MONTHLY MARKET UPDATE — JULY 2022 EDITION
A
total of 510 properties were sold in the
Victoria Real Estate board region this July, 38.9 per cent fewer than the 835 properties sold in July 2021 and a 16.7 per cent decrease from June 2022. Sales of condominiums were down 39.4 per cent from July 2021 with 172 units sold. Sales of single family homes decreased 35.9 per cent from July 2021 with 254 sold. "We'd previously indicated a shift in the local housing market," said 2022 VREB President Karen Dinnie-Smyth. "This continued be the case in July as sales dipped, and we saw fewer listings come to the market. with more of the existing inventory remaining for sale. This slowdown means a calmer and more friendly environment with time for decision-making, which benefits sellers and buyers and will be a relief to many."
Active Listings / Number of Sales Greater Victoria - (last 24 months)
2162
510
Active Listings
Number of Sales
There were 2, 162 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of July 2022, an increase of 5 per cent compared to the previous month of June and a 70.2 per cent increase from the 1,270 active listings for sale at the end of July 2021.
510
"As a result of the higher interest rates and inflation occurring right now, we see fluctuations in price and availability," adds President DinnieSmyth. "Values will rise and fall over time, and historically local real estate values slowly increase over time, which means despite· month-tomonth variations, if you are buying a home, you have a sound, long-term
2481 BEACON AVENUE SIDNEY BC V8L1X9 | 1-877-656-0911 REACHUS@HOLMESREALTY.COM | WWW.HOLMESREALTY.COM When you buy or sell a home with Holmes Realty, a portion of the commission goes in support of local charities. Over $250,000 raised!
investment. We need to remember that people don't buy and sell on a monthto-month basis and that in the larger scheme of things, housing is more than numbers. A property is a place where people live their daily lives, raise their families, etc. It is more than a commodity, and for many it is the most important purchase they make in their lifetime. The government's recent focus has been on demand-side mechanisms and other market modifiers such as a mandatory three-day cooling off period to start in 2023. A better long-term approach to housing affordability for our future is to address housing supply constraints which will be central to the next round of upward pressure on home prices.
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in July 2021 was $1,204,900. The benchmark value for the same home in July 2022 increased by 19 per cent to $1,433,800 but was down 2.1 per cent from June's value of $1,464,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in July 2021 was $502,600, while the benchmark value for the same condominium in July 2022 increased by 27 .3 per cent to $639,600, down by 0.5 per cent from the June value of $643,100.
July 2022
2481 BEACON AVENUE SIDNEY BC V8L1X9 | 1-877-656-0911 REACHUS@HOLMESREALTY.COM | WWW.HOLMESREALTY.COM When you buy or sell a home with Holmes Realty, a portion of the commission goes in support of local charities. Over $250,000 raised!
Absorption Rate Greater Victoria Area - (2019-2022)
6
5.7 5.1
5.3 5.6 4.7
Months of Inventory
5
4.7
4.6
4
4.2
5.2 4.1
4.3 4.0
4.0
3.9
4.2
4.3 4.0
3.5 3.4
2.8
3
3.7 2.8 2.4
2.2
2 1
1.8 1.6
1.4
1.6
1.5
2.2
1.7
1.4
1.3
1.3
1.3
1.3
1.2
1.1
December
November
October
2022
1.4
September
2021
1.3
August
July
2020
June
2019
2.0 1.6
May
April
March
February
January
0
1.9
Monthly Sales Comparison Greater Victoria - (2019-2022) 1400
Number of Sales
1200
1000
800
600
400
200
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2019
329
421
640
696
848
740
706
661
616
619
577
402
2020
411
563
608
287
457
808
979
979
989
990
795
631
2021
646
863
1173
1116
1049
942
835
831
761
745
653
438
2022
474
718
833
824
761
612
510
Metchosin Absorption Rates by Price Range July 2022
4
3.00
Months of Inventory
3
2.00
2
1.00
1
0
1.80
0.00
NO SALES LAST 3 MONTHS
NO ACTIVE LISTINGS OR SALES
Under $600K
$600K to $800K
$800K to $1M
NO ACTIVE LISTINGS OR SALES
NO SALES LAST 3 MONTHS
0.00
$1M to $1.5M
$1.5 to $2M
$2M to $3M
NO SALES LAST 3 MONTHS
0.00 Over $3M
Saanich Peninsula Absorption Rates by Price Range July 2022
11
10.29
10 9
Months of Inventory
8 7 6
5.25
5 4 3
2.00
2 1 0
2.47
2.61 1.50
NO ACTIVE LISTINGS OR SALES
0.00
Under $600K
$600K to $800K
$800K to $1M
$1M to $1.5M
$1.5 to $2M
$2M to $3M
Over $3M
Victoria Absorption Rates by Price Range July 2022
10
9.00
9 8
Months of Inventory
7 6 5 4
3.00
3 2
1.50
3.00 2.12
2.13
$800K to $1M
$1M to $1.5M
3.60
1 0
Under $600K
$600K to $800K
$1.5 to $2M
$2M to $3M
Over $3M
Saanich East Absorption Rates by Price Range July 2022
14
12.50
13 12 11
Months of Inventory
10 9 8 7 6
4.76
5 4 3
1.80
2 1 0
NO ACTIVE LISTINGS OR SALES
2.00
2.45
NO SALES LAST 3 MONTHS
0.00
0.00
Under $600K
$600K to $800K
$800K to $1M
$1M to $1.5M
$1.5 to $2M
$2M to $3M
Over $3M
Oak Bay Absorption Rates by Price Range July 2022
14
12.00
12
Months of Inventory
10
8
6
4.64
4
3.00 1.69
2
0
NO ACTIVE LISTINGS OR SALES
0.00
NO ACTIVE LISTINGS OR SALES
0.00
NO ACTIVE LISTINGS OR SALES
Under $600K
$600K to $800K
$800K to $1M
0.00
$1M to $1.5M
$1.5 to $2M
$2M to $3M
Over $3M
Langford Absorption Rates by Price Range July 2022
12
10.50
11 10
9.60
Months of Inventory
9 8 7 6 5 4 3
1.80
2 1 0
1.97
2.74
NO ACTIVE LISTINGS OR SALES
NO SALES LAST 3 MONTHS
0.00
Under $600K
0.00 $600K to $800K
$800K to $1M
$1M to $1.5M
$1.5 to $2M
$2M to $3M
Over $3M
Colwood Absorption Rates by Price Range July 2022
15
14.25
14 13 12
Months of Inventory
11 10
9.00
9 8 7 6
5.00
5 4
3.00
3
1.38
2 1 0
NO ACTIVE LISTINGS OR SALES
NO SALES IN PAST 3 MONTHS
0.00
Under $600K
0.00
$600K to $800K
$800K to $1M
$1M to $1.5M
$1.5 to $2M
$2M to $3M
Over $3M
Greater Victoria Area (Core, Westshore & Peninsula) Absorption Rates by Price Range July 2022
14
12.00
12
Months of Inventory
10
8
5.94
6
4
2
0
1.71 Under $600K
2.63
$600K to $800K
1.92
$800K to $1M
2.74
$1M to $1.5M
3.70
$1.5 to $2M
$2M to $3M
Over $3M
Absorption Rates - Saanich Peninsula July 2022
1.95
2
1.86
1.14 1.15
1
0.94
0.92
0.43 0
n/a
n/a
SINGLE FAMILY CONDOS
TOWNHOMES
North Saanich
Sidney
Central Saanich
Absorption Rates - Single Family Detached July 2022
2.50
2.00
1.86
Months of Inventory
1.76
1.95 1.71 1.41
1.50
1.27
1.26 1.14
1.00
0.92 0.81
0.50
0.00
0.43
0.50
0.55
0.90
Absorption Rates - Condominiums July 2022
4.00
3.50
Months of Inventory
3.00
2.50
2.33
2.00
1.71 1.50
1.00
1.26 0.89
0.72
0.79
0.80
0.92
0.94
0.91
0.50
0.14 0.00
Absorption Rates - Townhouses July 2022
2.50
2.25 2.00
Months of Inventory
2.00
1.50
1.25
1.33 1.15
1.00
0.82
0.82 0.63 0.43
0.50
0.00
0.00
NO ACTIVE LISTINGS
0.00
1.92
Absorption Rates - Manufactured Homes July 2022
0.80
0.75
0.70
Months of Inventory
0.60
0.67 0.60
0.50
0.40
0.35
0.30
0.20
0.10
0.00
0.00
Absorption Rates - Saanich Peninsula July 2022
1.95
2
1.86
1.14 1.15 1
0.94
0.92
0.75 0.43
n/a
0
SINGLE FAMILY
n/a
CONDOS
North Saanich
n/a
TOWNHOMES
Sidney
0.00
MANUFACTURED
Central Saanich
HISTORICAL ANNUAL VOLUME $10
$9
$8
$7
BILLIONS
$6
$5
$4
$3
$2
$1
$0
Active Listings / Number of Sales Greater Victoria - (last 24 months) 3000
2500
2000
1500
1000
500
0
2653 2584 2389 2122 1813 1279 1321 1318 1310 1454 1450 1375 1270 1120 1124 1036 887 652 744 849 1063 1365 1776 2059 2162
Number of Sales