Sadly, owning a home in Greater Victoria continues to become further and further out of reach for many.
According to the British Columbia Real Estate Association (BCREA), the average house price in Victoria is soaring and climbed 20.3% in just one year.
February 2022 data shows the average residential house price in BC’s capital hit $1,041,068—a jump of around $175,000 from the previous February when the average price was $865,235.
Even as prices continued on an upward trend, inventory dropped substantially. Last month, Victoria saw 576 active listings—over 40% less than the 969 recorded in February 2021.
“While sales are not keeping pace with the unprecedented level of activity we saw this time last year, demand continues to be quite strong,” said BCREA Chief Economist Brendon Ogmundson.
“There are some encouraging signs that listings are recovering from historical lows, but there is a very long way to go before markets achieve balance.”
Ogmundson’s comments came as the average house price across Vancouver Island rose even more—from $606,904 in February 2021 to $805,801 in February 2022. That’s a 32.8% increase, the BCREA says.
Tallying up last month’s inventory, the association’s data finds regions across the island together saw 996 active listings, which was 215 or 17.8% less year-over-year.
Recently, the BCREA posted a series of “sweeping recommendations” for the BC government to address current concerns with the province’s housing market, the real estate transaction process and consumer protection.
A Better Way Home: Strengthening Consumer Protection in Real Estate pointed to over 30 recommendations, including establishing a mandatory “pre-offer period” and helping consumers make more informed decisions in multiple offer scenarios.