The Victoria Real Estate Board says the market is rebounding locally and several new and high-priced listings are now popping up.
A total of 590 properties sold in the Victoria Real Estate Board region this March. Now that is 29.2 per cent fewer than the 833 properties sold in March 2022, but it’s a 28.3 per cent increase from February 2023.
“We’ve seen our sales numbers this month almost double from January,” said Victoria Real Estate Board chair Graden Sol.
Listings have been relatively stagnant during the past couple of months, but Realtor.ca shows some new ones asking for top dollar.
This includes a 1912 house at 1069 Beach Dr. that has been listed for a whopping $11.5 million despite looking like it hasn’t been updated in decades (see the photo of the kitchen, which has some funky colours).
The price might be more based on the size of the property than the condition of the house. It’s located on 2.92 acres of waterfront, “beautifully adorned with stunning gardens, created by the family who founded Victoria’s own Butchart Gardens.”
“This magnificent 8,970 square foot stone manor offers spectacular ocean views throughout the principal rooms and master suite,” reads the listing. “Walk over 277 feet of waterfront with breathtaking views of San Juan Island and Mt. Baker. In this sought-after Beach Drive neighbourhood, you will fall in love with this prestigious 1912 home, which is nestled only steps away from the Victoria Golf Course.”
Sales of condominiums were down 29.4 per cent from March 2022 with 197 units sold. Sales of single family homes decreased 31.8 per cent from March 2022 with 281 sold.
“As we move further into spring, we expect that the return to confidence we’ve seen in the market will continue,” Sol said. “What we can’t predict is what the overall impact on pricing will be if we continue to see quite low inventory across our community. Some pockets of our market are busier than others.”
There were 1,970 active listings for sale on the Victoria Real Estate Board Multiple Listing Service at the end of March 2023, an increase of 8.9 per cent compared to the previous month of February and an 85.3 per cent increase from the 1,063 active listings for sale at the end of March 2022.
“Demand is recovering,” adds Sol. “Compared to the end of 2022, prices have firmed up and interest rates have become normalized. Consumers are more active, and we are seeing quite a few multiple offers on well-priced properties. Inventory continues to trend lower than long term averages. As our spring market continues to strengthen, we may start to experience some upward pressure on pricing again. We have been talking about the need for supply to help moderate pricing for a long time. Premier Eby’s announcement this week about the provincial government’s Homes for People action plan reflects an increasing awareness of the importance of supply. We need all levels of government to continue to focus on solving our market housing crunch, so we do not return to the high-pressure markets of the recent past.”
The Multiple Listing Service Home Price Index benchmark value for a single family home in the Victoria Core in March 2022 was $1,387,200. The benchmark value for the same home in March 2023 decreased by 10.9 per cent to $1,236,200, down from February’s value of $1,247,200. The MLS HPI benchmark value for a condominium in the Victoria Core area in March 2022 was $616,400, while the benchmark value for the same condominium in March 2023 decreased by 9.1 per cent to $560,300, down from the February value of $568,200.
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