November 2022 Market Report

monthly marketing update

Monthly Marketing Update

It’s almost that time of year again...

November saw a significant decrease from last year in the number of home sales recorded, but this was expected as the market continues to settle after the record setting pace of 2021. With a small month over month decrease in price, the fall market has returned to its traditional rhythm as we approach the holiday season. Inventory levels dipped slightly but remain well above this time last year, which is providing buyers with more options.

Photos taken in North Saanich

Most people seem to be in the bustle of Holiday Events, and some are still thinking about Real Estate.

Monthly Marketing Update

fig. 1

Monthly Sales Comparison

Greater Victoria Area — (2019 - 2022)

With the rapid introduction of Premier Edy’s changes to the Strata Property Act which removes rental restric tions and age restrictions, other than 55+ from strata developments, it is raising questions within strata com munities. It remains to be seen what effect this may have on the strata market. The question is… whether these changes will bring any additional rental stock to the market - with BC’s complex Residential Tenancy Act

not all homeowners of vacant strata homes have a desire to become landlords and current interest rates are less attrac tive to investors who may want to purchase strata rental properties. It is also possible that these measures will con tribute further to eroding housing affordability as older stra tas with rental restrictions were generally valued lower than their rentable counterparts. Another factor which is going to have an additional affect on the real estate market is the upcoming threat of another interest rate hike.

Photos taken in Brentwood Bay

The Multiple Listing Service® Home Price Index bench mark value for a single family home in the Victoria Core in November 2021 was $1,249,400. The benchmark value for the same home in November 2022 increased by 4.6 per cent to $1,307,100 but was down 2.6 per cent from October’s value of $1,341,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in November 2021 was $536,200, while the benchmark value for the same condominium in Novem ber 2022 increased by 9.6 per cent to $587,800, down by 2.5 per cent from the October value of $602,700.

fig. 2

Monthly Marketing Update

Absorption Rate

Greater Victoria Area — (2019-2022)

Did you know...

There were 2,111 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2022, a decrease of 3.7% compared to the previous month of October but a 138% increase from the 887 active listings for sale at the end of November 2021

Photos

Monthly Marketing Update

www.mhcollective.com mhcollective@holmesrealty.com 250-656-0911

Rick Cochrane — Michele Holmes — Debra Bartlett