Tuesday, November 8, 2022 / by Curtis Singh
Greater Victoria Market Update - November 2022
October 2022 Insights - Greater Victoria
Insights based on the Multiple Listing Service® Home Price Index
- The benchmark value for a single family home in Greater Victoria in October 2021 was $1,079,800. The benchmark value for the same home in October 2022 increased by 10.5% to $1,193,600, down 2% from the September 2022 value of $1,218,500.
- The benchmark value for a condominium in Greater Victoria in October 2021 was $518,800 while the benchmark value for the same condominium in October 2022 increased by 15% to $596,700, down 2.2% from the September 2022 value of $609,900.
- The benchmark value for a townhome in Greater Victoria in October 2021 was $723,200 while the benchmark value for the same townhome in October 2022 increased by 11% to $802,500, down 2% from the September 2022 value of $818,800.
The month of October continued the trend of lower actual sales and relatively small price decreases. The Bank of Canada raised interest rates by another 0.5% bringing the current policy rate to 3.75%. There are several micro-markets that continue to be active, some properties still receive multiple offers, while other areas are seeing more days on market and further price decreases.
How are prices trending and how long will these trends continue?
Over the last four months we have seen price decreases of 1%-2.5% in all housing categories on a monthly basis. Taking this ongoing trend into consideration, along with reflecting on previous market declines, we can expect to see these price declines to continue until the spring and possibly moving into the summer.
That being said, price declines may not happen in every part of the market. Entry level condominiums and well located single family homes will continue to be sought after properties. Well located townhouses will also be a high demand property as families adjust to rising interest rates, looking for other options to work within their budget.
When is the right time to make a move?
This is a good question to ask and can really only be answered based on individual scenarios. If you are selling and buying in the same market, the next six months could be a very good time to make your move. If you are a buyer looking for a luxury property, you may want to wait until spring/summer 2023. For some, there will be great opportunities to find their ideal home in the next 6 months, for others it will be best to wait.
If there is one thing you take away from this update it is this - take the time to speak with one of our neighbourhood experts to ensure you are recieving pertaining information on the market(s) you are specifically interested in. Obtaining professional advice that is focused on your best interests, both short and long term, is essential to ensure you are making the right decision and investment.
A better service-
The Executive Group is a top producing real estate team located at the best award winning brokerage in the city, REMAX Camosun. We pride ourselves on our professionalism, our hard work and our ability to put our clients needs first. We want your real estate investment to be the best it can be, please contact us if we can be of service.
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