MONTHLY MARKET UPDATE — APRIL 2022 EDITION
S
With the region continuing to experience supply and demand issues, rising interest rates, and higher prices, consumers are increasingly resisting participating in multiple offer competitions. The exception being lower priced homes, and those offering
Monthly Sales Comparison Greater Victoria - (2019-2022)
1400
1200
Number of Sales
pring in the Greater Victoria Area is historically when our local real estate market begins to experience some momentum. This year however, our sales numbers paint quite a different picture from this same time last year. A total of 824 properties sold in our region this past April, down over 26% from this same period in 2021. 403 single family homes sold in April 2022, down almost 28%, and 262 condominiums sold, down approximately 21%.
1000
824 800
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
Absorption Rate
6
5.7 5.1
Months of Inventory
Greater Victoria Area - (2019-2022) 5.3 4.7
5
4.7
4.6
4
4.2
5.6 5.2 4.3
4.1
4.0
3.9
4.0
4.2
4.3 4.0 3.7
3.5
3
2.8 2.4
2 1
1.8 1.6
1.4
1.6
1.5
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
2.2
“Wow Factor”. While our governments struggle to solve our housing woes with the introduction of new rules such as cooling-off periods and bans on blind bidding, what truly needs to happen is the construction of more homes. More supply is the best solution to our housing crisis. The benchmark price for a single family home in April 2021 was $903,600 in the Greater Victoria Area. Over the past year, that benchmark price has climbed to $1,180,000 this past month. Town house benchmarks climbed from $653,300 this time last year, to $808,600. Condominium benchmarks have jumped from $508,900 to
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!
$643,000 over the year. On the Peninsula, the benchmark for single family homes was $1,294,700 up from $994,000; the condominium benchmark was $594,000, up from $487,800 last April.
Greater Victoria Area (Core, Westshore & Peninsula) Absorption Rates by Price Range April 2022
4
3.67
4
Single family homes under $800K have 1 to 1.5 months of supply. In this range, property condition and property size lessens its demand. The $800K through $3M price range continues to draw strong demand with less than one month of inventory. There is slightly over three and a half months of inventory available above $3M, which given the exclusivity of that price range, continues to remain a sellers market. The highest priced sale during April 2022 was a North Saanich home in the Lands End neighbourhood selling for over 6M. The lowest priced non-strata, non-manufactured, freehold, property was a 1,229 sq ft home in Victoria selling for $765,000.
3
2
1.50
2
1
1.00 0.68 0.62
0.89
1
0
0.20 Under $600K
$600K to $800K $800K to $1M
$1M to $1.5M
$1.5 to $2M
$2M to $3M
Over $3M
Absorption Rates - Single Family Detached April 2022
4.50
4.00
4.00
Months of Inventory
Once again this month we see absorption rates remain historically low across all price points. Despite the increased buyer hesitancy to participate in competitions and the submission of unconditional offers, properties continue to take on average between 12-17 days to sell.
Months of Inventory
3
3.33
3.50
3.00
2.52
2.47
2.50
2.06 2.00
1.84
1.74 1.45
1.50
2.13
2.08 1.78
1.33 1.32
1.09 1.00
0.50
0.00
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 5.7
6
5.3
5.1
Months of Inventory
Greater Victoria Area - (2019-2022)
4.7
5
4.7
4.6
4
4.2
5.6 5.2 4.3
4.1
4.0
3.9
4.0
4.2
4.3 4.0 3.7
3.5 2.8
3
2.4 1.9
2
1
1.6
1.4
1.6
1.5
1.7 1.4
1.3
1.3
1.3
1.2
1.1
December
November
October
2022
1.4
September
2021
1.3
August
2020
1.3
July
June
2019
2.0 1.6
May
April
March
February
January
0
1.8
2.2
Active Listings / Number of Sales Greater Victoria - (last 24 months) 3000
2500
2000
1500
1000
500
0
Active Listings
Number of Sales
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
HISTORICAL ANNUAL VOLUME $10
$9
$8
$7
BILLIONS
$6
$5
$4
$3
$2
$1
$0
Absorption Rates - Single Family Detached April 2022
4.50
4.00
Months of Inventory
4.00
3.33
3.50
3.00
2.50
2.06 2.00
1.45 1.09
0.50
0.00
2.13
2.08 1.84
1.74
1.50
1.00
2.52
2.47
1.33 1.32
1.78
Absorption Rates - Condominiums April 2022
4.00
Months of Inventory
3.50
3.00
2.50
2.14 2.00
1.64 1.50
1.30
1.27 1.04
1.00
0.50
0.00
1.50
0.82
0.98
1.08 0.84
0.30
Absorption Rates - Townhouses April 2022
2.50
2.25
Months of Inventory
2.00
1.64
1.64
1.50
1.20 1.00
1.00
1.15
0.91
0.86
0.80
0.71
0.50
0.00
0.39 NO ACTIVE 0.00 LISTINGS
Absorption Rates - Manufactured Homes April 2022
6.00
5.50
Months of Inventory
5.00
4.00
3.43 3.00
2.33 2.00
1.50 1.20 1.00
0.00
Absorption Rates - Saanich Peninsula April 2022 3
2.47 2.08 2
2.14 1.84
1.64
1
0.71 0.30 0
n/a
n/a
SINGLE FAMILY CONDOS
TOWNHOMES
North Saanich
Sidney
Central Saanich
Saanich Peninsula Absorption Rates by Price Range April 2022
4
Months of Inventory
3
3.00 2.33
2
1.57 0.83 0.93
1
NO SALES PAST 3 MONTHS
NO ACTIVE LISTINGS
$600K to $800K
$800K to $1M
0.00 0.00
0 Under $600K
$1M to $1.5M $1.5 to $2M
$2M to $3M
Over $3M
Victoria Absorption Rates by Price Range April 2022
4
Months of Inventory
3
3.00
2
0.90
1
0.50 0.44 0
Under $600K
$600K to $800K $800K to $1M
0.18 $1M to $1.5M
0.36 $1.5 to $2M
0.50 $2M to $3M
Over $3M
Saanich East Absorption Rates by Price Range April 2022
12
11.00
11 10
Months of Inventory
9 8 7 6 5 4 3
1.50
2 1 0
NO ACTIVE LISTINGS OR SALES
0.00
0.96 0.75 0.53 0.32
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 April 2022
3
2.60
Months of Inventory
3
2.08 2
2
1
1
0
NO ACTIVE LISTINGS OR SALES
NO ACTIVE LISTINGS OR SALES
0.30
NO ACTIVE LISTINGS OR SALES
0.50
0.00 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
Langford Absorption Rates by Price Range April 2022
6.60
7
Months of Inventory
6
5
4
3.00
3
2
0.87
1
0
NO ACTIVE LISTINGS OR SALES
NO ACTIVE LISTINGS
Under $600K
$600K to $800K
0.00 0.00 $800K to $1M
1.22 0.56 $1M to $1.5M $1.5 to $2M
$2M to $3M
Over $3M
Colwood Absorption Rates by Price Range April 2022
10
9.00
9
Months of Inventory
8 7 6 5 4 3
1.67
2 1 0
NO ACTIVE LISTINGS OR SALES
NO ACTIVE LISTINGS
0.00 0.00
0.75 0.66
Under $600K $600K to $800K $800K to $1M
$1M to $1.5M
NO SALES IN PAST 3 MONTHS
0.00 $1.5 to $2M
$2M to $3M
Over $3M
Metchosin Absorption Rates by Price Range April 2022
2
Months of Inventory
1.50
1.50
1
0
NO ACTIVE LISTINGS OR SALES
NO ACTIVE LISTINGS OR SALES
NO ACTIVE LISTINGS OR SALES
NO SALES LAST 3 MONTHS
NO ACTIVE LISTINGS
0.00 0.00 0.00 0.00 Under $600K
$600K to $800K $800K to $1M
$1M to $1.5M
0.00 $1.5 to $2M
$2M to $3M
Over $3M
Greater Victoria Area (Core, Westshore & Peninsula) Absorption Rates by Price Range April 2022
4
3.67
4
Months of Inventory
3
3
2
1.50
2
1
1.00 0.68 0.62
0.89
1
0
0.20 Under $600K
$600K to $800K $800K to $1M
$1M to $1.5M
$1.5 to $2M
$2M to $3M
Over $3M