Victoria Home Buying and Selling Report
Ending March 2022
More properties came on to the market in March vs February of this year, which is normal. However, March 2022 had the lowest number of active listings in Victoria Real Estate Board history with 75% less than the 5-year average. As such, the majority of properties that have come on the market have sold quickly and received multiple, unconditional offers, especially if they were in the lower price range.
According to the Victoria Real Estate Board, in the past five years, the average number of active listings at the end of March was 1,864 properties. This March had just over one thousand properties at month end.
Given the pace and competitiveness of the Greater Victoria real estate market, it is not surprising that some home buyers are fatigued. This, combined with the possible effects of the government’s promise to apply new barriers to sales, such as the cooling-off period, could mean that some buyers may take a break from looking for real estate and instead turn their focus to traveling and reconnecting with family.
While expected mortgage rate increases and a mandated cooling-off period are supposed to dampen the market, they could have the opposite effect and keep home buyers on the hunt.
There does appear to be a shift happening in the market. However, what the shift will be is difficult to predict. Anecdotally, we are seeing some properties receiving over 20 offers with the majority being unconditional and over ask, while others are receiving only one offer with the typical conditions of financings and inspections. Still others are remaining unsold. Typically, the latter are a result of the list price for the homes being too aggressive.
Home sales are influenced by what is happening in the economy and overall society, and the effect of COVID on both is still playing out. Some believe that we could be poised for a post-COVID party of socializing and spending akin to the Roaring Twenties – although there are similarities, there are many differences. According to an in-depth article in the Smithsonian Magazine, “Mapping the post-pandemic events of the 1920s onto the nation’s post-COVID-19 future resembles trying to trace the path of a nearly invisible thread in an elaborate tapestry.”
Our advice, whether you are buying or selling is to stay calm. The market is intense right now. We have helped many buyers purchase homes within their budget, even in this crazy market, and have also helped many clients with a stress-free sale of their home.
If you have questions about buying or selling a home in Victoria. We’re here to help.
Interested in more statistics on Victoria real estate – click on the links to the right for the latest reports and data from the Victoria Real Estate Board, the British Columbia Real Estate Association, the Canadian Mortgage and Housing Corporation and the Canadian Real Estate Association.