Best (and Worst) Performing Areas of Victoria, BC

In this market update we'll take a look at the latest numbers, discuss the slowing market and also what segments and neighbourhoods in Victoria, BC have performed the best and worst in 2023.
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🏠 Ira Willey | Victoria BC REALTOR® | Coldwell Banker Oceanside
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0:00 Intro
1:40 Asking Price vs Sold Price
2:47 Sales
3:10 Inventory
3:57 Single Family Detached Prices
4:35 Condo Prices
5:04 Townhome Prices
5:24 Neighbourhood Performance (2023)

[@leftcoastcorrie]

Well said Ira, thanks for sharing this valuable information.

[@IraWilley]

Thanks for watching &
your support!

[@robisinhehouse]

Thanks for the thorough update!

[@jimvautour595]

Thanks Ira, your viewpoint is always pertinent, well researched and valuable.

[@IraWilley]

Thanks for watching Jim!

[@anamulrdx3898]

Awesome

[@samuelc.5063]

Good information Ira,
Would appreciate more info regarding Townhouses in the Colwood and Langford areas, we are trying to help our son to buy a 2 bedroom + den over there.
Thanks Ira.

[@IraWilley]

Hi Samuel, Townhomes in Colwood and Langford have come down 2.3% and 2.9% since this time last year. They have been relatively flat in the last month or 2. I would try some lower offers and find a seller who is motivated. Lots of buying power in those areas since many home owners in the West Shore are very sensitive (leveraged) to interest rates.

[@samuelc.5063]

Thank you Ira, for your info.
We are also interested in buying New Pre-construction Townhouses in Colwood.
What do you think about those Echo Townhouses ?? ( Their prices don't seem to have come down at all ? )

[@IraWilley]

Hi @@samuelc.5063 , Give me a call or text tomorrow (250-888-2562). I am happy to try and negotiate a good price for you on those townhomes.

[@samuelc.5063]

Thanks Ira, for the offer.
My son lives in Vancouver so not ready to move back to Victoria until October of next year.
We are just doing some research for now; so wanted to know what you think about those Echo prices?

[@IraWilley]

@@samuelc.5063 They seem a bit steep to me and I would like to see a 5% reduction, maybe GST included, that said, the developer can afford to keep them until the market recovers they won't lower prices much. I would probably wait and pick up a resale unit at a discount.