Victoria Real Estate Market Update

Active listings in the Victoria area totaled 3,161 at the end of October 2024, a slight 6% decline from September but a 14.7% increase from last year. Recent Bank of Canada rate cuts may have spurred additional market activity, however, the balanced market allows more time for buyers and sellers to negotiate without the pressure of multiple offers, a trend that may continue into the traditionally quieter winter months.

Price trends remain steady, with slight annual decreases. The MLS® HPI benchmark for a single-family home in the Victoria Core dropped 0.8% to $1,300,200 from last year, though up from September’s $1,279,700. Condominium prices in the same area saw a 5.4% year-over-year decrease to $547,800, slightly down from September’s $553,400.

Remembrance Day in Canada embodies a profound spirit of respect, gratitude, and reflection, honoring those who have sacrificed their lives in the name of peace and freedom. It is a solemn day when Canadians collectively pause to remember the bravery and commitment of countless men and women who, in moments of great need, stood to defend their country and protect human rights worldwide. The poppy, a symbol of resilience and remembrance, represents not only the fallen but also the enduring hope for a peaceful future. In the silence observed at the eleventh hour, Canadians are united in their tribute, carrying forward the memories of those who served with courage and compassion.

Quick Summary:

• Effective Date: January 15, 2025
• Refinancing Limit: Up to 90% of property value
• Eligibility: Properties valued under $2 million
• Unit Cap: Maximum of four units per property
• Restrictions: Additional units cannot be used for short-term rentals (e.g., Airbnb)
• Purpose: Loan funds must be dedicated to creating self-contained rental units

Quick Summary:

• New Rate: Reduced by 50 basis points to 3.75% as of October 23, 2024.
• Previous Rate History (Last 3 Years
• 2022: Rates increased aggressively from 0.5% in March to 4.25% by December to control inflation.
• 2023: Rates peaked at 5.00% in July.
• 2024: Shifted to cuts with reductions in June (4.75%), July (4.5%), September (4.25%), and October (3.75%).

This recent cut aligns with Canada’s ongoing efforts to balance inflation control with economic stability, potentially lowering mortgage payments for variable-rate borrowers in the near term.

NEIGHBOURHOOD PROFILE

Songhees is a vibrant neighborhood on the northern shore of Victoria’s Inner Harbour, close to Victoria West. Known for its modern condos and townhouses with stunning harbor views, the community features scenic waterfront trails and lush green spaces, offering a true West Coast lifestyle. Songhees also has a deep cultural connection to the Indigenous Songhees Nation, whose presence is celebrated through landmarks like the Songhees Wellness Centre, a cultural hub for the area.

With easy access to downtown Victoria via the Johnson Street and Bay Street bridges, residents enjoy the convenience of nearby urban amenities alongside the peaceful waterfront. Songhees’ unique mix of modern living, cultural heritage, and natural beauty makes it a sought-after neighborhood.

As a coastal city, Victoria faces unique emergency risks, from earthquakes to severe weather. In recent years, British Columbia was affected by the wildfires in 2023, and Victoria experienced an extreme heat wave in 2021 where temperatures soared to the mid-to-high 30s Celsius. Preparing yourself and your family can make all the difference when an unexpected situation arises.

Where to Get Emergency Information in Victoria

• Alertable: By downloading this app (available for iOS and Android), you’ll receive critical alerts and emergency information in the City of Victoria.
• VictoriaReady: Learn more at Victoria Ready Emergency Preparedness Hub for free resources, materials, workshops, volunteer opportunities and how to subscribe to Vic-Alert, Victoria’s emergency notification system.
• Victoria Police Department: Follow the Victoria Police Department on X (formerly Twitter) for regular updates on potential risks and local emergencies.

Victoria’s 72-Hour Emergency Kit Essentials

A well-prepared emergency kit can make all the difference. Here are key items to include:

• Water: At least two liters per person per day for drinking and sanitation.
• Food: Non-perishable, ready-to-eat items (consider a portable camping stove for heating, if safe).
• Emergency Radio: Wind-up or battery-powered to receive news and alerts if power is out.
• Lighting: Flashlights and extra batteries; consider solar or wind-up lights for backup.
• Warm Clothing and Rain Gear: Extra layers, waterproof outerwear, gloves, and sturdy shoes.
• First Aid Kit: Include personal medications, bandages, antiseptics, and any special medical items.
• Dust Mask and Plastic Sheeting: For potential air contaminants following earthquakes or fires.
• Personal Supplies: Basic hygiene items, hand sanitizer, and sanitation needs.
• Whistle: For signaling help if trapped or in need of assistance.
• Phone Charger: Portable battery pack or wind-up phone charger.
• Specialty Items: Supplies for children, infants, pets, or anyone with specific medical needs.
• Local Maps: Marked with potential evacuation routes and shelter locations.