June 2023 The Victoria Real Estate market is slowly picking up this spring but mostly in certain high demand locations. The high interest rates are keeping sales and prices flat throughout most of the region, including the Westshore.  Victoria and Saanich are experiencing an uptick in certain high demand areas resulting in some price increase […]

May 2023 The Victoria Spring market is well underway. This year has been slower than usual, and the continued high interest rates combined with lower-than-normal inventory levels are keeping sales numbers on the lower side, resulting in a more balanced market for Buyers and Sellers. Overall prices have remained stable while some neighbourhoods are experiencing […]

HAPPY EASTER! April 2023 The early spring market is showing signs of improvement due to a growing consumer confidence and increased demand for housing. The interest current rates are becoming the new norm and average prices, while still dropping slightly in some, are holding steady for the most part. Sale volume increased month over month, […]

March 2023 The Victoria Real Estate market remained stable in February with prices dropping slightly while monthly sales increased from the previous month. The overall listing inventory remains low which should help keep prices from dropping much further in the coming months. However, the higher interest rates appear to be with us for the foreseeable […]

HAPPY VALENTINE’S DAY!   February 2023 The Victoria Real Estate Market started out slow as January sales were the lowest since the financial crisis fallout in 2009. The continued high interest rates appear to be the main reason for the lower numbers. The overall market will be slower in 2023, and prices may continue to […]

  January 2023 I Hope you and your family had a wonderful holiday season. 2023 is upon us and I wish everyone all the best throughout this year. Real Estate wise, it should be an interesting year as interest rates remain high and prices continue to soften. The future market activity is too hard to […]

December 2022 Have a wonderful Holiday Season and a great New Years! As we near the end of 2022, the current market conditions continue to be greatly affected by the rising interest and mortgage rates resulting in lower sales numbers, slight price drops and higher listing inventory. This trend should continue in 2023. Below are […]

November 2022 Victoria experienced a slight uptick in sales volume last month but the overall market is still feeling the effects of the high interest rates and high inflationary times we are currently living in. Inventory is up significantly from a year ago giving Buyers more choice while prices are still trending in a downward […]

  OCTOBER 2022 The Victoria Real Estate market has slowed this Summer but I do not foresee any catastrophic collapse. Sales have slowed significantly over the last few months and Buyers and Sellers are now taking days to put deals together as apposed to hours in the Spring. Currently there is no urgency to act […]

SEPTEMBER 2022 Hope you are enjoying the tail end of the Summer and this great run of weather we are experiencing in Victoria. The Bank of Canada has increased interest rates this year to try and offset the high inflation rate, resulting in a summer slow down of the Real Estate market. Housing sales and […]

    AUGUST 2022 Hope your summer is going well. The weather has been great and summer holidays are in full swing. Not much to report this month other than the continued slow down in sales and softening of prices predominantly created from the large interest rate increases over the last 2 months. With predictions […]

JULY 2022 Hope you are enjoying your summer. The Victoria weather is improving this week which is nice to see. Alternately, Victoria’s hot housing market has continued to simmer this summer. The interest rate increases over the last 6 weeks have affected the overall market significantly, and this combined with the usual summer slow down, […]

JUNE 2022 The Greater Victoria real estate market has made a quick shift from the extremely busy and frantic pace over the last few years to a more practical and calm level. This is a refreshing change and has allowed Buyers to take a deep breath and slow down the home buying process. The rapid […]

May 2022 Spring is traditionally the busiest real estate season in Greater Victoria, but this trend has been changing this year. Sales have slowed, and listing inventory is on the rise. Interest rates are also on the rise which seems to be the main reason for the sales slow down. Prices are still high but […]

HAPPY EASTER April 2022 The Victoria real estate market continues to experience low inventory and high demand as the spring market gets underway. Prices remain at record highs. However, there seems to be a slight shift in the market, as fewer homes are receiving multiple offers, and the over all sales numbers slowed for the […]

  March, 2022 The Victoria Real Estate Market is still very busy as the low listing inventory is keeping prices strong while house hunting for buyers remains a challenge. The interest rate increase on March 2nd by the Bank of Canada will not have much impact at this time, but we may see some balancing […]

      February, 2022 Limited listing inventory continues to be a key issue for the Victoria real estate market. The record low number of homes for sale in all categories has created a continued surge in prices and a real challenge for buyers that need housing. The anticipated Interest rate increase did not materialize […]

    January 2022: Hope you are all having a good start to the year. The Omicron wave has been very unsettling over the last few weeks. Let’s hope the Covid numbers have peaked and are now on there way down. The real estate market has started off with a bang! Prices are at record […]

  December 2021: As we approach the holiday season I wanted to Thank you all for an amazing 2021 and wish you and your families health and happiness through the holidays and into the New Year. I hope that 2022 brings better news for the pandemic, and we can start to get back to some […]

    November 2021: The Greater Victoria real estate market is experiencing unprecedented times due mainly to the lack of listing inventory which is putting a significant strain on the housing market. With so few homes available, sales have decreased while prices are still heading in an upward direction, creating a frustrating environment for buyers […]

October 2021: Hope everyone had a great Thanksgiving weekend. Next up is Halloween. Can’t wait to see our 4 year old granddaughter who is making the trip from Vancouver to spend Halloween with us. The Victoria real estate market has slowed somewhat over the last two months. Primarily due to the lack of available housing […]

September 2021: The Greater Victoria housing market is strong and should continue this way with few changes into the fall. However, there is a significant lack of listings in all categories which continues to put upward pressure on prices and is making it very hard for buyers to get into the market.  One reason for […]

    August 2021: Hope you are enjoying your summer. The weather has been great. We do need some rain though to help with the burning fires in our province. July was an active month in the Victoria real estate market, but sales started to slow about mid way through July. Prices were still up […]

July 2021: The Month of June was another busy month for the Victoria Real Estate market. However, the heat wave did slow the market in the latter part of the month and now with the relaxing of the Covid 19 restrictions as of July 1st, the market seems to have shifted slightly and the frenzy […]

June 2021: The Greater Victoria real estate market experienced an extremely busy May. Prices continued to climb, listing inventory continued to decline, and the number of sales were again above the 10 year average. The majority of out of country buyers have been on the sidelines due to the travel restrictions. The inter-provincial buyers have […]

  May 2021: Housing Market in Greater Victoria Remains Strong. With prices remaining at record highs, interest rates at record lows, and listing inventory about 40% lower than usual, there appears to be no slow down expected in the Victoria market anytime soon. Below are the statistics for the month of April 2021. Listing Inventory: […]

  April 2021: The month of March was like no other in Victoria when it came to the real estate market.  There were almost 1200 sales for the month compared to a seasonally averaged number of about 750. Prices are setting records with multiple offers in the $100,000-$300,000 range above list prices and listing inventory […]

Happy St. Patrick’s Day Everyone! March 2021: The Victoria Real Estate market is showing no signs of letting up as we approach the busiest season of the year. With sales at extremely high levels and listing inventory at historic lows, the resulting record high prices appear to be with us for the foreseeable future. The […]

Happy Valentines Day ! February 2021: The continued COVID restrictions in our province is wearing on us all and I wish everyone well during these times. Let’s hope things start to improve in the coming months. This weekend is a special weekend to spend time with loved ones within your bubble as we celebrate Valentine’s […]

January 2021:    Welcome to 2021. Let’s hope things improve with the Vaccine rollout this year so we can all start to get back to a normal life.  The Victoria real estate market had a very busy year in 2020, with a grand total of 8,497 properties sold over the course of 2020, 17.1 % more […]

December 2020:    As we enter the Holiday season the Victoria real estate market remains strong and should continue to excel into 2021, even in the face of the pandemic. The positive news of the Vaccine comes at a time when the increased restrictions are creating challenging times for families to get together in the traditional […]

November 2020: The Victoria Real Estate Market continues to outperform in unpredictable times. October hit an all time high for the number of sales. The market is showing no signs of slowing during the pandemic, and with Vancouver Island faring much better with COVID than other regions in the province and across the country, the […]

  October 2020: The Victoria Real Estate market is continuing to thrive during these irregular times, with single family sales leading the way. The overall sales numbers were up substantially in September, and so far, they are continuing to remain strong in October. Victoria remains a popular buying destination not only for local buyers, but […]

    September  2020: The Victoria Real Estate market was extremely busy throughout the month of August. Sales were almost 50% higher than the 2019 numbers, while prices held steady. The record low interest rates at this time, buoyed by the rush to make a move before the potential 2nd wave of the pandemic hits […]

Rocky the Raccoon Says “Make Sure you Wear your Mask and wash your hands!”   August  2020: Hope you are all making the best of this summer under the COVID world we are living in. The weather has been pretty good, so that has been a bonus. The Victoria real estate market was impacted by […]

July 2020: Hope you are enjoying this summer of 2020 under the circumstances we are living in. The Victoria real estate market was impacted by many different factors in June. Phase 3 re-opening, pent up demand from the lockdown months, changes to mortgage qualifying by CMHC, and the increased desire for people to move to […]

  June  2020:    The Victoria market has started to pick up over the last few weeks. Mostly due to the easing of restrictions in our region. Sales and listings are still below 2019 levels, but the market is experiencing a recent surge in activity, and there have been a lot of multiple offer situations arising from the pent-up […]

  May  2020:     The Victoria Spring market is in full swing amongst the COVID 19 Pandemic. April experienced a pause, but the past few weeks have seen an increase in activity. Next months numbers will give a better picture on how the market will react to this ongoing situation. April numbers for sales and listings dropped significantly from the […]

  April  2020:   Happy Easter!   I hope you and your loved ones are doing well and staying safe under the current COVID-19 world we are all living in. During these challenging times, the real estate market will be experiencing some significant turbulence. We will get through this, but during the next few months, the market […]

March  2020:  Up until this week, the real estate market in Victoria was experiencing a strong start to the upcoming spring market. However, COVID 19 has changed all of that, specifically over the last 48 hours. I have been inundated with emails and calls from clients that are wondering which course of action to take right now. Escalating concerns over the COVID 19 […]

Happy Valentines Day ! February 2020: It looks like Victoria is finally getting some reprieve from the heavy rain that has saturated our region over the last few months. The real estate market has continued to remain strong over the winter months and the current sales numbers are trending upward. If interest rates drop, which […]

  January 2020: The Victoria Real Estate market is off to a strong start this year and should remain so throughout 2020. Sales are picking up, listing inventory is down, and the number of local and out of area buyers looking to move into our region is on the rise. This could lead to upward […]

December 18, 2019 The holiday season is in full swing with only one week remaining until the Christmas break. The Real Estate Market is beginning to take a break as well and should remain slower until the New Year. Overall Sales were higher in November compared to 2018, and listing inventory continued to drop while […]

  November 13, 2019 The Victoria Fall Market is well under way and the real estate outlook continues to remain strong for the region. Monthly sales numbers are higher than last year and single family home sales improved from last months numbers. Overall prices are down slightly, but mostly for Single Family homes in the […]

Oct 10, 2019  The Victoria Fall Market is under way and the real estate outlook remains positive for our region.   Monthly sales numbers are higher than last year with Condos and Townhomes leading the pack. Overall prices are down slightly, but mostly for Single Family homes in the Victoria core areas. Outlining markets like the Westshore, that are more affordable, are seeing stable pricing and in some cases, small increases. The desirability […]

September 15, 2019 The summer real estate market remained strong this year and the upcoming fall market will continue in its path. The weather has been great, and lots of buyers continue to arrive from different parts of Canada to explore their Greater Victoria buying options. Prices continue to hold steady, and sales are continuing […]

  August 2019 Blog The summer real estate market continues to remain strong this year. The weather has been great, and lots of buyers continue to arrive from different parts of Canada to explore their Greater Victoria buying options. Prices continue to hold steady, and sales are continuing to trend upward. Interest rates remain low, […]

  July 2019 Blog The summer market has been very active in Victoria. July is usually a good time for us realtors to take a break. However, this July has been full steam ahead. Sales are tracking at close to 2018 levels, and prices seem to be holding steady. The current overall listing inventory is […]

    June 2019 Blog Summer is rapidly approaching in Victoria, and the Real Estate market is continuing to do very well. The current overall listing inventory is still increasing, but the number of sales soared in May while prices remained firm. This, coupled with the low interest rates which are expected to stay down […]

May 2019 Blog Spring has arrived in Victoria, and the Real Estate market is continuing to surpass expectations. The government intervention to cool the market over the last two years is having a dampening effect for some buyers qualifying for more expensive homes, so this segment of the market is slower. However, this has created […]

  April 2019 Blog Spring has arrived in Victoria, and the Real Estate market is doing better than expected. The government intervention to cool the market over the last two years is having a dampening effect for some buyers qualifying for more expensive homes, so this segment of the market is slower. However, this has […]

MARCH 2019 Blog: The weather is finally improving in Victoria and the flowers are now starting to bloom. Most of February was snowy and cold, but the temperatures over the last week have improved greatly, leading to an increase in activity in the real estate market which should result in higher sales over the course […]

  February 2019 Blog: Happy Valentines Day! The real estate market in Victoria is continuing to cool and will remain slower throughout this year. Mainly due to the mortgage stress test enacted a year ago, lowering the number of buyers qualified to buy in this high priced Victoria market. Over all, the Greater Victoria sales […]

  I hope you all had a great holiday season. 2019 is now upon us. I can’t believe we are already in mid January. Time does fly by. The real estate market in Victoria is starting to pick up again and all signs are indicating that it should be a good year throughout 2019. The […]

The holiday season is rapidly approaching, and the Victoria Real Estate Market is looking forward to a long overdue rest. The last three years have been a roller coaster ride like none ever seen before in our market, and the results were record high prices, record low listing inventory, and record high sales volumes. This […]

The Victoria real estate market continues to remain stable and balanced this fall, and should remain so for the next few months. Sales jumped up from the September numbers, but remained lower than the November 2017. Listing inventory is also significantly higher than this time in 2017, leaving more choice for buyers. Currently, the average […]

The Victoria real estate market continues to stabilize as we enter the fall market and should continue to do so throughout the remainder of 2018. Prices have dropped slightly from the month of August and may continue to drop a bit further as the year progresses. Currently, the average price for a Single Family home […]

The Victoria real estate market is still strong but showing signs of slowing down this fall. Prices seem to have plateaued as the July and August average prices have hit a ceiling. The average price for a Single Family home is sitting at about $880,000. The number of monthly sales are also lower, but this […]

  The weather has been very hot in Victoria over the last few weeks and the forecast appears to be continued sunshine. This usually results in a slower real estate market, with fewer sales, as most of us are out enjoying the last month of summer before the kids go back to school. Our grand […]

Summer is in full swing! July weather in Victoria is currently sunny, in the high 20’s, and showing no signs of letting up. The real estate market is usually slower in July, which gives us realtors a chance to relax and enjoy some down time with family and friends. I hope you are also enjoying […]

Hello again, Here is the inaugural email of my new monthly Victoria Real Estate Update. The goal of my email updates is to provide you with current real estate market statistics, some commentary about the local housing market and some real estate related links and articles to assist you with any of your real estate […]

The Victoria real estate market has started out very strong in 2018. Prices have remained high, with the average price of a single family home chalking in at just over $831,000, which is about 10% higher than a year ago. Condos, at $445,000 average price, are up 20% from one year ago. Sales have softened […]

The Victoria real estate market is undergoing a slight change as the strong market continues into the fall. The average prices appear to have hit a peak as this summer experienced a small price drop for the first time in almost 2 years. The overall listing inventory has increased slightly in September compared to the […]

The smoke has finally cleared from the air in Greater Victoria, but the fires throughout BC are still burning. Let’s hope some rain comes soon. This summer has been extremely dry as Victoria was on the verge of breaking a 53 day record of no rain set in 1986, but some rain finally came late […]

The real estate market has been very busy again in 2017. This is great news if you are a seller, as prices are up about 20% from one year ago in almost all regions of Greater Victoria. Sales have slowed slightly from the records set in 2016 but only because there are not enough properties […]

2017 is already into it’s second month and who would have thought that Victoria would have received a severe snowfall in early February? The real estate market is always temporarily frozen when Victoria gets a snow fall, but things should be back to normal in the next day or so, as the snow is melting […]

Government Intervention – Good or Bad? Wow! The Canadian and BC Governments are sure getting involved with the real estate market in Canada this year, with the intent to try and make real estate more affordable, help Canadians stay in a safer debt range, and to bring in extra tax revenue. The ultimate looser in […]

Greater Victoria Real Estate Summer Outlook The BC Real Estate market has been extremely busy, and the Victoria market has experienced record sales volumes and record price increases over the last 3 months. Also, the BC Government has stepped in to intervene in the market with a number of measures that they feel will help the […]

Greater Victoria Real Estate Spring Outlook If you have read my blogs over the last few years you would see that the Victoria Real Estate market was undervalued and ready for a significant market upturn. However, no one could have predicted the rapid ascent that has transpired over the last 60 days. Interest rates for […]

The Greater Victoria real estate market has been extremely busy so far in 2016. The average prices are up 10% from a year ago, and the listing inventory is down about 25% from a year ago (3200 down to 2400). Sales increased by 50% this January over last. Interest rates are still at historic lows. […]

  This fall has been full of surprises. The Blue Jays are in the playoffs, the Canucks started out with a bang, The Seahawks are losing, and oh yeah, Canada has a new Prime Minister – Justin Trudeau of the Liberals. I watched CNN for a while after our election results were finished, and low […]

Victoria really needs rain. Usually this is not a problem in our region, except for this year. 4 months of almost non-stop clear sunny days has been remarkable for outdoor activities and fun in the sun, but it has been hard on the plants, trees, grass and water reserve. The real estate market has been […]

The Victoria real estate market is experiencing a surge that has not been experienced since the start of 2010. We have had a large increase in the number of sales this year, and a definite firming up of pricing. In some areas, there has been an increase in the number of homes selling above their […]

2015 Real Estate Outlook Most Victoria real estate analysts are predicting a similar year to what we just experienced in 2014, which ended with an 11% increase in sales from the previous year combined with an approximate 10% drop in listing inventory, and a 1.8% increase in overall single family home prices. The result was […]

  The Victoria real estate market has continued to impress forecasters over the last few months. The overall sales are up about 12% from 2013, and the listing inventory is down about 7%. There are still about 4200 listings on the market for sale, so there is a lot of good choice for buyers. However, the […]

The Victoria real estate market has been very active this summer, and the number of sales have increased significantly compared to 2013. This is great news. Prices are still flat, but that works out well for buyers and sellers that are re-purchasing. Interest rates are remaining at record lows, and all signs are leading to […]

Positive Cash Flow on an Investment Property Unlike Vancouver with their souring prices, increased sales and increased building starts, Victoria is still lagging behind like most cities across Canada. Victoria had a small increase in sales in March, but still trails the 5 year average. Listing inventory has dropped slightly, but still only 1 in […]

2014 Real Estate Outlook Most Victoria real estate experts are predicting a similar year to what we just experienced in 2013, which ended with a 4% increase in sales, about a 10% drop in listing inventory, and about a 3% drop in overall average prices. The result was a pretty stable market which slightly favored […]

The Victoria real estate market experienced a decent summer for sales in 2013, charting the highest number of combined sales in 4 years. The fall has started out a tad slower. I think that the busy summer was a result of the mortgage rate increases for 5 year terms earlier in the year, and as a result of a […]

The Victoria real estate market has picked up slightly in the 2nd quarter, but it is still going to remain more of a buyers market for the balance of the year. Sales are following a similar path to 2012, but listing inventory is down about 8% from a year ago. If this trend continues, we should […]

The Victoria real estate market is definitely in for another soft year, as the first quarter experienced a continued slow down in sales, and some similar price drops. The listing inventory is still high, and the number of sales are still about 30% off the busy market cycle peaks from 2002-2008. This supply demand ratio will […]

The Victoria real estate market is probably in for another soft year in 2013. The listing inventory is still high, and the number of sales are still about 30% off the busy market cycle peaks from 2002-2008. This supply demand ratio will ultimately lead to a continued softening in prices for most sectors of the market. […]

I am always asked the question – where do I see the Victoria real estate market going in the next few months or the next few years. Based on my experience, there is no definitive answer to that question. I have been selling real estate since 1991, and I have been through the last slow […]

We now find ourselves with the first half of the year officially behind us…..we hope the year has been good to you so far! It has definitely been great for home buyers in the Greater Victoria area where we have nearly 5200 homes for sale!!! This market has been much harder on sellers, with only about 1 in […]

The market is still fairly slow in Victoria, but we have seen an increased amount of activity on listings over the last week. I think that we will see some increased sales activity over the next few months. I have just released my latest quarterly newsletter. Click on the following link for details: https://www.dalesheppard.com/newsletter/Newsletter_Winter_2012.pdf Also, […]

Has the BC government finally realized that the HST has not helped the housing market in this current economic downturn? It appears so, and it is now trying to breathe some new life into the market by finally doing the right thing. Not only did they commit to a date of HST elimination, April 2013, […]

I have just released my latest quarterly newsletter. Click on the following link for details: https://www.dalesheppard.com/newsletter/Newsletter_Winter_2012.pdf Also, the Victoria Real Estate Board has a wide array of housing statistics for the Greater Victoria area. You can find average prices for the last 22 years, plus an average price chart dating back to 1978. Also, the […]

Renovating your home can bring great financial rewards, if done properly. Especially if you are planning to sell in a slower market like we are currently experiencing. With so many homes on the market, today’s homebuyer have a lot of choice, and a lot of time to eliminate homes that may require major upgrades and […]

With the rapid fluctuations in the real estate market of late, house prices can quickly go up or down in value, resulting in annual property assesment values that appear significantlyout of line with the current market. Also, with the time lag delays in receiving the actual assessments verse the time it takes the market to change, it can be […]

The holiday season is rapidly approaching. This means that the real estate market will slow considerably over the next few weeks. However, that does not mean that it is a bad time to sell. In fact, this time of the year is actually a great time to sell. The main reason is that the listing […]