Our area of interest is Oak Bay, Victoria, Saanich, View Royal, Esquimalt, and Langford.
Our criteria for houses is under $425K with a suite or suite potential. These are total numbers of listings and sales since late January.
138 total listings (9 new in June)
101 total sales (12 sales since May 30)
sales to listings = 73% (up 4%)
14 taken off market (1 twice)
Our criteria for condos is 2 bed 1 (or more) baths under $250K. Again, total numbers since late January.
247 total listings (20 new in June)
155 total sales (11 sales in June)
sales to listings = 63% (no change)
38 taken off market
Inventory continues to decline in SFH homes in our segment while condo choice increases. The positive news is that condos are the only remaining affordable options and things look promising for dwindling prices in the near future. It will be interesting to see if mortgage rate hikes will transform the low-end SFH market anytime soon. I'm guessing that it will be 6 months to a year before any significant trends start taking shape.