtown, waterfront access, expanding amenities, and strong community feel make it attractive to:

First-time buyers
Downsizers
Young professionals
Investors seeking mid-market opportunities

With continued development along Esquimalt Road and surrounding corridors, the area is positioned for long-term growth.

Is Pacific House a Smart Investment?

Concrete construction, waterfront proximity, and limited mid-rise supply in Esquimalt make this project particularly compelling. Pre-sale opportunities allow buyers to secure today’s pricing ahead of completion in 2025 — a strategy many investors and end-users use to build equity over time.

If you’re considering buying in Esquimalt or exploring pre-sale opportunities in Greater Victoria, Pacific House deserves a closer look.

I have sold a property at 420 1395 Bear Mountain Pkwy in Langford

Sat, 14 Feb 2026 09:18:41 GMT

I have sold a property at 420 1395 Bear Mountain Pkwy in Langford on Feb 13, 2026. See details here

Bright and inviting top floor corner unit with two balconies and Golf Course views overlooking the 8th green. This 1 Bed + Den has a spacious layout with 10ft ceilings, large windows, in suite laundry and a fireplace. The kitchen features stainless steel appliances, granite countertop, island with extra storage. Enjoy a relaxed, resort-style lifestyle in a well maintained, professionally managed pet friendly building with storage and secure underground parking. Great opportunity to make this lovely suite your personal residence, an investment property or a 2nd home All steps away from Bear Mountain’s world-class golf, tennis, trails, dining, spa, fitness and resort amenities. Immediate Possession. Furnishing also available-making this a great turn-key opportunity

Victoria Real Estate Market Report for January 2026

Mon, 09 Feb 2026 18:18:36 GMT

A total of 339 properties sold in the Victoria Real Estate Board region this January, 19.7 per cent fewer than the 422 properties sold in January 2025 and 7.6 per cent fewer than in December 2025. Sales of condominiums decreased by 25.3 per cent from January 2025 with 109 units sold. Sales of single family homes decreased by 21.1 per cent from January 2025 with 153 sold.

“This year kicked off with sales in a similar pattern to what we observed in 2023 and ‘24,” said Victoria Real Estate Board Chair Fergus Kyne. “Those years signalled the return to more predictable, seasonal patterns after the intense pace of the pandemic-influenced market we saw earlier in the decade. Different this year is that there is much more inventory on the market. Healthy levels of inventory that meet demand are critical to smooth out any upward pressure on pricing. As we move through the year, it may well be inventory levels and a combination of external factors like interest rates, global trade tensions, and consumer confidence that ultimately determine the course for our market.”

There were 2,624 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2026, an increase of 3.1 per cent compared to the previous month of December and a 9.6 per cent increase from the 2,395 active listings for sale at the end of January 2025.

“With the current strong level of inventory and fewer sales, the overall market in January rested on the threshold between balanced and a buyer’s market,” notes Chair Kyne. “A single month does not promise a long-term trend, but this does mean that January offered a good amount of selection for buyers and more defined outcomes for sellers. Our market area is small but diverse, and consists of many micro-markets, all of which have their own specific market conditions. This means that some areas may be in balance, while others may trend to a buyer’s market. To determine where a property is within the balance of markets, connect with your favourite Victoria REALTOR®.”

The Multiple Listing Service® Home Price Index* benchmark value for a single family home in the Victoria Core in January 2025 was $1,297,300. The benchmark value for the same home in January 2026 decreased by 2.5 per cent to $1,265,500, up from December’s value of $1,255,000. The MLS® HPI benchmark value for a condominium in the Victoria Core area in January 2025 was $545,900, while the benchmark value for the same condominium in January 2026 decreased by 1.5 per cent to $537,800, down from the December value of $549,900.

Victoria Real Estate Market Report for December 2025

Tue, 06 Jan 2026 18:21:20 GMT

A total of 367 properties sold in the Victoria Real Estate Board region this December, 12.8 per cent fewer than the 421 properties sold in December 2024 and 18.6 per cent fewer than in November 2025. Sales of condominiums were down 21.5 per cent from December 2024 with 106 units sold. Sales of single family homes decreased by 2.6 per cent from December 2024 with 186 sold.

There were 6,918 sales over the course of 2025, a 0.36 per cent increase from the 6,893 sales in 2024.

“2025 was another consistent year for local real estate,” said 2026 Victoria Real Estate Board Chair Fergus Kyne. “Despite global economic uncertainty, property sales in the Victoria market were steady and pricing remained relatively balanced. One of the most significant factors in 2025 was the amount of available inventory. We saw the second highest number on record of new listings enter the market. The ample inventory was good news for sellers and for the stability of our market. Buyers had more choice and time to make decisions, while sellers benefitted from clearer expectations around pricing and timelines.”

There were 2,544 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of December 2025, a decrease of 19.3 per cent compared to the previous month of November but an 11.1 per cent increase from the 2,290 active listings for sale at the end of December 2024.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in December 2024 was $1,316,700. The benchmark value for the same home in December 2025 decreased by 4.7 per cent to $1,255,000, down 1.7 per cent from November’s value of $1,276,700. The MLS® HPI benchmark value for a condominium in the Victoria Core area in December 2024 was $546,100 while the benchmark value for the same condominium in December 2025 increased by 0.7 per cent to $549,900, a decrease of 0.6 per cent from the November value of $533,100.

“MLS® Home Price Index trends this year varied by region and by property type,” added Kyne. “According to the MLS® HPI, single family home values in the Victoria Core softened, while the Westshore saw modest gains. Condo values remained relatively flat. As we move into 2026, inventory levels will continue to shape the market. Wise sellers will track pricing trends for their specific area and factor in that consumers react positively to properties that are well-presented and offer good value. If you are thinking about making a move this year, it’s a smart idea to contact your local Realtor to understand the current conditions and to build your strategy.”

Victoria Real Estate Market Report for November 2025

Wed, 10 Dec 2025 08:46:25 GMT

A total of 451 properties sold in the Victoria Real Estate Board region this November, 18.1 per cent fewer than the 551 properties sold in November 2024 and 26.9 per cent fewer than in October 2025. Sales of condominiums decreased by 36 per cent from November 2024 with 119 units sold. Sales of single family homes decreased by 8.4 per cent from November 2024 with 241 sold.

"We observed a slowing of the pace of sales this month that we didn't experience last year at this time," said 2025 Victoria Real Estate Board Chair Dirk VanderWal. "This year-over-year difference in sales does appear to be noteworthy, but it is because last year's sales were distributed differently than they have been this year. 2025 saw higher sales counts during the spring market, whereas 2024 saw a sales rally later in the year, which is not typical. Even though our winter numbers are softer compared to last year, we are right on track for this year's total numbers to end up very close to the four years previous. In fact, compared to fewer than 400 November sales in both 2022 and 2023, this year's activity was higher."

There were 3,152 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2025, a decrease of 7.9 per cent compared to the previous month of October and an 11.1 per cent increase from the 2,836 active listings for sale at the end of November 2024.

"We could characterize the tone in November as one of patience," notes Chair VanderWal. "Buyers have plenty of options and time to make their decisions, and sellers know that well-priced and well-presented homes will sell, but that the market isn't under the pressure it had been in the early 2020s. Overall, our market remains in a balanced position. We can see that different types of properties and different locations influence where each home is on that scale of balance. To determine where the home you want to buy or sell rests between a buyers' or sellers' market, connect with your favourite Victoria REALTOR®, who can help you understand these trends and how your property fits in the current market."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in November 2024 was $1,313,900. The benchmark value for the same home in November 2025 decreased by 2.8 per cent to $1,276,700, down from October's value of $1,280,100. The MLS® HPI benchmark value for a condominium in the Victoria Core area in November 2024 was $542,100, while the benchmark value for the same condominium in November 2025 increased by 2 per cent to $553,100, up from the October value of $549,000.

I have sold a property at 312B 456 Pandora Ave in Victoria

Sat, 06 Dec 2025 09:06:50 GMT

I have sold a property at 312B 456 Pandora Ave in Victoria on Dec 5, 2025. See details here

Price Reduced Below Assessed Value Ultimate Waterfront studio in the Iconic Janion building offering unobstructed stellar views from the wall of windows. A smartly designed space which maximizes the spectacular views & livability. Featuring kitchen with quartz countertops, paneled fridge/freezer, dishwasher drawer, built-in stove/cooktop, in-suite laundry, roller blinds, murphy bed with sofa, built in storage cabinets, water view balcony, secure underground parking, and storage locker. Complemented by an amenity filled pet friendly building including gym, rooftop terrace with lounge, meeting room, bike storage, kayak storage & launch, secure access. Located on the non-street facing side of the building, it offers a serene space while being so convenient to all that downtown has to offer-restaurants, shopping, entertainment, Chinatown, water taxi, bike paths & walkways. A wonderful place to call home, urban retreat or investment property. The ultimate downtown lifestyle

Market Real Estate Statistics For October

Fri, 07 Nov 2025 20:58:00 GMT

A balanced Victoria real estate market continues to provide consumers with options

A total of 617 properties sold in the Victoria Real Estate Board region this October, 5.7 per cent fewer than the 654 properties sold in October 2024 and 11.4 per cent more than in September 2025. Sales of condominiums decreased by 15 per cent from October 2024 with 159 units sold. Sales of single family homes increased by 2.9 per cent from October 2024 with 350 sold.

“The local real estate market remains reasonably balanced,” said 2025 Victoria Real Estate Board Chair Dirk VanderWal. “Single family homes are currently seeing the strongest demand, and this month we saw the highest number of October sales since 2020. However, condo sales were slightly more restrained than single family and townhome sales over the past month. We have not seen a significant decrease in prices as a result, but those shopping for condos will find a good variety to choose from with time to make decisions.”

There were 3,423 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2025, a decrease of 7.3 per cent compared to the previous month of September and an 8.3 per cent increase from the 3,161 active listings for sale at the end of October 2024.

“The Bank of Canada made another interest rate cut late in October,” notes Chair VanderWal. “It’s too early to determine if this will affect demand, but consumers are likely watching and waiting to see what will happen to fixed and variable mortgage rates. As we move toward winter, the housing market tends to cool off with the weather. The Victoria real estate market is dynamic, and can change course depending on consumer activity. For assistance selling or buying, connect with your favourite Victoria REALTOR® who can help you understand the trends and how your property fits in the current market.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in October 2024 was $1,300,200. The benchmark value for the same home in October 2025 decreased by 1.8 per cent to $1,276,500, down from September’s value of $1,294,800. The MLS® HPI benchmark value for a condominium in the Victoria Core area in October 2024 was $547,800, while the benchmark value for the same condominium in October 2025 increased by 0.6 per cent to $551,000, up from the September value of $547,500.

Marlowe: A New Era of Entry-Level Condos & Townhomes in Saanich’s Gordon Head

Tue, 21 Oct 2025 20:58:00 GMT

CONTACT US AT info@bchomegroup.ca
Book A Showing Today

A new community is taking shape in one of Greater Victoria’s most sought-after neighbourhoods — and it’s already attracting strong attention from homebuyers and investors. Marlowe, located at 4201 Tyndall Avenue in Saanich’s Gordon Head area, is a thoughtfully designed collection of condominiums and townhomes now in pre-sales and under active construction. With completion planned for 2026, this development blends attainability, lifestyle, and long-term value in a way few projects in the region do.

Designed for first-time buyers, young families, downsizers, and investors, Marlowe brings much-needed new housing to Victoria’s urban core with a mix of studio, one-, two-, and three-bedroom homes, plus spacious three-bedroom townhomes.

A Community Rooted in Gordon Head Living

Situated in the 4200-block of Tyndall Avenue, Marlowe places residents in the heart of a well-established neighbourhood known for:

Quiet, family-friendly streets
Proximity to parks and recreation
Access to schools and UVic
Urban convenience within a residential setting
Short commutes to downtown Victoria

This location is especially appealing to local buyers, parents with school-aged children, and investors targeting long-term rental demand from students, professionals, and families.

Modern Homes for Every Stage of Life

Marlowe offers a range of floorplans to suit different needs and budgets, including:

Studios & bachelor suites — perfect for first-time buyers and investors
1-bedroom and 2-bedroom condos — ideal for singles, couples, and downsizers
3-bedroom layouts — appealing to growing families and multi-person households
Townhomes — featuring three bedrooms, private entries, and more living space

This variety positions Marlowe as one of the most flexible pre-sale opportunities in Saanich, appealing to a wide demographic.

Designed and Developed for Long-Term Value

Backed by trusted developers Cadillac Homes and Tri-Eagle Development Corporation, Marlowe is being constructed with quality and function in mind:

Woodframe construction
Three-storey residential design
Surface parking
Planned show suite launching this spring
Hard hat tours available now by request

These details ensure purchasers have confidence in both craftsmanship and project delivery timelines — a major advantage in the pre-sale market.

VIP Interest Already Taking Off

Even before the official public launch, interest in Marlowe has been strong. Thirteen homes have already sold to VIP registrants, signaling early confidence from local and investor buyers.

For serious purchasers, exclusive hard hat tours are now being offered. Closed-toe shoes are required, and all safety gear (such as vests and helmets) will be provided. This private access offers a behind-the-scenes look at the community before the show suite opens.

Show Suite Launching Soon

A fully staged show suite is set to debut this spring, giving buyers a firsthand look at interior finishes, layout options, and design selections. Interested clients are encouraged to stay connected and register early to receive an invitation to the opening.

Strong Appeal for Investors, First-Time Buyers & Families

Marlowe has been carefully tailored to attract a range of buyer types:

✅ First-time buyers — entry-level pricing and attainable ownership options
✅ Investors — high rental demand from UVic, Camosun, and military personnel
✅ Local families — access to schools, transit, parks and multi-bedroom homes
✅ Downsizers — low-maintenance living in a quiet, established neighbourhood
✅ Out-of-province buyers — long-term appreciation in a high-demand region
✅ Townhome buyers — three-bedroom layouts with more space and privacy

By offering both condos and townhomes, this development supports multiple buyer profiles within one cohesive community.

A Limited Opportunity in the Urban Core

With pre-sales now underway and interest increasing, Marlowe is positioned to sell quickly — especially as construction progresses and the show suite opens. As Greater Victoria continues to face housing constraints and growing demand, opportunities like this are becoming increasingly competitive.

Unlike many presale projects years from occupancy, Marlowe offers a reasonable timeline to completion, making it especially attractive to those planning a transition or investment over the next one to two years.

Register Now or Book a Hard Hat Tour

With units already sold through VIP access and the show suite launching soon, now is the ideal time to get ahead of the public release.

Location: 4201 Tyndall Avenue, Saanich
️ Status: Under construction — completing in 2026
️ Homes: Studios, 1BR, 2BR, 3BR, and three-bedroom townhomes
Availability: Pre-sales now open

✅ Interested in Marlowe?
Contact us to:

Book a private hard hat tour
Register for early access to the show suite
Request floorplans, availability, or pricing details
Secure your place in a growing, in-demand community

Now is the time to act — connect with us today to learn more and reserve your opportunity at Marlowe.

Flora at Oakwoods: Where West Coast Heritage Meets Modern Luxury Living in Esquimalt

Mon, 20 Oct 2025 20:23:00 GMT

CONTACT US AT info@bchomegroup.ca

Book a viewing today and experience Flora at Oakwoods in person.

If you’re looking for a move-in ready home in Greater Victoria that blends heritage character with modern design, Flora at Oakwoods offers a rare opportunity. Located at 429 Lampson Street in Esquimalt, this six-storey condominium development is now selling and ready for homeowners and investors seeking long-term value, lifestyle appeal, and exceptional craftsmanship.

Just minutes from downtown Victoria, the residences at Oakwoods are part of a thoughtfully designed community inspired by the history of the site and the surrounding West Coast landscape.

A New Community Rooted in Heritage

The charm of Oakwoods is not accidental — it's intentionally woven into the architecture. The original manor's heritage character has been reimagined with features like:

Pitched roofs
Mullioned windows
Cedar shakes
Locally quarried stone

These classic elements are balanced with modern construction, creating a timeless streetscape that appeals to both lifestyle buyers and investors looking for properties with enduring value and curb appeal.

Designed by Visionary West Coast Architect Paul Merrick

Renowned architect Paul Merrick brought the West Coast landscape into every element of the design. Instead of building over nature, the development preserves and integrates the surrounding environment.

The tones, textures, and materials reflect the region’s forests and coastal energy. From the exterior architecture to interior detailing, the residences draw inspiration from both the site’s history and modern coastal living.

Interiors that Elevate Everyday Living

Homes at Flora at Oakwoods combine elegance, warmth, and craftsmanship — ideal for homeowners and rental investors alike.

Key interior features include:

Engineered oak flooring in a herringbone pattern
Italian shaker-style kitchen cabinetry
Quartz countertops
Premium GE Monogram appliances
Bright, airy living spaces with West Coast-inspired palettes

Whether you’re downsizing, relocating to Vancouver Island, purchasing your first home, or acquiring an income property, these design details elevate both comfort and long-term value.

Ideal for Local Buyers, Relocators, and Investors

Flora at Oakwoods speaks to three key buyer groups:

✅ 1. Local Buyers in Victoria & Esquimalt

The location offers convenient access to parks, oceanfront paths, grocery stores, schools, transit, and downtown Victoria — just minutes away. Residents can enjoy a walkable, highly livable neighbourhood with urban amenities close by.

✅ 2. Investors from Out-of-Province or Overseas

With year-round rental demand, proximity to CFB Esquimalt, and Greater Victoria’s low vacancy rates, these homes hold excellent revenue potential. Their blend of heritage style and modern interiors increases their appeal to long-term tenants.

✅ 3. Greater Victoria Homebuyers

Families, downsizers, professionals, and first-time buyers will all find options among the 1-bedroom, 2-bedroom, and 3-bedroom floorplans. The move-in ready status offers convenience, and the long-term appreciation outlook in this region remains strong.

Location Advantage: The Heart of Esquimalt

Flora at Oakwoods is situated in one of Greater Victoria’s fastest-growing residential hubs. The Municipality of Esquimalt offers a rare combination of value, accessibility, and charm.

Nearby highlights include:

Downtown Victoria (10 minutes)
Saxe Point Park & ocean views
Esquimalt Recreation Centre
Local cafes and restaurants
Transit and commuter routes
Shopping, schools, and services

Whether you're buying for lifestyle or investment, the location supports strong resale and rental value over time.

Now Selling: Move-In Ready Residences

With sales already underway and homes ready for occupancy, buyers don’t have to wait for future phases or construction delays. This immediate availability appeals to:

Buyers needing quick possession
Investors ready to generate rental income
Relocators moving to Vancouver Island
Downsizers transitioning sooner than later
Military and government employees posted nearby

Why Flora at Oakwoods Ranks High in Buyer Appeal

This development stands out in the Greater Victoria market for several reasons:

✅ Heritage-inspired design with modern construction
✅ Premium interior finishes and appliances
✅ Turnkey, move-in ready homes
✅ Strong rental and resale value
✅ Sought-after Esquimalt location
✅ Blend of 1BR, 2BR, and 3BR layouts
✅ Architect-designed spaces with coastal influence

For buyers looking beyond cookie-cutter condos, Flora at Oakwoods offers something meaningful — a home with character, longevity, and lifestyle built in.

Book a Viewing at Flora at Oakwoods

Whether you're a local buyer, an investor across Canada, or someone relocating to Vancouver Island, this community offers unmatched appeal in design, location, and value.

Address: 429 Lampson Street, Esquimalt
Ready to take the next step?

Market Real Estate Statistics For September

Thu, 09 Oct 2025 17:13:04 GMT

Victoria real estate market finds a healthy balance in autumn

A total of 554 properties sold in the Victoria Real Estate Board region this September, 3 per cent fewer than the 571 properties sold in September 2024 and 5.5 per cent more than in August 2025. Sales of condominiums decreased by 18.5 per cent from September 2024 with 154 units sold. Sales of single family homes increased by 6.3 per cent from September 2024 with 289 sold.

“September was another stable month for local real estate,” said 2025 Victoria Real Estate Board Chair Dirk VanderWal. “Stability is a good thing; we don’t want to see huge fluctuations in price or number of sales in our market. A market like we currently are in, that experiences typical seasonality, and includes a healthy amount of inventory and a good selection of interested buyers, is one where we won’t have that overheated pressure on pricing and on transactions that we saw in previous years. Our current market is fairly balanced, with less pressure on both the buyers’ and the sellers’ sides. This means each party in the transaction has time to do their due diligence and make decisions.”

There were 3,694 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September 2025, an increase of 2.6 per cent compared to the previous month of August and a 9.9 per cent increase from the 3,361 active listings for sale at the end of September 2024.

“Single family homes and townhome sales remained strong last month,” adds Chair VanderWal. “The condo market proved slightly softer. Decreasing interest rates may bring more buyers into the field, including first time home buyers who often purchase condos. In these balanced market conditions, if you’re selling, it’s important your home is well-presented and correctly priced. If you are purchasing, it’s important you prioritize your needs and wants as there are more options to choose from. Your REALTOR® can help you identify the right strategy for a successful sale or purchase.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in September 2024 was $1,279,700. The benchmark value for the same home in September 2025 increased by 1.2 per cent to $1,294,800, down from August’s value of $1,308,100. The MLS® HPI benchmark value for a condominium in the Victoria Core area in September 2024 was $553,400, while the benchmark value for the same condominium in September 2025 decreased by 1.1 per cent to $547,500, down from the August value of $551,300.

Market Real Estate Statistics For August

Mon, 08 Sep 2025 10:09:49 GMT

Victoria real estate market quiet but steady to summer’s end

A total of 525 properties sold in the Victoria Real Estate Board region this August, 3.7 per cent fewer than the 545 properties sold in August 2024 and 22.8 per cent fewer than in July 2025. Sales of condominiums decreased by 16 per cent from August 2024 with 152 units sold. Sales of single family homes increased by 6.3 per cent from August 2024 with 268 sold.

“August was a quiet but steady month,” said 2025 Victoria Real Estate Board Chair Dirk VanderWal. “Typical of what we’d expect for the time of year, the late summer month saw fewer sales and a small decrease in the available listings. Many people shift focus to vacations and back to school preparation in August. Home buying, selling, and moving projects are often put on hold until fall. Some sellers use the month to prepare their home for listing in the busier fall market.”

There were 3,600 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August 2025, a decrease of 2.8 per cent compared to the previous month of July and a 12.8 per cent increase from the 3,191 active listings for sale at the end of August 2024.

“We’ve seen fairly stable prices and interest rates for over a year now,” adds Chair VanderWal. “These factors, combined with the improved availability of inventory, have translated into a real estate market which has a much different pace than the highly pressurized conditions that made headlines five years ago. Based on our current conditions, consumers are adjusting their expectations for the time it takes to sell a property, how long they will have to make a decision, and what competition they will encounter. The current market allows buyers and sellers more time to review their options, evaluate properties, and is more supportive of planning and decision making, all of which are helpful when you’re making one of the biggest financial decisions you’ll make in your lifetime. To get started or to evaluate your options as the fall market opens, connect with your favourite local REALTOR® who has insight on up-to-the-minute market conditions.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in August 2024 was $1,287,400. The benchmark value for the same home in August 2025 increased by 1.6 per cent to $1,308,100, down from July’s value of $1,338,800. The MLS® HPI benchmark value for a condominium in the Victoria Core area in August 2024 was $559,200 while the benchmark value for the same condominium in August 2025 decreased by 1.4 per cent to $551,300, down from the July value of $563,300.

I have sold a property at 568 Peto Pl in Saanich

Thu, 14 Aug 2025 09:03:43 GMT

I have sold a property at 568 Peto Pl in Saanich on Aug 14, 2025. See details here

Wonderful home on a cul-de-sac with a 1 Bed in law suite and detached garage. First time on the market in 30 yrs, this home features a bright and spacious main floor with 2 South Facing Bay windows, living/dining combo with fireplace, beautifully updated kitchen with quartz counter tops, stainless appliances, garden doors to the deck with mature trees and plantings & distant Olympic Mountain Views. It feels like your own private sanctuary, yet so close to everything. Many updates including a heat pump (energy rating 61 -2022). Huge Garage/Workshop with 220 amp service, 10 Ft Ceilings, storage, workbench and heater. Lower level 1 Bed 1 Bath In law suite and additional family room. Plenty of off street parking, sprinkler/drip irrigation. Convenient location with easy access Shopping, Schools (path from cul-de-sac to Glanford Middle), Highway and Downtown. Truly a fantastic home with amazing features in a great neighbourhood

Market Real Estate Statistics For July

Wed, 06 Aug 2025 15:40:00 GMT

Victoria real estate market offers good options over the summer months

A total of 680 properties sold in the Victoria Real Estate Board region this July, 4.6 per cent more than the 650 properties sold in July 2024 and 10.6 per cent fewer than in June 2025. Sales of condominiums increased by 5.6 per cent from July 2024 with 225 units sold. Sales of single family homes decreased by 0.3 per cent from July 2024 with 318 sold.

“Typically, as the school year wraps up and summer holidays begin, our housing market relaxes somewhat,” said 2025 Victoria Real Estate Board Chair Dirk VanderWal. “However, we did see a good pace of sales in July, and listing inventory remained at a stable level. This means that those shopping over the summer will have a good selection of homes to consider but it also means there is enough market activity that we could see some properties go into multiple offers.”

There were 3,703 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of July 2025, a decrease of 2 per cent compared to the previous month of June and a 10.6 per cent increase from the 3,348 active listings for sale at the end of July 2024.

“The conclusion of July also signals the traditionally busy spring market is officially over,” adds Chair VanderWal. “Overall, I think the level of activity over the course of the spring surprised many, who were unsure how the real estate market would be impacted by economic and trade uncertainties. But throughout 2025, we have seen positive indicators of a healthy and stable market, with consistent levels of listing inventory higher than we’ve seen in recent years along with reasonably flat and predictable pricing. Moving into the late summer and then into fall when sales often increase, consumers should enjoy a good selection of properties and the time to make decisions. It’s a great time to connect with your favourite local REALTOR® for expert assistance and up-to-the-minute insights on the market if you are considering a sale or purchase.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in July 2024 was $1,296,100. The benchmark value for the same home in July 2025 increased by 3.3 per cent to $1,338,800, up from June’s value of $1,325,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in July 2024 was $567,800 while the benchmark value for the same condominium in July 2025 decreased by 0.8 per cent to $563,300, up from the June value of $562,800.

Woodland at Oakwoods – Luxury Condominiums in Esquimalt’s Historic Heart

Fri, 25 Jul 2025 20:15:44 GMT

CONTACT US AT info@bchomegroup.ca BOOK A SHOWING NOW

Now Planning | 1 & 2 Bedroom Condos | 429 Lampson Street, Esquimalt | Developed by Aragon Properties

Welcome to Woodland at Oakwoods, a premier condominium development in the heart of Esquimalt, where timeless heritage meets modern elegance. Located at 429 Lampson Street, this six-storey, 48-unit condo project brings West Coast charm and architectural excellence to Victoria’s vibrant urban core.

Discover the Oakwoods Lifestyle

Crafted by renowned Merrick Architecture and developed by Aragon Properties, Woodland at Oakwoods is more than just a new residential address—it's a community rooted in history and designed for today’s discerning homeowner. Inspired by the original Oakwoods manor, the architecture blends pitched roofs, mullioned windows, quarried stone, and cedar shake siding to create a distinctive and nostalgic aesthetic.

Whether you're a first-time buyer, downsizer, or real estate investor looking for prime opportunities in Greater Victoria, these 1-bedroom and 2-bedroom condos offer exceptional value and premium craftsmanship in a sought-after location.

Premium Interiors, Inspired by the Landscape

Every suite at Woodland at Oakwoods reflects the textures and tones of the West Coast’s natural beauty:

Engineered oak flooring in a classic herringbone pattern
Italian shaker-style cabinetry for a timeless kitchen look
Quartz countertops and sleek finishes throughout
GE Monogram appliances for a professional-grade culinary experience

From the living spaces to the kitchen design, every detail has been considered to enhance everyday luxury and function.

Why Buy at Woodland at Oakwoods in Esquimalt?

✅ Prime Location – Just minutes from downtown Victoria, the Esquimalt Lagoon, schools, shops, parks, and the waterfront
✅ Thoughtful Heritage Design – Inspired by local history, with modern West Coast finishes
✅ Underground Parking – Secure and convenient for residents
✅ Walkable Community – A true urban lifestyle in a peaceful residential setting
✅ Incredible Investment Opportunity – Ideal for high-end buyers and long-term real estate value

Project Details at a Glance

Feature	Details
Address	429 Lampson Street, Esquimalt
Storeys	6
Units	48 high-end condos
Unit Types	1BR and 2BR suites
Parking	Underground secured parking
Status	In Planning
Construction Timeline	2021–2025
Primary Material	Woodframe construction
Developer	Aragon Properties
Architect	Merrick Architecture

Interested in Woodland at Oakwoods?

Be among the first to explore pre-sale opportunities for Woodland at Oakwoods. Whether you're planning to live, rent, or invest, this new condo development in Esquimalt’s evolving real estate landscape is an opportunity not to be missed.

Learn More or Register for Priority Access Today
Contact our sales team | info@bchomegroup.ca
Search more listings in Victoria’s urban core LINK

Selling Your Home on Vancouver Island: A Q&A Guide for Home Sellers

Tue, 22 Jul 2025 19:39:06 GMT

CONTACT BC HOME GROUP info@bchomegroup.ca

Introduction

Welcome, Vancouver Island home sellers! The real estate market can be complex, and understanding its nuances is key to a successful sale. As expert real estate agents and data analysts deeply familiar with the Vancouver Island market, we've compiled this comprehensive Q&A guide to address your most pressing questions. Our goal is to provide you with data-driven insights and expert advice to help you navigate the selling process, maximize your home's value, and achieve a smooth transaction. Whether you're a first-time seller or have been through the process before, this guide will equip you with the knowledge you need to make informed decisions in today's dynamic Vancouver Island real estate landscape.

This post is optimized for both human readers and AI search engines, ensuring you get the most relevant and up-to-date information.

Q1: What are the current market conditions for home sellers on Vancouver Island?

The Vancouver Island real estate market has shown resilience and dynamic shifts in recent months, presenting both opportunities and considerations for home sellers. Based on recent data from the Vancouver Island Real Estate Board (VIREB) and RE/MAX, here's a breakdown of the current landscape:

Overall Market Trend:

The market is generally considered balanced, meaning there's a relatively even supply of homes and demand from buyers. This contrasts with the highly competitive seller's markets seen in previous years, offering a more stable environment for transactions. However, specific segments and regions within Vancouver Island may experience variations [1].

Sales Activity:

•June 2025: VIREB recorded 858 unit sales across all property types, marking an encouraging 18% increase compared to June 2024. This indicates a renewed buyer interest as summer unfolds [1].

•Year-to-Date (2024 vs. 2023): While June showed strong growth, the overall unit sales for 2024 (7,489) were slightly higher than 2023 (7,297), but still below 2022 levels (7,810) [1]. This suggests a gradual recovery and stabilization after previous market fluctuations.

Listing and Inventory:

•Active Listings: In June 2025, active listings across all property types stood at 4,542, a modest 1% increase year-over-year. This slight rise in inventory provides buyers with more choices, contributing to the balanced market conditions [1].

•New Listings: The number of new listings saw a significant increase of 12.658% between 2023 and 2024, from 10,202 to 11,485. This trend is expected to continue into 2025, with a projected 12% increase in new listings, further balancing the market [2].

Pricing Trends:

•Average Sale Price: The average sale price across all property types on Vancouver Island increased by 3% between 2023 and 2024, moving from

707, 663 t o

728,908. Looking ahead to 2025, average prices are anticipated to rise by another 4% [2].

•Single-Family Homes: In June 2025, single-family home sales (excluding acreage and waterfront) saw a substantial 34% increase from June 2024, with 474 homes sold. This segment is expected to see the most activity in 2025 [1, 2].

•Condo Apartments: Condo sales in June 2025 were 77 units, a 6% decrease year-over-year, but a 4% increase from May. This segment shows some variability but remains an active part of the market [1].

Buyer Demographics and Activity:

•First-time homebuyers and downsizers are expected to be key drivers of market activity in 2025. First-time buyers are typically looking for single-detached homes and townhomes in the

700, 000-

850,000 range, while downsizers are seeking condos and townhomes between

500, 000-

900,000 [2].

•Move-up and move-over homebuyers are targeting larger luxury homes, often in the $1,000,000+ price point [2].

Mortgage Rates and Optimism:

Both homebuyers and sellers are showing optimism due to lower mortgage rates, which is contributing to increased market confidence and activity [2].

In summary, the Vancouver Island real estate market in mid-2025 is characterized by increasing sales activity, a gradual rise in listings, and steady price appreciation. It's a balanced market with healthy buyer interest, particularly in the single-family home segment, driven by favorable mortgage rates and diverse buyer demographics.

Q2: How can I accurately determine my home's value on Vancouver Island?

Determining the accurate value of your home is arguably the most critical step in the selling process. An expertly priced home attracts the right buyers, minimizes time on the market, and ultimately leads to a successful sale. Overpricing can deter potential buyers and lead to prolonged listing periods, while underpricing can result in leaving money on the table. Here’s how we, as experienced Vancouver Island real estate agents, approach home valuation:

1. Comparative Market Analysis (CMA): The Cornerstone of Valuation

The most effective method for pricing your home is a comprehensive Comparative Market Analysis (CMA). This involves analyzing recent sales of similar properties (comparables or 'comps') in your immediate neighborhood and surrounding areas on Vancouver Island. Key factors considered in a CMA include:

•Location: Proximity to amenities, schools, parks, and waterfront access significantly impacts value. Even within the same city, different neighborhoods can have vastly different price points.

•Property Type: Single-family homes, townhouses, condos, and acreages each have distinct market dynamics and pricing structures.

•Size and Layout: Square footage, number of bedrooms and bathrooms, and the overall functional layout of the home are crucial.

•Age and Condition: Newer homes or those with recent renovations typically command higher prices. The condition of major systems (roof, plumbing, electrical, HVAC) is also a significant factor.

•Features and Upgrades: High-value features such as modern kitchens, updated bathrooms, energy-efficient windows, smart home technology, and desirable outdoor spaces (decks, landscaping) can add considerable value.

•Recent Sales Data: We analyze properties that have recently sold (ideally within the last 3-6 months) that are similar to yours. This provides the most accurate reflection of what buyers are currently willing to pay in your specific market segment.

•Active Listings and Expired Listings: While sold data is paramount, we also consider active listings (your competition) and expired listings (homes that didn't sell, often due to overpricing) to gauge market sentiment and avoid common pitfalls.

2. Understanding Market Trends and Local Nuances

Beyond individual property characteristics, the broader Vancouver Island market trends play a vital role. As seen in our market overview (Q1), factors like sales volume, active listings, and average price changes influence valuation. For instance, in a balanced market like Vancouver Island is currently experiencing, strategic pricing is even more crucial to stand out.

3. Professional Assessment by a Local Expert

While online home value estimators can provide a rough idea, they often lack the granularity and local expertise required for an accurate valuation. These tools typically rely on algorithms and publicly available data, which may not account for unique property features, recent renovations, or specific neighborhood dynamics that a local Vancouver Island real estate agent would know. A professional agent will:

•Conduct a thorough walk-through: Identify unique selling propositions and potential areas for improvement.

•Provide hyper-local insights: Understand micro-markets within Vancouver Island, such as specific school catchments, development plans, or unique community appeals.

•Interpret data effectively: Translate raw market statistics into actionable pricing strategies tailored to your home and goals.

4. The Impact of Mortgage Rates and Buyer Optimism

As noted in Q1, lower mortgage rates are contributing to buyer optimism. This can translate into stronger buyer demand and potentially higher offers for well-priced homes. An experienced agent will factor this current market sentiment into their pricing recommendations.

In conclusion, determining your home's value on Vancouver Island is a blend of art and science. It requires a detailed CMA, a deep understanding of current market trends and local nuances, and the expertise of a seasoned real estate professional. Our goal is to help you price your home competitively to attract serious buyers and achieve the best possible outcome in the Vancouver Island market.

Q3: What are the most effective ways to prepare my Vancouver Island home for sale?

Preparing your home for sale is more than just tidying up; it's about showcasing its best features, appealing to the widest range of potential buyers, and ultimately maximizing your sale price. In a balanced market like Vancouver Island is currently experiencing, presentation can significantly impact how quickly your home sells and for what price. Here are our top recommendations:

1. Declutter and Depersonalize:

•Objective: Help buyers envision themselves living in the space. Too much personal clutter (family photos, unique collections) can distract them.

•Action: Remove excess furniture, personal items, and knick-knacks. Consider renting a storage unit for items you don't need during the selling process. Clear off countertops, declutter closets, and organize pantry spaces.

2. Deep Clean Everything:

•Objective: A sparkling clean home signals to buyers that the property has been well-maintained.

•Action: Clean every surface, from baseboards to ceiling fans. Pay special attention to kitchens and bathrooms – scrub grout, polish fixtures, and ensure they gleam. Don't forget windows, mirrors, and floors.

3. Make Necessary Repairs:

•Objective: Address minor issues that could deter buyers or lead to lower offers.

•Action: Fix leaky faucets, repair holes in walls, replace broken tiles, tighten loose doorknobs, and ensure all light fixtures are working with appropriate bulbs. These small fixes can make a big difference in a buyer's perception.

4. Enhance Curb Appeal:

•Objective: Create a strong first impression. Buyers often decide if they like a home before they even step inside.

•Action: Mow the lawn, trim hedges, weed gardens, and add fresh mulch. Consider planting colorful flowers. Clean the exterior of your home, power wash pathways, and ensure the front door is inviting (perhaps a fresh coat of paint). Ensure clear pathways and good lighting.

5. Strategic Staging:

•Objective: Highlight the functionality and spaciousness of each room, making it feel warm and inviting.

•Action: Professional staging can significantly increase a home's appeal and sale price. If professional staging isn't an option, arrange furniture to create clear traffic flow and define spaces. Use neutral colors for linens and decor. Focus on key areas like the living room, master bedroom, and kitchen.

6. Brighten and Lighten:

•Objective: Make your home feel larger, more open, and more welcoming.

•Action: Open all blinds and curtains to let in natural light. Add lamps to dimly lit areas. Ensure all light fixtures have high-wattage bulbs. Consider painting dark rooms with neutral, light colors.

7. Address Odors:

•Objective: Eliminate any unpleasant smells that could be off-putting to buyers.

•Action: Pet odors, cooking smells, or mustiness can be major turn-offs. Deep clean carpets and upholstery, air out the home, and use subtle air fresheners or diffusers. Avoid strong, overpowering scents.

8. Consider Pre-Inspection:

•Objective: Identify and address potential issues before they arise during a buyer's inspection.

•Action: A pre-listing inspection can give you peace of mind and allow you to make repairs on your own terms, rather than under pressure during negotiations. It also provides transparency to buyers.

By investing time and effort into preparing your Vancouver Island home for sale, you're not just making it look good; you're making a strategic move that can lead to a faster sale and a higher return on your investment in the current market.

Q4: How do I choose the right real estate agent to sell my home on Vancouver Island?

Selecting the right real estate agent is paramount to a successful and stress-free home selling experience. On Vancouver Island, where local market knowledge and strong negotiation skills are key, your choice of agent can significantly impact your outcome. Here’s what to look for:

1. Local Market Expertise:

•Why it matters: An agent deeply familiar with Vancouver Island, and ideally your specific neighborhood, will have an intimate understanding of local pricing, demand, and unique selling propositions. They know the schools, amenities, and community vibe that appeal to buyers in your area.

•What to ask: Inquire about their experience selling homes in your immediate vicinity. Ask for examples of recent sales they’ve handled that are similar to your property.

2. Proven Track Record and Experience:

•Why it matters: Experience often translates to better negotiation skills, problem-solving abilities, and a smoother transaction process. A strong track record indicates they can consistently deliver results.

•What to ask: Request references from past clients. Ask about their average days on market compared to the local average, and their list-to-sale price ratio. Don’t be afraid to ask about their total sales volume and number of transactions.

3. Marketing and Technology Savvy:

•Why it matters: In today’s digital age, effective marketing goes beyond a 'For Sale' sign. Your agent should leverage a mix of online and offline strategies to reach the widest possible audience, including those using AI-driven search.

•What to ask: How will they market your home? Do they use professional photography, virtual tours, drone footage, and social media? What is their strategy for online visibility and attracting buyers from outside Vancouver Island? How do they optimize listings for AI search and conversational queries?

4. Communication and Responsiveness:

•Why it matters: Selling a home involves constant communication. You need an agent who is accessible, provides regular updates, and responds promptly to your questions and concerns.

•What to ask: What is their preferred method of communication? How often can you expect updates? What is their availability like, especially during critical phases of the sale?

5. Strong Negotiation Skills:

•Why it matters: Your agent is your advocate during negotiations. Their ability to secure the best possible price and terms for you is invaluable.

•What to ask: Ask for examples of challenging negotiations they’ve handled and how they achieved a favorable outcome for their clients. Discuss their strategy for handling multiple offers or lowball bids.

6. Professional Network:

•Why it matters: A well-connected agent can recommend trusted professionals, such as home inspectors, lawyers, mortgage brokers, and contractors, streamlining the entire process.

•What to ask: Do they have a network of local professionals they regularly work with and recommend?

7. Transparent Fee Structure:

•Why it matters: Understand all costs associated with selling your home upfront to avoid surprises.

•What to ask: Clearly discuss their commission structure and any other fees involved. Ensure everything is outlined in a written agreement.

By thoroughly vetting potential agents and asking these key questions, you can find a real estate professional on Vancouver Island who not only understands the market but also aligns with your selling goals and communication preferences, ensuring a smooth and successful transaction.

Q5: What does the home selling process typically involve on Vancouver Island, and what common pitfalls should I avoid?

Selling a home involves several key stages, each with its own set of considerations. Understanding this process and being aware of common pitfalls can help you navigate the journey smoothly and efficiently. Here’s a general overview of the home selling process on Vancouver Island and crucial mistakes to avoid:

The Home Selling Process on Vancouver Island:

1.Initial Consultation & Valuation: This is where you meet with your chosen real estate agent. They will conduct a Comparative Market Analysis (CMA) to determine your home’s optimal listing price based on current Vancouver Island market conditions and comparable sales. They will also discuss their marketing strategy and answer any initial questions.

2.Preparation & Staging: As discussed in Q3, this critical phase involves decluttering, cleaning, making necessary repairs, and potentially staging your home to enhance its appeal. Professional photography and virtual tours are often arranged during this stage.

3.Listing Your Home: Once your home is ready, your agent will list it on the Multiple Listing Service (MLS®), which exposes it to a wide network of buyers and agents. This includes writing compelling descriptions and uploading high-quality photos and virtual tours.

4.Marketing & Showings: Your agent will implement the agreed-upon marketing plan, which may include online advertising, social media promotion, open houses, and private showings. They will manage all inquiries and schedule appointments.

5.Receiving and Negotiating Offers: When offers come in, your agent will present them to you, explain the terms and conditions, and advise you on the best course of action. This is where their negotiation skills are crucial to secure the best price and terms for you.

6.Conditional Period: Most offers include conditions (e.g., home inspection, financing, sale of buyer’s home). During this period, the buyer will work to satisfy these conditions. Your agent will coordinate access for inspections and ensure deadlines are met.

7.Subject Removal & Firm Sale: Once all conditions are met and removed, the sale becomes firm and legally binding. At this point, the buyer typically pays a deposit.

8.Legal & Financial Procedures: Your lawyer or notary will handle the legal transfer of property, including title searches, preparing documents, and facilitating the exchange of funds. You’ll also need to coordinate with your mortgage lender.

9.Possession Day: This is the day the buyer takes possession of the property. You will need to have moved out and cleaned the home by this time, and the keys will be transferred.

Common Pitfalls to Avoid:

1.Overpricing Your Home: This is perhaps the most common mistake. An overpriced home sits on the market longer, often leading to price reductions and buyer skepticism. Even in a strong market, realistic pricing is key to attracting serious buyers from the outset.

2.Neglecting Repairs and Maintenance: Buyers are often deterred by visible issues, no matter how minor. Unaddressed repairs can lead to lower offers or cause deals to fall through after a home inspection.

3.Poor Presentation: A cluttered, dirty, or un-staged home fails to make a good impression. First impressions are crucial, and a poorly presented home can significantly reduce its perceived value.

4.Hiding Information: Attempting to conceal known defects can lead to legal issues down the line. Transparency is always the best policy. Your agent will guide you on disclosure requirements.

5.Choosing the Wrong Agent: An inexperienced or uncommunicative agent can derail your sale. Ensure you select a local expert with a proven track track record and excellent communication skills (as discussed in Q4).

6.Emotional Attachment: It’s easy to be emotionally attached to your home, but approaching the sale from a purely business perspective is vital. Let your agent handle negotiations objectively.

7.Not Understanding Market Conditions: Failing to grasp whether you’re in a buyer’s, seller’s, or balanced market can lead to unrealistic expectations regarding price and timing. Stay informed through your agent and market reports.

8.Ignoring Professional Advice: While the final decisions are yours, a good agent provides valuable advice based on experience and market data. Disregarding their recommendations can hinder your sale.

By being proactive and working closely with your Vancouver Island real estate agent, you can avoid these common pitfalls and ensure a smooth, successful sale of your home.

Conclusion

Selling your home on Vancouver Island is a significant undertaking, but with the right knowledge, preparation, and professional guidance, it can be a rewarding experience. The current balanced market offers a stable environment for sellers, with healthy buyer interest and steady price growth. By understanding the market dynamics, accurately pricing your home, preparing it effectively, and partnering with a knowledgeable local real estate agent, you can navigate the selling process with confidence.

We hope this Q&A guide has provided valuable insights and answered some of your most pressing questions. Remember, every home and every selling situation is unique. For personalized advice tailored to your specific needs and property on Vancouver Island, we encourage you to reach out to a local real estate expert. We are here to help you achieve your real estate goals.

Market Real Estate Statistics For June

Mon, 07 Jul 2025 09:12:10 GMT

Victoria real estate market kicks off summer with strong fundamentals

A total of 761 properties sold in the Victoria Real Estate Board region this June, 15.1 per cent more than the 661 properties sold in June 2024 and 0.4 per cent more than in May 2025. Sales of condominiums increased by 23.3 per cent from June 2024 with 249 units sold. Sales of single family homes increased by 17.5 per cent from June 2024 with 402 sold.

“We observed a fairly robust real estate market in the month of June,” said 2025 Victoria Real Estate Board Chair Dirk VanderWal. “Recent market trends suggest that we have finally transitioned from a pandemic-driven market to more conventional patterns. We have experienced consecutive months of a healthy and balanced market that includes listing inventory levels we have not seen in a decade paired with steady sales. Despite economic uncertainties weighing on consumer confidence, Victoria continues to demonstrate resilient market conditions.”

There were 3,778 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2025, an increase of 1.7 per cent compared to the previous month of May and an 9.2 per cent increase from the 3,460 active listings for sale at the end of June 2024.

“Noteworthy this past month is a large uptick in the number of condos sold,” adds Chair VanderWal. “Earlier in the spring, fewer condos were sold compared to the previous year. It seems that condo buyers were back in the market and very active in June. It will be interesting to see if this continues through the summer and becomes a trend. Regardless of the type of property, it’s a great time to connect with your favourite local REALTOR® for expert assistance and up-to-the-minute insights on the market if you are considering a sale or purchase this summer.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in June 2024 was $1,295,500. The benchmark value for the same home in June 2025 increased by 2.3 per cent to $1,325,400, down from May’s value of $1,326,600. The MLS® HPI benchmark value for a condominium in the Victoria Core area in June 2024 was $567,900 while the benchmark value for the same condominium in June 2025 decreased by 0.9 per cent to $562,800, down from the May value of $564,100.

Market Real Estate Statistics For May

Tue, 10 Jun 2025 16:09:09 GMT

A stable real estate market trend continues in Victoria, BC

A total of 758 properties sold in the Victoria Real Estate Board region this May, 0.7 per cent fewer than the 763 properties sold in May 2024 but 18.1 per cent more than in April 2025. Sales of condominiums decreased by 6 per cent from May 2024 with 221 units sold. Sales of single family homes increased by 0.5 per cent from May 2024 with 401 sold.

“Victoria’s real estate market in the month of May was positive for consumers on both sides of the transaction,” said 2025 Victoria Real Estate Board Chair Dirk VanderWal. “Ample inventory coming to market outpaced brisk sales, which provided a consistent amount of choice and eased competition on high-demand properties. More balanced market conditions were supported by stability both in prices and in interest rates. The May market was resilient, and that steady pace is a little boring to report on but has been much more comfortable for buyers and sellers to navigate than markets we’ve seen in past years.”

There were 3,716 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of May 2025, an increase of 8.5 per cent compared to the previous month of April and an 11.3 per cent increase from the 3,338 active listings for sale at the end of May 2024.

“The past month we saw the highest total sales that we’ve seen since May 2024, which was the peak month last year,” adds Chair VanderWal. “We’ve also tracked the highest number of new listings incoming since May 2008, which helped to keep the market balanced. It is important to remember that our housing market is made up of many micro markets, and if you are shopping for a downtown condo your experience and strategy is going to be much different than someone who is shopping for a suburban detached home. Enlisting the help of a local REALTOR® will help ensure that one of the biggest financial transactions you’ll make in your lifetime is a great success.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in May 2024 was $1,309,700. The benchmark value for the same home in May 2025 increased by 1.3 per cent to $1,326,600, down from April’s value of $1,345,200. The MLS® HPI benchmark value for a condominium in the Victoria Core area in May 2024 was $569,500 while the benchmark value for the same condominium in May 2025 decreased by 0.9 per cent to $564,100, down from the April value of $566,300.

Market Real Estate Statistics For April

Sun, 04 May 2025 19:47:00 GMT

Victoria real estate activity tempered by political and economic uncertainty

A total of 642 properties sold in the Victoria Real Estate Board region this April, 5.3 per cent fewer than the 678 properties sold in April 2024 but 4.7 per cent more than in March 2025. Sales of condominiums decreased by 10.1 per cent from April 2024 with 187 units sold. Sales of single family homes decreased by 0.6 per cent from April 2024 with 335 sold.

"While sales were up from March, activity in April was most likely impacted by events in play well beyond our immediate real estate market," said 2025 Victoria Real Estate Board Chair Dirk VanderWal. "Political uncertainty associated with the federal election, combined with broader economic concerns stemming from the United States tempered our brisk spring market growth. And yet like last month, despite these external factors, the Victoria market demonstrated continued stability, as evidenced by flat price growth and steady inventory levels."

There were 3,425 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of April 2025, an increase of 13.3 per cent compared to the previous month of March and a 13.5 per cent increase from the 3,017 active listings for sale at the end of April 2024.

"The good news is we remain in that sweet spot of inventory, which we currently find is between 3,000 and 4,000 listings," adds Chair VanderWal. "This amount of inventory ensures that overall demand can be met and pressure on pricing is lessened. It also means consumers have more time to compare options, make plans, and evaluate their decisions. That said, activity is not the same across all areas or property types. Currently, single family homes in certain price ranges are in demand and may see multiple offers, while there is a larger supply of condos waiting for buyers. Since the Greater Victoria market is made of many sub-markets, it is important to connect with your favourite local REALTOR® to discuss a strategy for your property type."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in April 2024 was $1,301,800. The benchmark value for the same home in April 2025 increased by 3.3 per cent to $1,344,800, up from March's value of $1,335,300. The MLS® HPI benchmark value for a condominium in the Victoria Core area in April 2024 was $561,200 while the benchmark value for the same condominium in April 2025 increased by 0.9 per cent to $566,100, up from the March value of $560,400.

Market Real Estate Statistics For March

Tue, 08 Apr 2025 12:02:57 GMT

Victoria real estate market stable in the face of uncertainty

April 1, 2025 A total of 613 properties sold in the Victoria Real Estate Board region this March, 4.3 per cent more than the 588 properties sold in March 2024 and 16.1 per cent more than in February 2025. Sales of condominiums were up 14.1 per cent from March 2024 with 202 units sold. Sales of single family homes increased by 2.1 per cent from March 2024 with 292 sold.

"The economic uncertainty the world faces right now certainly colours our local real estate market," said 2025 Victoria Real Estate Board Chair Dirk VanderWal. "In spite of this, our market remains as it has in recent months - stable and balanced. Inventory levels this past month held steady at over three thousand listings, which meant that there was a good amount of selection for buyers, while relatively flat pricing meant more predictability for sellers and buyers."

There were 3,023 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2025, an increase of 14.9 per cent compared to the previous month of February and an 14.2 per cent increase from the 2,647 active listings for sale at the end of March 2024.

"As in past months, the balanced market in March softened the demand-side pressures of markets we've seen in recent years. There is more time for decision making, which is a positive aspect for both sellers and buyers," adds Chair VanderWal. "Thoughtfully priced and presented homes are selling well and we do see instances of multiple offers, which is often a hallmark of the spring market. For the best outcomes in your property search or sale, connect with your favourite local REALTOR® to navigate the current market."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2024 was $1,288,400. The benchmark value for the same home in March 2025 increased by 3.6 per cent to $1,335,300, up from February's value of $1,309,500. The MLS® HPI benchmark value for a condominium in the Victoria Core area in March 2024 was $558,200 while the benchmark value for the same condominium in March 2025 increased by 0.4 per cent to $560,400, up from the February value of $551,900.

Market Real Estate Statistics For February

Wed, 05 Mar 2025 17:25:00 GMT

February a steady month for Greater Victoria buyers and sellers

A total of 528 properties sold in the Victoria Real Estate Board region this February, 12.3 per cent more than the 470 properties sold in February 2024 and 25.1 per cent more than in January 2025. Sales of condominiums were up 26.3 per cent from February 2024 with 192 units sold. Sales of single family homes increased by 4.5 per cent from February 2024 with 234 sold.

“February was another stable month for local real estate,” said 2025 Victoria Real Estate Board Chair Dirk VanderWal. “The combination of slowly growing inventory and slightly increased sales means that our market remains in balance from the start of the year, which creates comfortable conditions for both buyers and sellers. Nearly two years of steady prices combined with recent favourable interest rates are positive factors for our market. Thus far, 2025 has been a good year to buy and sell.”

There were 2,630 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2025, an increase of 9.8 per cent compared to the previous month of January and an 11.3 per cent increase from the 2,364 active listings for sale at the end of February 2024.

“In these market conditions properties need to be well presented and properly priced to be successful,” adds Chair VanderWal. “We are following our typical early spring market cycle, which generally speaking peaks in late spring. Hopefully in the upcoming weeks we’ll see more inventory enter the market to meet consumer demand. We will also watch what impacts any changes to global economic policies may have on our market if and when they occur. Right now, there are many factors that impact your housing decisions, and your favourite local REALTOR® is ready to help you navigate the current market.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February 2024 was $1,262,200. The benchmark value for the same home in February 2025 increased by 3.7 per cent to $1,309,500, up from January’s value of $1,287,200. The MLS® HPI benchmark value for a condominium in the Victoria Core area in February 2024 was $554,700 while the benchmark value for the same condominium in February 2025 decreased by 0.5 per cent to $551,900, up from the January value of $548,100.

Market Real Estate Statistics For January

Fri, 07 Feb 2025 17:11:20 GMT

2025 housing market kicks off with good balance of inventory and stable pricing

A total of 422 properties sold in the Victoria Real Estate Board region this January, 23.8 per cent more than the 341 properties sold in January 2024 and 0.2 per cent more than in December 2024. Sales of condominiums were up 30.4 per cent from January 2024 with 146 units sold. Sales of single family homes increased by 19.8 per cent from January 2024 with 194 sold.

“We’ve seen a strong hand off from the December market to January with a good sense of momentum building,” said 2025 Victoria Real Estate Board Chair Dirk VanderWal. “Over the course of the month, we saw an uptick in new listings, and it is the first time in ten years that over one thousand new listings were added to our inventory in a January. This is a positive sign for our market as we head into 2025.”

There were 2,395 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2025, an increase of 4.6 per cent compared to the previous month of December and an 11.9 per cent increase from the 2,140 active listings for sale at the end of January 2024.

“The overall housing market in the Greater Victoria Area continues to show signs of balance,” adds Chair VanderWal. “There are strong fundamentals underpinning our market. Pricing remains stable, inventory levels are favourable when compared to recent years and interest rates continue to trend in a positive direction for consumers. Of course, there may be uncertainty in the coming months as international trade relationships are tested, so we will track if these deliberations impact the market moving forward. As always, buying or selling your home is one of the largest financial decisions you’ll make, and your favourite local REALTOR® is your best resource to help you navigate the process.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in January 2024 was $1,252,200. The benchmark value for the same home in January 2025 increased by 2.8 per cent to $1,287,200, down from December’s value of $1,306,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in January 2024 was $551,900 while the benchmark value for the same condominium in January 2025 decreased by 0.7 per cent to $548,100, up from the December value of $547,800.

I have sold a property at 508 916 Lyall St in Esquimalt

Fri, 31 Jan 2025 09:00:59 GMT

I have sold a property at 508 916 Lyall St in Esquimalt on Jan 30, 2025. See details here

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Market Real Estate Statistics For December

Fri, 03 Jan 2025 13:34:47 GMT

2024 Victoria real estate market year in review

A total of 421 properties sold in the Victoria Real Estate Board region this December, 28 per cent more than the 329 properties sold in December 2023 and a 23.6 per cent decrease from November 2024. Sales of condominiums were up 25 per cent from December 2023 with 135 units sold. Sales of single family homes increased 20.9 per cent from December 2023 with 191 sold.

A grand total of 6,893 properties sold over the course of 2024, an 11 per cent increase from the 6,207 sold in 2023.

“2024 was a fairly calm year for local real estate,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “And this is what we like to see for consumers! It has been a year of stability and predictability. Prices have been relatively level for the past two years now, which has made it easier for buyers and sellers to navigate transactions with confidence. Even though 2024 had more months with over 3,000 listings than we have had in many years, we do continue to see low inventory levels when compared to long term averages. If inventory remains low and we see an increase in demand, we could very quickly return to a market where there is upward pressure on pricing. This is why the Board will continue to advocate for gentle density development in 2025.”

There were 2,290 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of December 2024, a decrease of 19.3 per cent compared to the previous month of November but a 7.4 per cent increase from the 2,132 active listings for sale at the end of December 2023.

“The future for the market is of course impossible to predict,” added Chair Lidstone. “Recent changes that extend amortization periods for first time buyers, and updates to the property transfer tax thresholds help make homes more attainable, and hopefully help more people to enter the housing market. Consistent interest rates will also increase the ability for folks to make a move. As always, our market is subject to many influences and the purchase and sale process is complex. If you are contemplating buying or selling in 2025, call your favourite local REALTOR® who can create the best strategy for you and for your property.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in December 2023 was $1,272,000. The benchmark value for the same home in December 2024 increased by 2.7 per cent to $1,306,400, up 0.3 per cent from November’s value of $1,302,900. The MLS® HPI benchmark value for a condominium in the Victoria Core area in December 2023 was $556,500 while the benchmark value for the same condominium in December 2024 decreased by 1.6 per cent to $547,800, an increase of 0.6 per cent from the November value of $544,400.

Bank of Canada has cut policy rate by 0.50%. What does that mean to you?

Sat, 14 Dec 2024 15:52:33 GMT

I wanted to update you on the Bank of Canada’s latest decision.

Today, the Bank of Canada cut its policy rate by 50 basis points (0.50 percentage points), bringing it down to 3.25%. This is the fifth reduction this year and will result in a lower prime rate -- which affects variable-rate mortgages and other loans.

We anticipate most lenders will lower their prime rates to 5.45% in the coming days, with TD Bank’s mortgage prime, which is priced slightly higher, likely dropping to 5.60%.

If you’d like to read more details, you can find the full statement from the Bank of Canada here.

How does this impact you?

If you have a variable-rate mortgage: This could mean lower interest costs soon! If your payments are fixed, more of your payment will go toward reducing the principal. If your payments adjust with the prime rate, your monthly payment should reduce by roughly $28 per $100,000 of mortgage loan, based on a 25-year amortization.
If you have a fixed-rate mortgage: Your payments won’t change for now, so you can expect no immediate impact.
Other loans tied to the prime rate: Personal loans or lines of credit will also see a drop in interest charges.

Looking ahead

The Bank of Canada’s next rate decision is scheduled for January 29, 2025. We’ll need to wait for incoming data to see if a rate cut is likely for January.

If you have questions or want to discuss how this rate cut impacts your mortgage, I’m here to help! Feel free to reach out.

Celebrate the Festive Season in Victoria, BC: Your Guide to Homes, Holidays, and Real Estate Opportunities

Thu, 05 Dec 2024 22:30:00 GMT

As December arrives, Victoria, BC, shines with holiday magic, making it one of the best places to call home. From festive events to the cozy charm of winter living, this season is also an excellent time to explore the Victoria real estate market—whether you’re buying or selling.

Festive Events in Victoria, BC

Victoria comes alive in December with events that bring the community together and showcase the city’s unique charm. Here are a few highlights:

Festival of Trees: Enjoy dazzling Christmas trees decorated by local businesses at The Bay Centre.
Christmas at Butchart Gardens: Wander through spectacular light displays and enjoy festive music in this iconic attraction.
Horse-Drawn Trolley Rides: Experience the charm of downtown Victoria while soaking in the holiday spirit.
Holiday Markets: Discover local artisans and unique gifts at markets like the Sidney Sparkles Christmas Parade and Out of Hand Artisan Fair.

These events add to the allure of living in Victoria, BC, making it the perfect time to explore homes for sale in Victoria or to list your property for motivated buyers.

Explore the Victoria Real Estate Market

Winter is a surprisingly active season for the real estate market, with buyers and sellers both motivated to close before the New Year. Check out one of the most visited pages this season: our Victoria Real Estate Listings.

Here, you’ll find:

Family Homes for Sale in Victoria: Perfect for starting the new year in comfort.
Luxury Properties in Victoria, BC: For those seeking elegance and prime locations.
Investment Opportunities: Ideal for buyers looking to expand their portfolio in a thriving market.

Why Winter is a Great Time to Buy or Sell a Home

The holiday season offers unique opportunities in the Victoria real estate market:

Motivated Buyers: Buyers searching during the holidays are often serious and ready to make offers.
Cozy Staging Opportunities: Festive decor can highlight a home’s warmth and charm.
Less Competition: Fewer listings during winter can make your property stand out.

Holiday Staging Tips for Sellers

If you’re selling your home this winter, create a festive yet neutral atmosphere to attract buyers:

Decorate with subtle, warm lighting and seasonal scents like cinnamon or pine.
Highlight winter-friendly features like fireplaces, energy-efficient windows, or cozy interiors.
Keep the decor tasteful to let the property shine without overwhelming potential buyers.

Connect With BC Home Group

At BC Home Group, we’re dedicated to helping you find your perfect home or sell your property during this holiday season. From Victoria homes for sale to tailored advice on navigating the winter market, we’ve got you covered.

Follow us for more real estate tips and updates:

Instagram: @bchomegroup
Facebook: @shirinpurewal

Celebrate the Season With BC Home Group

Whether you’re looking to buy, sell, or invest, this holiday season is the perfect time to make your real estate dreams come true in Victoria, BC. Let us guide you every step of the way.

Wishing you a joyful and warm holiday season from BC Home Group!

Victoria Market Real Estate Statistics for November

Tue, 03 Dec 2024 15:22:38 GMT

A warm start to winter sales in the Victoria real estate market

A total of 551 properties sold in the Victoria Real Estate Board region this November, 39.8 per cent more than the 394 properties sold in November 2023 and a 15.7 per cent decrease from October 2024. Sales of condominiums were up 55 per cent from November 2023 with 186 units sold. Sales of single family homes increased by 36.3 per cent from November 2023 with 263 sold.

“I’ve found that buyers and sellers are feeling optimistic right now,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “With the steady decrease we’ve seen in interest rates and the continued balance in the market, consumers are feeling more comfortable and empowered to make the big decisions around home ownership knowing that they have a fairly stable real estate environment to navigate.”

There were 2,836 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2024, a decrease of 10.3 per cent compared to the previous month of October and a 7.3 per cent increase from the 2,644 active listings for sale at the end of November 2023.

“Though we did see inventory tick below three thousand listings, we are still in much better shape than in recent years in terms of availability of supply,” adds Chair Lidstone. “Seasonality comes into play this time of year, and the closer we get to the new year, the more folks temporarily move their focus from house shopping to the holidays. That said, it’s likely the momentum we saw building in November will carry on in December to some extent. If you’re considering a new home for the holidays, connect with your favourite local REALTOR® to create your plan.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in November 2023 was $1,290,100. The benchmark value for the same home in November 2024 increased by 1 per cent to $1,302,900, up from October’s value of $1,300,200. The MLS® HPI benchmark value for a condominium in the Victoria Core area in November 2023 was $571,300 while the benchmark value for the same condominium in November 2024 decreased by 4.7 per cent to $544,400, down from the October value of $547,800.

I have sold a property at 3115 Glasgow St in Victoria

Sat, 23 Nov 2024 09:00:57 GMT

I have sold a property at 3115 Glasgow St in Victoria on Nov 22, 2024. See details here

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Victoria Market Real Estate Statistics for October

Sat, 02 Nov 2024 14:14:36 GMT

Victoria market exceeds expectations but remains balanced

A total of 654 properties sold in the Victoria Real Estate Board region this October, 60.7 per cent more than the 407 properties sold in October 2023 and a 14.5 per cent increase from September 2024. Sales of condominiums were up 32.6 per cent from October 2023 with 187 units sold. Sales of single family homes increased by 76.2 per cent from October 2023 with 340 sold.

“Sales did increase notably over last year, but it’s important to include some context,” said 2024 Victoria Real Estate Board Chair-Elect Dirk VanderWal. “October 2023 saw the fewest sales in that month since 2008, which distorts a year-over-year comparison; in fact, last month’s sales count was almost exactly on the ten-year average for the month. With that context, although we’ve certainly seen a notable increase in sales month over month, this does signal a return to a more average market for this time of year. The number of homes available on the market has remained relatively consistent, which has also created the benefit of a more balanced market for buyers and sellers, even with the increase in sales numbers.”

There were 3,161 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2024, a decrease of 6 per cent compared to the previous month of September and a 14.7 per cent increase from the 2,756 active listings for sale at the end of October 2023.

“I think it’s safe to say that many consumers have been watching the Bank of Canada rate announcements, and that could be influencing their decision making,” adds Chair-Elect VanderWal. “Recent rate drops likely encouraged a few more buyers and sellers to enter the market, and we may see that trend continue in November, the month which traditionally begins our market's winter lull. Even though sales were higher last month, we are still experiencing a comfortable environment for buyers and sellers to negotiate. There are fewer multiple offers and more time for the decision-making process. It is hard to predict what the winter market will bring, so it’s a great idea to consult with your favourite local REALTOR® to discuss the current market.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in October 2023 was $1,310,100. The benchmark value for the same home in October 2024 decreased by 0.8 per cent to $1,300,200, up from September’s value of $1,279,700. The MLS® HPI benchmark value for a condominium in the Victoria Core area in October 2023 was $578,800 while the benchmark value for the same condominium in October 2024 decreased by 5.4 per cent to $547,800, down from the September value of $553,400.

Victoria Market Real Estate Statistics for September

Thu, 03 Oct 2024 20:34:00 GMT

Victoria real estate market current conditions benefit buyers and sellers

A total of 571 properties sold in the Victoria Real Estate Board region this September, 15.8 per cent more than the 493 properties sold in September 2023 and a 4.8 per cent increase from August 2024. Sales of condominiums were up 21.9 per cent from September 2023 with 189 units sold. Sales of single family homes increased by 19.3 per cent from September 2023 with 272 sold.

“The real estate market in Victoria right now is much more stable and more predictable than it has been in recent years,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “We have seen a few solid months of near-balance in the market, which means it’s neither a seller’s nor a buyer’s market and positives exist for both sides of a transaction. With downward trending interest rates and stable pricing combined with more inventory on the market, our current conditions are the most comfortable for consumers to navigate that I’ve seen in a few years.”

There were 3,361 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September 2024, an increase of 5.3 per cent compared to the previous month of August and a 24.5 per cent increase from the 2,699 active listings for sale at the end of September 2023.

“In times of more balanced markets,” adds Chair Lidstone. “There is less pressure on pricing and more opportunity to take time to make big decisions on real estate. However, there are still situations where you can encounter competition. When the house, price and location are all highly desirable for buyers, we can see situations where there are competing offers. As always if you are thinking about making a move, connecting with a local REALTOR® to start building your strategy is advisable.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in September 2023 was $1,316,100. The benchmark value for the same home in September 2024 decreased by 2.8 per cent to $1,279,700, down from August’s value of $1,287,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in September 2023 was $583,400 while the benchmark value for the same condominium in September 2024 decreased by 5.1 per cent to $553,400, down from the August value of $559,200.

Bank of Canada Delivers Third Consecutive Rate Cut: What It Means for You

Sun, 08 Sep 2024 22:35:00 GMT

The Bank of Canada has announced another policy rate cut of 25 basis points, bringing the rate down to 4.25%. This marks the third rate cut of the year and offers potential relief for Canadians with variable-rate loans, including mortgages.

What’s Next?
Following the Bank of Canada’s decision, lenders typically take a few days to adjust their prime rates. We expect the prime rate, which influences variable-rate mortgages and other loans, to soon decrease to around 6.45% at most major financial institutions. TD Bank, known for slightly higher prime mortgage rates, could lower it to approximately 6.60%.

How Does This Impact You?
Here’s what this change could mean for you, depending on your loan type:

Fixed-Payment Variable-Rate Mortgages: If you have this type of mortgage, the interest portion of your payment will decrease, while your total monthly payment should remain the same. Over time, more of your payment will go towards the principal.

Adjustable-Rate Mortgages: If your mortgage payments fluctuate with changes in the prime rate, you’ll notice a slight reduction in your next payment.

Fixed-Rate Mortgages: This rate cut won’t impact those with fixed-rate mortgages until it’s time to renew, but it may signal lower rates in the future.

Other Prime-Linked Loans: Personal loans or lines of credit tied to the prime rate will likely see reduced interest charges or smaller monthly payments.

The Bigger Picture
For homeowners and borrowers, this is positive news. As the prime rate decreases, it helps ease the financial burden on those with variable or adjustable-rate loans. In the coming days, we expect to see banks respond by adjusting their lending rates accordingly.

Market Real Estate Statistics For August

Fri, 06 Sep 2024 19:38:00 GMT

Victoria’s summer real estate market meets seasonal expectations

A total of 545 properties sold in the Victoria Real Estate Board region this August, 0.2 per cent more than the 544 properties sold in August 2023 and a 16.5 per cent decrease from July 2024. Sales of condominiums were up 10.4 per cent from August 2023 with 181 units sold. Sales of single family homes decreased by 7.7 per cent from August 2023 with 252 sold.

“The final month of the summer is generally a rather relaxed one in terms of real estate sales and listings,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “Many folks pause their home shopping activities or pause their sales listing to make the most of other summer activities and vacations. It’s no surprise that sales this year were so close to the sales from 2023 and that listings declined slightly from the number we saw in July.”

There were 3,191 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August 2024, a decrease of 4.7 per cent compared to the previous month of July and a 28.2 per cent increase from the 2,490 active listings for sale at the end of August 2023.

“It’s likely our market will trend a bit busier in the upcoming fall months,” adds Chair Lidstone. “In September people return their attention to work and school and to bigger projects like making a move. Week by week into the fall our market will evolve so if you are considering listing or buying a home in the Victoria area, connect with your favourite local REALTOR® to help develop your best real estate strategy.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in August 2023 was $1,327,800. The benchmark value for the same home in August 2024 decreased by 3 per cent to $1,287,400, down from July’s value of $1,296,100. The MLS® HPI benchmark value for a condominium in the Victoria Core area in August 2023 was $575,900 while the benchmark value for the same condominium in August 2024 decreased by 2.9 per cent to $559,200, down from the July value of $567,800.

Victoria Market Real Estate Statistics for July

Fri, 02 Aug 2024 17:00:49 GMT

Victoria housing market remains steady for buyers and sellers over summer

A total of 650 properties sold in the Victoria Real Estate Board region this July, 9.2 per cent more than the 595 properties sold in July 2023 and a 1.7 per cent decrease from June 2024. Sales of condominiums were up 6.5 per cent from July 2023 with 213 units sold. Sales of single family homes increased by 8.9 percent from July 2023 with 319 sold.

“The month of July delivered another steady month of sales and listings, as we’d expect for an average summer season in our market,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “The sales in July tracked very closely to June numbers, which may have surprised some who expected that summer vacations would take more buyers out of the market. We did see inventory shrink a little from the previous month. This is not unusual for this time of year, but it is a trend we’ll keep an eye on because inventory levels are crucial to keeping our market balanced.”

There were 3,348 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of July 2024, a decrease of 3.2 per cent compared to the previous month of June and a 38.4 per cent increase from the 2,419 active listings for sale at the end of July 2023.

“There continues to be a lot of government intervention in our housing market,” adds Chair Lidstone. “Recently, the provincial government announced changes to the Residential Tenancy Act that have resulted in some uncertainty for those considering homes with rental options. The changes have made an already complex transaction much more complicated and have added more risk. If you are considering purchasing or selling a tenanted or rental property, it’s imperative to bring in the assistance of a REALTOR® to navigate new requirements and ensure your transaction is successful.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in July 2023 was $1,322,800. The benchmark value for the same home in July 2024 decreased by 2 per cent to $1,296,100, up from June’s value of $1,295,500. The MLS® HPI benchmark value for a condominium in the Victoria Core area in July 2023 was $571,500 while the benchmark value for the same condominium in July 2024 decreased by 0.6 per cent to $567,800, down from the June value of $567,900.

CHANGES TO BC Residential Tenancy Act ! Victoria Landlords please be aware

Wed, 24 Jul 2024 22:36:08 GMT

WILDFIRES AND INSURANCE: from BCREA

During wildfire season, many insurance providers place restrictions on binding insurance policies on properties within a certain radius—commonly 50 km—of an active and uncontained wildfire. For further information, click here *requires login.

Notes on the amendments to the Residential Tenancy Act and Manufactured Home Park Tenancy Act from BCFSA

From the BC Financial Services Authority:

Licensee Considerations: With the enactment of Bill 14, the landscape of residential tenancies in B.C. is changing significantly. It is important for licensees to familiarize themselves with these amendments to ensure compliance and to effectively advise clients.

Changes already in effect include:

Prohibiting personal occupancy evictions in purpose-built rental buildings with five or more units;
Increasing the minimum landlord’s occupancy period from six months to 12 months where a tenancy ends for landlord use;
Prohibiting rent increases for additional occupants who are minors and making it an offence to do so; and
Prohibiting a landlord from giving frivolous notices to end tenancy.

Changes effective July 18, 2024 included:

Requiring landlords to use the new web portal to generate Notices to End Tenancy for personal occupancy;
Increasing the notice period that a landlord must give a tenant for eviction for personal use from two months to four months; and
Increasing the tenant dispute period from 15 days to 30 days.

Changes set to come into effect through future regulations include:

Prohibiting conversion of rental units to specific non-residential uses, such as short-term rental accommodation or storage;
Prescribing increased amounts of compensation for evicting long-term tenants for landlord use;
Clarifying the criteria by which a landlord can legally end a tenancy for a problematic tenant; and
Increasing administrative penalties for contraventions of the Residential

Bank of Canada delivers second consecutive rate cut

Wed, 24 Jul 2024 22:35:58 GMT

I wanted to share some important news following the latest decision from the Bank of Canada.

Today, the Bank of Canada announced a 25-basis point cut to the benchmark rate, bringing it down to 4.50%. This is the second rate cut and will further help to ease interest costs for those with variable-rate loans.

In its statement, the Bank said broad price pressures are “continuing to ease” and that inflation is expected to move closer to 2%.

If you're interested in the full details, you can read the Bank of Canada’s full statement here.

What happens next?

Lenders usually take a few days to adjust their prime rates in response to the Bank of Canada’s announcement.

We expect the prime rate, which affects variable-rate mortgages and other loans, to decrease to 6.70% at most major lenders soon. TD Bank, which typically has a slightly higher mortgage prime rate, should see a reduction to 6.85%.

What does this mean for you?

This is great news for those with fixed-payment variable-rate mortgages! You can expect to see a decrease in the portion of your payment that goes towards interest.

If you have an adjustable-rate mortgage, where your payment fluctuates based on prime rate, you will notice a small decrease in your next payment.

For fixed-rate mortgage borrowers, this rate cut won't change your current term or monthly payments.

Other loans that are priced off prime, such as certain personal loans or lines of credit, will also see a reduction in their interest charged or monthly payments.

Looking ahead

The Bank of Canada’s next rate decision is scheduled for September 4. Whether we see another rate cut will depend on how the economy performs over the next month.

If you have any questions or want to discuss how this change might affect your mortgage strategy, please don't hesitate to reach out. I'm here to help!

Best regards,

Market Real Estate Statistics for May

Tue, 11 Jun 2024 17:36:08 GMT

A total of 763 properties sold in the Victoria Real Estate Board region this May, 1.5 per cent fewer than the 775 properties sold in May 2023 and a 12.5 per cent increase from April 2024. Sales of condominiums were down 5.2 per cent from May 2023 with 235 units sold. Sales of single family homes exactly matched the number from May 2023 with 399 sold.

"Spring is generally prime time for real estate in Victoria," said 2024 Victoria Real Estate Board Chair Laurie Lidstone. "And May is typically when we are at or near to the peak of activity in our property market. This May was another stable month for both buyers and sellers. With more inventory on the market, consumers had more choice and could take time to make decisions and complete their due diligence. The additional listings also meant less pressure on pricing, so prices remained relatively flat."

There were 3,338 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of May 2024, an increase of 10.6 per cent compared to the previous month of April and a 52.5 per cent increase from the 2,189 active listings for sale at the end of May 2023.

"After so many years of consumers navigating an unbalanced market, it is positive for buyers and sellers to see some months of consistent balance," adds Chair Lidstone. "A lot of folks who have been watching the market over recent years may find that now is a good time to sell and buy as market conditions have changed for the better. Of course, as always, I recommend connecting with your favourite REALTOR® to create a strategy specific to your needs."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in May 2023 was $1,300,900. The benchmark value for the same home in May 2024 increased by 0.7 per cent to $1,309,700, up from April's value of $1,301,800. The MLS® HPI benchmark value for a condominium in the Victoria Core area in May 2023 was $562,900 while the benchmark value for the same condominium in May 2024 increased by 1.2 per cent to $569,500, up from the April value of $561,200.

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Fri, 24 May 2024 09:01:32 GMT

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Market Real Estate Statistics for April

Sun, 05 May 2024 19:03:00 GMT

Spring property market brings positives for buyers and sellers in Victoria

A total of 678 properties sold in the Victoria Real Estate Board region this April, 6.4 per cent more than the 637 properties sold in April 2023 and a 15.3 per cent increase from March 2024. Sales of condominiums were up 1.5 per cent from April 2023 with 208 units sold. Sales of single family homes increased 3.7 per cent from April 2023 with 337 sold.

“The spring market in Victoria kicked off with a gentle increase in sales when compared to last year and continued stable pricing,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “These factors, combined with growth in the available inventory, has created a welcoming and more balanced market for buyers and sellers.”

There were 3,017 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of April 2024, an increase of 14 per cent compared to the previous month of March and a 47.7 per cent increase from the 2,043 active listings for sale at the end of April 2023.

“When we look back to previous spring markets, we will recall challenging conditions that are not present in the market this year,” adds Chair Lidstone. “Last year, interest rates were continuing upwards, which created unpredictability for buyers. The spring of 2022 saw record lows of inventory, which created a pressurized environment for buyers and sellers. The spring of 2021 was also marked with low inventory and impacted by the effects of the pandemic. This year, we have a much healthier supply of inventory with numbers we have not seen since the summer of 2019. Combined with more stable pricing, this market is much easier to navigate for both buyers and sellers. People who are listing their homes can have confidence that they will be able to find a new home, and sellers benefit from the stability of pricing and interest rates. If you are considering making a move, now is the ideal time to connect with your favourite local REALTOR® to create your plan.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in April 2023 was $1,295,800. The benchmark value for the same home in April 2024 decreased by 0.9 per cent to $1,284,600, up from March’s value of $1,279,300. The MLS® HPI benchmark value for a condominium in the Victoria Core area in April 2023 was $564,000 while the benchmark value for the same condominium in April 2024 increased by 0.7 per cent to $567,800, up from the March value of $567,300.

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Fri, 03 May 2024 09:01:41 GMT

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Market Real Estate Statistics for March

Thu, 04 Apr 2024 07:15:20 GMT

Supply still key to Victoria’s housing market

A total of 588 properties sold in the Victoria Real Estate Board region this March, 0.3 per cent fewer than the 590 properties sold in March 2023 but a 25.1 per cent increase from February 2024. Sales of condominiums were down 10.2 per cent from March 2023 with 177 units sold. Sales of single family homes increased 1.8 per cent from March 2023 with 286 sold.

“We’ve concluded a rather quiet first quarter and are transitioning into the spring market,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “Many of our local REALTOR® members are noting that more shoppers are coming into the market – but this has not necessarily translated into sales numbers. This may change as we move into what is historically the busiest market of the year.”

There were 2,647 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2024, an increase of 12 per cent compared to the previous month of February and a 34.4 per cent increase from the 1,970 active listings for sale at the end of March 2023.

“The increases in inventory we’ve seen in recent months really help to improve the health of our market,” adds Chair Lidstone. “We have more inventory for consumers to consider when compared with recent years. This additional inventory improves both buyer and seller confidence as it means people have more options and more reassurance that they are going to be able to find their new home. As people buy and move, more properties are added to the available inventory, which supports a much healthier market. Supply really is key, and looking to the future we need to ensure that focus continues on the creation of new homes of all types and price points. If you’re considering a move over the course of the spring market, connect with your favourite local Realtor for to-the-minute insight into our market to create your strategy.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2023 was $1,258,300. The benchmark value for the same home in March 2024 increased by 1.7 per cent to $1,279,300, up from February’s value of $1,247,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in March 2023 was $549,000 while the benchmark value for the same condominium in March 2024 increased by 3.3 per cent to $567,300, up from the February value of $557,000.

Market Real Estate Statistics for February

Tue, 05 Mar 2024 18:26:15 GMT

More inventory means greater opportunity in Victoria real estate market

A total of 470 properties sold in the Victoria Real Estate Board region this February, 2.2 per cent more than the 460 properties sold in February 2023 and a 37.8 per cent increase from January 2024. Sales of condominiums were down 5.6 per cent from February 2023 with 152 units sold. Sales of single family homes increased 1.8 per cent from February 2023 with 224 sold.

“We saw glimmers of a start to the spring market over the course of February,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “In addition to the increase in sales, more than five hundred new listings came to market when compared to last year’s inventory numbers. This much needed inventory gives buyers more selection and more time to make their purchasing decisions. We’ve also seen prices continue to remain stable, which is excellent for buyers and sellers because it makes the transaction much more predictable.”

There were 2,364 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2024, an increase of 10.5 per cent compared to the previous month of January and a 30.7 per cent increase from the 1,809 active listings for sale at the end of February 2023.

“We noted an increase in townhome sales this past month,” adds Chair Lidstone. “Townhomes are an important segment of missing middle housing, one that is undersupplied in the Greater Victoria area. Hopefully the fifty per cent increase in townhome sales compared to last year will encourage more development of this type of housing to meet our missing middle housing needs. If you are considering a move this coming spring, it’s a great time to connect with your REALTOR® to make a plan.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February 2023 was $1,251,000. The benchmark value for the same home in February 2024 decreased by 0.3 per cent to $1,247,400, up from January’s value of $1,244,000. The MLS® HPI benchmark value for a condominium in the Victoria Core area in February 2023 was $549,300 while the benchmark value for the same condominium in February 2024 increased by 1.4 per cent to $557,000, down from the January value of $559,000.

Market Real Estate Statistics january

Sat, 03 Feb 2024 15:28:04 GMT

A balanced market means opportunity for buyers and sellers in Victoria

A total of 341 properties sold in the Victoria Real Estate Board region this January, 22.7 per cent more than the 278 properties sold in January 2023 and a 3.6 per cent increase from December 2023. Sales of condominiums were up 10.9 per cent from January 2023 with 112 units sold. Sales of single family homes increased 35 per cent from January 2023 with 162 sold.

“Our housing market eased into the new year with a renewed sense of balance,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “Sales were up slightly based off last year’s very low numbers, and overall, we saw the stabilization that we observed in late 2023 continue into 2024. Mortgage rates have levelled out, inventory is slowly creeping back up, and we are no longer in that highly pressurized market of recent years which created complicated and sometimes stressful conditions for buyers and sellers.”

There were 2,140 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2024, an increase of 0.4 per cent compared to the previous month of December and a 23.1 per cent increase from the 1,739 active listings for sale at the end of January 2023.

“I think this balance and stability in our market brings with it an optimistic outlook for the coming months,” adds Chair Lidstone. “If balanced conditions continue, buyers and sellers will have more time to make decisions and there will be less pressure on pricing. Of course, there are many factors that impact the market here in Victoria, and as we’ve seen in the past things can change very rapidly. If you are considering selling or buying, connect with a local Realtor to identify where your opportunities are as we move towards spring.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in January 2023 was $1,224,000. The benchmark value for the same home in January 2024 increased by 1.6 per cent to $1,244,000 down from December’s value of $1,268,000. The MLS® HPI benchmark value for a condominium in the Victoria Core area in January 2023 was $562,200 while the benchmark value for the same condominium in January 2024 decreased by 0.6 per cent to $559,000, down from the December value of $562,000.

Market Real Estate Statistics December - Year In Review

Thu, 04 Jan 2024 21:20:00 GMT

The 2023 Victoria real estate market year in review

A total of 329 properties sold in the Victoria Real Estate Board region this December, 2.8 per cent more than the 320 properties sold in December 2022 and a 16.5 per cent decrease from November 2023. Sales of condominiums were up 14.9 per cent from December 2022 with 108 units sold. Sales of single family homes increased 1.3 per cent from December 2022 with 158 sold.

A grand total of 6,207 properties sold over the course of 2023, 8.77 per cent fewer than the 6,804 sold in 2022.

“I’ve spoken a lot this year about our market’s return to traditional seasonal patterns,” said 2023 Victoria Real Estate Board Chair Graden Sol. “And at the conclusion of 2023 we can see that this trend continues. This is a welcome relief for sellers and buyers after an extraordinary five years of real estate market disruption. Everyone benefits from a more predictable real estate market, so it is encouraging to see the rhythm of seasonal trends reestablished. If this continues into 2024, we should see more inventory added in January and February and an increase in sales as consumers prepare for the spring market. True to seasonal form, December met expectations and was a slow month, both for sales and for new listings.”

There were 2,132 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of December 2023, a decrease of 19.4 per cent compared to the previous month of November but a 26.3 per cent increase from the 1,688 active listings for sale at the end of December 2022.

“The single biggest impact on the housing market this year was interest rates,” added Chair Sol. “The increased cost of borrowing money meant that consumers had less purchasing power, which resulted in a drop in transactions. There is however still huge demand for housing in our market and as we move forward into 2024 and beyond, we need to continue to put focus on the creation of new supply so that as market activity increases prices don’t increase as quickly. The only way to moderate housing prices is to bring supply closer to meeting demand. As always, our market is subject to many influences and the purchase and sale process is complex. if you are contemplating buying or selling in 2023, call your favourite local Realtor who can create the best strategy for you and for your property.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in December 2022 was $1,236,500. The benchmark value for the same home in December 2023 increased by 2.5 per cent to $1,268,000, down from November’s value of $1,286,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in December 2022 was $565,800 while the benchmark value for the same condominium in December 2023 decreased by 0.7 per cent to $562,000, down from the November value of $577,400.

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Sat, 16 Dec 2023 09:01:20 GMT

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Stunning Panoramic views of the Ocean, James Bay, Downtown and Parliament from this bright and Spacious Clarence House 2 Bed 2 Bath. Excellent layout with large living/dining/kitchen combo, in-suite laundry room, generous bedrooms with the primary featuring an ensuite and walk-in-closet. The monthly strata fee includes heat and hot water. This well maintained Steel & Concrete Building in James Bay has only 4 suites per floor and offers a guest suite, live-in caretaker, pool, hot tub, sauna, lounge, secure gated parking stall, workshop, bike storage and storage locker. This freshly painted unit has new vinyl plank flooring, updated kitchen with cherry cabinets, stainless appliances, quartz countertops, Hunter Douglas blinds and updated bathrooms with quartz top vanities. Amazing location walkable to the ocean, Beacon Hill, parks, shopping and dinning. Well managed strata, with friendly neighbours and community.

Market Real Estate Statistics November

Mon, 04 Dec 2023 14:42:25 GMT

Slower winter markets can benefit buyers and sellers

A total of 394 properties sold in the Victoria Real Estate Board region this November, a 2.6 per cent increase from the 384 properties sold in November 2022 and a 3.2 per cent decrease from October 2023. Sales of condominiums were down 11.8 per cent from November 2022 with 120 units sold. Sales of single family homes increased by 6 per cent from November 2022 with 193 sold.

“It’s unsurprising to see this slight relaxation of sales in the market,” said Victoria Real Estate Board Chair Graden Sol. “Given the current interest rate environment, our sales numbers are lower than long term averages, but the pattern of seasonality within those lower numbers is what we would expect for this part of the year. We have seen a healthy twenty-five per cent increase in the number of listings on market compared to last year and this is positive news as we recover from that long-term trend of very low inventory.”

There were 2,644 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2023, a decrease of 4.1 per cent compared to the previous month of October and a 25.2 per cent increase from the 2,111 active listings for sale at the end of November 2022.

“The longer we are in balanced market conditions, the easier transitions for buyers and sellers become,” adds Sol. “Local people who planned to sell and move within the Greater Victoria area may have hesitated to list their homes back when record low inventory meant less choice when they became buyers. Now that we see some balance in the market, these people have more inventory to pick from and may feel more confident listing their existing home. And of course, all buyers are having better experiences with more time and more choice. We always anticipate a seasonal reduction in activity over winter, but if you are contemplating a move in the new year, now is an excellent time to consult with your favourite REALTOR® to create your strategy.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in November 2022 was $1,248,600. The benchmark value for the same home in November 2023 increased by 3 per cent to $1,286,400, which is down from October’s value of $1,305,900. The MLS® HPI benchmark value for a condominium in the Victoria Core area in November 2022 was $568,400, while the benchmark value for the same condominium in November 2023 increased by 1.6 per cent to $577,400, which is down from the October value of $585,600.

Market Real Estate Statistics for October

Wed, 08 Nov 2023 15:04:06 GMT

Interest rates a large factor in Victoria real estate market

A total of 407 properties sold in the Victoria Real Estate Board region this October, 15.2 per cent fewer than the 480 properties sold in October 2022 and a 17.4 per cent decrease from September 2023. Sales of condominiums were down 7.2 per cent from October 2022 with 141 units sold. Sales of single family homes decreased 16.1 per cent from October 2022 with 193 sold.

“Overall, property sales drifted down in October compared to the previous month, likely due to consumers continuing to navigate interest rates higher than those seen in nearly two decades,” said Victoria Real Estate Board Chair Graden Sol. “The uncertainty around the direction of the Bank of Canada rate announcement in mid-October may have caused some buyers to push their purchasing plans into the future because it was unclear if rates were going to be hiked again or remain stable. Generally speaking, when we have periods of static interest rates, consumer confidence returns to the market. We can recall earlier in the year when rates plateaued; we saw an uptick in sales in the weeks after. However, when rates began to rise again, we saw consumer confidence falter.”

There were 2,756 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2023, an increase of 2.1 per cent compared to the previous month of September and a 25.7 per cent increase from the 2,192 active listings for sale at the end of October 2022.

“The good news in October was that we continued to see a slow and steady increase in the number of available properties for sale,” adds Sol. “This additional inventory is positive for buyers who will have more selection than they’ve experienced in recent years. The real estate market tends to slow down in late fall and winter, but there are still a good number of active buyers. If you’re thinking about making a move during the colder months, reach out to your local REALTOR® to plan your strategy.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in October 2022 was $1,257,100. The benchmark value for the same home in October 2023 increased by 3.9 per cent to $1,305,900, which is down from September’s value of $1,312,200. The MLS® HPI benchmark value for a condominium in the Victoria Core area in October 2022 was $575,300, while the benchmark value for the same condominium in October 2023 increased by 1.8 per cent to $585,600, which is down from the September value of $589,600.

Market Real Estate Statistics for September

Thu, 05 Oct 2023 17:49:22 GMT

A total of 493 properties sold in the Victoria Real Estate Board region this September, 20.2 per cent more than the 410 properties sold in September 2022 and a 9.4 per cent decrease from August 2023. Sales of condominiums were up 23 per cent from September 2022 with 155 units sold. Sales of single family homes increased 3.2 per cent from September 2022 with 228 sold.

“What we saw in our market last month was a continuation of the seasonal market trend we expect in a typical year as we move into fall,” said Victoria Real Estate Board Chair Graden Sol. “We have seen a slight return to a more balanced market in recent weeks. Our inventory right now features almost a thousand more listings for sale than we saw than at the start of this year.”

There were 2,699 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September 2023, an increase of 8.4 per cent compared to the previous month of August and a 17.3 per cent increase from the 2,300 active listings for sale at the end of September 2022.

“That increase in inventory means there are more properties for prospective buyers,” Sol notes. “More inventory also means buyers may have more time to shop, though in many of our local markets a well-priced property will sell rapidly, and we’re still seeing some multiple offer situations. The challenge of the day is that there are many buyers who hope to find homes in the missing middle – families who seek two- or three-bedroom homes at attainable price points – who are challenged by our current interest rate environment. Though housing prices have remained reasonably stable this year, the cost of carrying a mortgage has increased tremendously. This means that many first-time buyers and families are unable to purchase homes in our current market. With so many variables at play in each of the micro markets within Greater Victoria, it’s a good time to meet with your Realtor to discuss strategy if you are considering a move.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in September 2022 was $1,299,500. The benchmark value for the same home in September 2023 increased by 1 per cent to $1,312,200, which is down from August’s value of $1,323,900. The MLS® HPI benchmark value for a condominium in the Victoria Core area in September 2022 was $581,500, while the benchmark value for the same condominium in September 2023 increased by 1.4 per cent to $589,600, which is up from the August value of $582,000.

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Mon, 25 Sep 2023 09:01:37 GMT

I have sold a property at 1597 Despard Ave in Victoria. See details here

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