MARKET REPORT - MAR. 2023

Victoria Market Report

Winter real estate market wraps with improved consumer confidence and more stable pricing

March 1, 2023  A total of 460 properties sold in the Victoria Real Estate Board region this February, 35.9 per cent fewer than the 718 properties sold in February 2022 but a 65.5 per cent increase from January 2023. Sales of condominiums were down 39.7 per cent from February 2022 with 161 units sold. Sales of single family homes decreased 28.8 per cent from February 2022 with 220 sold.

"Last month we talked about the optimism building in the local market that our REALTORS® saw, and now we can see it in the market statistics," said Victoria Real Estate Board Chair Graden Sol. "We can confirm the return…

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Are you looking for the perfect place to call home?
Look no further than Oak Bay, Victoria BC!

This attractive suburban community on the south tip of Vancouver Island has a population of 18,000 and is home to a few of the most sought-after properties on the West Coast. With well-asserted homes and gardens, bakeries, shops and additional unique trades, you’ll have plenty of comforts at hand to explore. With its private and public schools close by, it’s an ideal place to raise a family. 

Oak Bay is a municipality of the Capital Regional District of Greater Victoria, British Columbia on Vancouver Island that is situated approximately three kilometres from the downtown core. The region has picturesque scenery, roads and pathways for promenading,…

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Market Report - Feb. 2023 

Victoria Market Report

A slow start to the year may not foretell the future for the Victoria housing market

February 1, 2023  A total of 278 properties sold in the Victoria Real Estate Board region this January, 41.4 per cent fewer than the 474 properties sold in January 2022 and a 13.1 per cent decrease from December 2022. Sales of condominiums were down 46.3 per cent from January 2022 with 101 units sold. Sales of single family homes decreased 33 per cent from January 2022 with 120 sold.

"If you're looking at the statistics, this January was one of the slowest we've seen on record," says 2023 Victoria Real Estate Board Chair Graden Sol. "However, we did see a mid-month surge in activity as buyers seemed to…

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Assessed Value vs. Market Value



Assessed Values:

How does BC Assessment Determine Property Values?

  • The location of the home
  • The size of the home
  • The size of the lot
  • The age of the home
  • Miscellaneous features that can affect the home's value
  • Comparable sales prices and other real estate market information

Information is collected through a comprehensive approach from a variety of sources for accuracy such as: building permits, land titles office, real estate transactions, property owner initiated updates, request sent to property owners, visits to properties, aerial and street front imagery.

The value of your property may have changed if you have:

  • Renovated recently ie. replaced kitchen cabinets
  • Added any…

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Prohibition on the Purchase of Residential Property by Non-Canadians (Foreign Buyers Ban)

Last week, the federal government released the supporting regulations for the 'Prohibition on the Purchase of Residential Property by Non-Canadians Act' (Foreign Buyers Ban) which includes definitions, exceptions, and enforcement elements to help individuals understand and comply with the law.   

The measures were part of Bill C-19 – the Budget Implementation Act – which received royal assent on June 23, 2022 as the federal government looked to cool the hot housing market. 

Read more from Finance Minister Chrystia Freeland : Bill C-19 - The Budget Implementation Act (Immigration.ca)

Parliament passed the 'Prohibition on the Purchase of Residential…

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Victoria Market Report


The 2022 Victoria Real Estate Market Year in Review


January 3, 2023  A total of 320 properties sold in the Victoria Real Estate Board region this December, 26.9 per cent fewer than the 438 properties sold in December 2021 and a 16.7 per cent decrease from November 2022. Sales of condominiums were down 38.2 per cent from December 2021 with 94 units sold. Sales of single family homes decreased 24.6 per cent from December 2021 with 156 sold.

A grand total of 6,804 properties sold over the course of 2022, 32.3 per cent fewer than the 10,052 that sold in 2021. 2022 sales came closest to 2014's sales year when 6,698 properties were sold.

"We began the year with record low inventory, and with higher than average sales," says…

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SHORT TERM Vacation RentalS 

Investment Properties In Victoria, BC

Investment properties can be a lucrative and rewarding way to grow your wealth and diversify your portfolio. If you're considering investing in real estate in Victoria, British Columbia, here are a few key things to keep in mind.

  1. Research the market: Before you make any investment, it's important to do your due diligence. Take the time to research the Victoria real estate market, including trends in home prices and rental rates, as well as the demand for rental properties. This will help you make an informed decision about whether investing in a property in Victoria is a good fit for your financial goals.

  2. Look for properties with good rental potential: When it comes…

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Homes Sold 2022
Vancouver Island 

As a wrap up to the end of 2022, I thought I would share with you the properties I've sold over this past year.  

I want to thank all of my Buyers and Sellers who allowed me to represent them as their Realtor.  I very much appreciate your business!

~ BUYERS SOLDS ~



908 Boardwalk Ave. - Nanaimo, BC (South Nanaimo)
Sold - January 2022


4-1770 Rockland Ave. - Victoria, BC (Rockland)
SOLD - June 2022


104-3333 Glasgow Ave. - Saanich East, BC (Quadra)
Sold - August 2022


105-1380 Henry St. - Comox Valley, BC (Mt.Washington)
Sold - August 2022

1431 Ocean View Rd. - Saanich East (Cedar Hill)
Sold - September 2022


2668 Nugget Terrace - Victoria, BC (Langford)
Sold - June 2022


…

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Cooling-Off Period on Residential Real Estate Comes into EffECT JANUARY 2023

 In January 2023 the B.C. government will implement changes to the Property Law Act to make the Home Buyer Rescission Period (“HBRP”) or ‘cooling-off period’ mandatory for residential real estate transactions. 

This video will provide an overview of the HBRP and explain how buyers will have the right to rescind or cancel their offer to purchase certain types of residential real property within three business days after an offer has been accepted. 

The video is an introduction to the concept of HBRP, understanding the types of residential property it applies to, knowing the disclosure forms used in the transaction and learning about the exemptions to the right of…

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Victoria Market Report 

The Victoria Real Estate Board

The Autumn Market Has Returned To Its Traditional Rhythm As We Approach The Holiday Season
December 1, 2022  A total of 384 properties sold in the Victoria Real Estate Board region this November, 41.2 per cent fewer than the 653 properties sold in November 2021 and 20 per cent fewer than in October 2022. Sales of condominiums were down 42.4 per cent from November 2021 with 136 units sold. Sales of single family homes decreased 34.1 per cent from November 2021 with 182 sold.

"November saw a significant decrease from last year in the number of home sales recorded, but this was expected as the market continues to settle after the record setting pace of 2021," says Victoria Real Estate Board President Karen Dinnie-Smyth. "With…

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