The Victoria Real Estate Board released its numbers from September sales and prices, calling the current market “balanced.”
A total of 493 properties sold in the region this September, according to the board, 20.2 per cent more than the 410 properties sold in September 2022 and a 9.4-per-cent decrease from August 2023. Sales of condominiums were up 23 per cent from September 2022 with 155 units sold. Sales of single-family homes increased 3.2 per cent from September 2022 with 228 sold.
“What we saw in our market last month was a continuation of the seasonal market trend we expect in a typical year as we move into fall,” said Victoria Real Estate Board chair Graden Sol, in a statement. “We have seen a slight return to a more balanced market in recent weeks. Our inventory right now features almost a thousand more listings for sale than we saw than at the start of this year.”
One of those listings shows that for certain properties, it doesn’t matter what’s on the land – it’s the potential that is worth millions of dollars.
A listing at 1512 Montgomery Ave. in the “esteemed” neighbourhood of Rockland is selling for $3,500,000 and the ad doesn’t feature a single photo of the actual house, other than a blurry aerial picture.
“Calling all Builders and Developers,” reads the ad. “A truly unique opportunity awaits in the esteemed Rockland neighbourhood. This Rare Mixed-Use Intensive (MMI) prospect holds the potential for remarkable transformation. Spanning an impressive 12,008 square feet, this lot is poised to accommodate a visionary project comprising 5 luxurious townhomes. One of the most compelling aspects of this opportunity is that there’s no need for rezoning. Furthermore, the current zoning permits structures of up to three storeys, a key detail that introduces the exciting possibility of capturing captivating water views.”
The listing says proposed house plans can be provided.
“This offering invites you to tap into the burgeoning potential of Rockland, crafting a legacy of luxury living within a coveted neighbourhood,” said the ad. “It’s an invitation to shape the landscape and realize a vision that blends architectural brilliance with a prime locale.”
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The City of Victoria has been working to add density in the city with its much-touted missing-middle plans aiming to add more housing options.
There were 2,699 active listings for sale on the Victoria Real Estate Board Multiple Listing Service at the end of September 2023, an increase of 8.4 per cent compared to the previous month of August and a 17.3 per cent increase from the 2,300 active listings for sale at the end of September 2022.
“That increase in inventory means there are more properties for prospective buyers,” Sol said. “More inventory also means buyers may have more time to shop, though in many of our local markets a well-priced property will sell rapidly, and we’re still seeing some multiple offer situations. The challenge of the day is that there are many buyers who hope to find homes in the missing middle – families who seek two- or three-bedroom homes at attainable price points – who are challenged by our current interest rate environment. Though housing prices have remained reasonably stable this year, the cost of carrying a mortgage has increased tremendously. This means that many first-time buyers and families are unable to purchase homes in our current market. With so many variables at play in each of the micro markets within Greater Victoria, it’s a good time to meet with your Realtor to discuss strategy if you are considering a move.”
READ MORE: Victoria easing missing middle housing restrictions after little uptake
