Are you wondering what is happening in the Greater Victoria BC Canada Real Estate Market? Then here is the Victoria Real Estate News with the VREB Stats for the Market Update for September 2022. Watch this to get all the numbers for Single Family Homes, Condominiums, and Townhomes. Also watch for our Buyers Analysis following the update midway in the video. You don’t want to miss this if you are considering relocating or downsizing and buying in this Real Estate Market.
You can watch the YouTube Video at the following link or read the full report starting just below.:
YouTube Video: https://rosemaryandgaryvictoriahomesteam.video/28-sept2022-market-update
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Do you want to chat to find out more about buying or selling in Victoria, or any other topic then simply book a phone or Zoom call at this link: https://calendly.com/rosemaryandgary
Enjoy!
Rosemary and Gary
“We Love People and We Love Homes!”
Written Blog Starts Here
Okay, let’s get started!
Please note that the data source is the Victoria Real Estate Board released on Oct 3, 2022. I have carefully checked each number but you should recheck these numbers on the VREB site before using them to make any real estate decisions.
Housing Type Data Categories
The data is organized into 4 categories being:
1. All Data for Single Family Homes, Condominiums, and Townhomes combined
(Note we don’t have a chart for Manufactured Homes (8 sales) but the data is included with SFH)
2. Single Family Homes
3. Condominiums
4. Townhomes (Row or Town Houses)
Data Elements Reported
The included data items are:
- Active Listings (at month end)
- Number of Sales
- Average Price
- Benchmark Price (MLS HPI Benchmark)
- Price Ratio (Sale to List Price) – This is shown but not commented on here
- Days On The Market (Days To Sell)
- Months of Inventory
The Greater Victoria data is for September 2022, last month August 2022 and 1 year ago September 2021 with Percent Change from September 2022 to the other periods.
Note the totals includes Manufacture Homes (8 units) and properties on the Malahat (1 unit) but these are not broken out into separate slides due to small size but are included in the totals here or in the following slides.
I did not provide the average price for the combined property types as this is basically meaningless. You can’t really average a mobile home sale price with a 4 million dollar 10 bedroom property to get an average unit price that makes sense. (or at least I cannot!)
Combined Types
Let’s start with the combined market types:
What we see for Greater Victoria in September 2022 as compared to August 2022 for the combined properties is that the Active Listings at the end of September are up 7.6% to 2300, the number of Sales are down 15.6% to 395, the Average and benchmark prices are not calculated, the Days On Market has increased 24.2% from 33 to 41 days, and finally the Months of Inventory has increased 27.5% from 4.6 to 5.8 months.
Comparing September 2022 to September 2021 we find that the Active Listings at the end of September are up 104.6%, the number of Sales are down 46.2%, the Days On Market has increased 51.9% from 27 to 41 days, and the Months of Inventory has increased 280.2% from 1.5 to 5.8 months.
Single Family Homes
Let’s now look at the data specifically for Single Family Homes in Greater Victoria.
We see for September 2022 as compared to August 2022 for Single Family Homes properties is that the Active Listings at the end of September are up 5.7% to 727, the number of Sales are down 11.2% to 221, the Average Price is down 4.8% to $1,213,743, the Benchmark Price is down 2.4% to $1,218,500. Days On Market has increased 6.5% from 31 to 33 days, and finally the Months of Inventory has increased 19.1% from 2.8 to 3.3 months.
Comparing September 2022 to September 2021 we find that the Active Listings at the end of September are up 156.9%, the number of Sales are down 33.2% , the Average Price is down 0.5%, the Benchmark Price is up 14.1%, the Days On Market has increased 50% from 22 to 33 days, and the Months of Inventory has increased 284.8% from 0.9 to 5.8 months.
Condominiums
Let’s now look at the data specifically for Condominiums in Greater Victoria.
We see for September 2022 as compared to August 2022 for Condominiums properties is that the Active Listings at the end of September are up 10.6% to 491, the number of Sales are down 14.9% to 126, the Average Price is up 7.7% to $628,356, the Benchmark Price is down 1.1% to $609,900. Days On Market has increased 14.3% from 28 to 32 days, and finally the Months of Inventory has increased 29.9% from 3.0 to 3.9 months.
Comparing September 2022 to September 2021 we find that the Active Listings at the end of September are up 74.1%, the number of Sales are down 58.8% , the Average Price is up 6.4% to $628,356, the Benchmark Price is up 18.7% to $609,900, the Days On Market has increased 39.1% from 23 to 33 days, and the Months of Inventory has increased 322.8% from 0.9 to 3.9 months.
Townhomes
Our finally housing data is for Townhomes in Greater Victoria.
We see for September 2022 as compared to August 2022 for Condominiums properties is that the Active Listings at the end of September are up 22.4% to 191, the number of Sales are down 34.4% to 40, the Average Price is down 5.6% to $786,835, the Benchmark Price is down 2.2% to $818,800. Days On Market has increased 13.7% from 27 to 28 days, and finally the Months of Inventory has increased 86.7% from 2.6 to 4.8 months.
Comparing September 2022 to September 2021 we find that the Active Listings at the end of September are up 148.1%, the number of Sales are down 48.7% , the Average Price is up 3%, the Benchmark Price is up 15.2%. Days On Market has increased 27.3% from 22 to 28 days, and the Months of Inventory has increased 383.7% from 1.0 to 4.8 months.
If you got this far then you are a mathematics major like me.
Buying Analysis
So, how do we analyze the September real estate numbers?
We feel that this is an excellent time for people purchasing a new house, condominium, or townhome. There is now about double the active listings for properties (2300) as per last year September 2021. Price increases, which skyrocketed over the last 5 years has slowed down with many below previous highs earlier this year but still higher than last year. We think that although there are price drops in the market that prices for good properties will increase over the next and following years. Right now, the higher interests are reducing the number of buyers who require mortgages to be able to buy the properties they might have been able to finance when the mortgage interest rates were lower earlier this year. This is reducing the buying competition and lowering multiple offer situations.
Many people with existing homes who are perhaps downsizing from larger more expensive properties may be in an excellent position to convert their current home into a new smaller, less expensive property, with some cash left over for retirement.
Also, investors who are always looking for properties that will cashflow as rentals and are less affected by the increased interest rates than first time buyers will still be hunting for these properties.
Based on current information we can foresee mortgage interest rates leveling off by end of year and perhaps start a slight decline in the next year or so. When this happens, the market will again heat up with buyer demand as more can finance the properties they want. This demand will again force prices up (remember supply and demand theory from economics) and we expect a steady increase in prices over the next few years. We don’t think the Victoria prices are too high yet and there is still lots of interest for people to buy here for both work and retirement reasons.
I have just presented a summary of the September market statistics. The Victoria Real Estate Board keeps comprehensive statistics for September as well as historical statistics by area in the Greater Victoria area. If you would like more details on this then give us a call and we will arrange to send these to you.
I hope you have found this report helpful. We will normally do a market update about 4 times a year and maybe more often when something significant is happening in the Greater Victoria market.
We have a large selection of videos in our library on the changing market for Buyers and Sellers markets and many other topics so check them out here: https://rosemaryandgaryvictoriahomesteam.video/video-blog
Finally, please contact us with your comments or any questions you may have on this topic or any other thing real estate related. We appreciate all comments and will respond to all.
Thank you for reading this Market Update and Analysis and we will see you next time!
Gary and Rosemary
Oct 4, 2022