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
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