October 2022

Victoria Real Estate Overview - The Victoria Real Estate market was slow in September. Really slow. October is typically the top of the fall market and September usually gets that ball rolling after a slow summer. It appears that with all the nice weather no one got the memo that it’s supposed to be a fall market. On the other hand, appropriately priced and marketed homes are still selling and even going in multiple offers. While inventory has certainly had an opportunity to build with the slow sales, it doesn’t seem we are at a point with rising interest rates that sellers need to sell. Inventory is still under historical averages which keep us from technically being in a buyers market, although inventory is a far cry from its recent lows.

Canadian Inflation (September 2022) - October 19, 2022

Canadian prices, as measured by the Consumer Price Index (CPI), rose 6.9 per cent on a year-over-year basis in September, down from 7 per cent last month. This was the third consecutive month of decelerating price growth driven primarily by declining gasoline prices. Excluding energy, the CPI rose 6.3 per cent year over year in September, up from 6.1 per cent in August. Despite slower overall CPI growth, many subcomponents were still quickly appreciating, with prices for food purchased from stores (+11.4 per cent) growing at the fastest pace year-over-year since August 1981. Month-over-month, on a seasonally-adjusted basis, prices were up 0.4 per cent in September. In BC, consumer

Freshly Renovated Bright and Clean Affordable Living

This charming 2 bedroom 1 bath has been upgraded with all the finest touches.

With the gorgeous kitchen to your right with all new countertops, flooring, windows, paint, and all new appliances it will feel like coming home.

In the kitchen dining and desktop at the bay window, a large movable island with loads of extra storage, and the gigantic pantry.

The open concept and separate bedrooms, you will have no trouble putting the little one down for the night.

The extra-large driveway is the perfect place for your boat or camper.

With the new furnace, and oil tank you will have nothing to do but move in and relax.

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Updated 3 Bed Ground Floor Corner Unit

You are going to love this fully updated ground-floor unit!

It has sunny, bright spacious living areas with glimpses of and just steps to the Gorge waterway, with a private kayak/SUP launch.

The 3 bedrooms (or 2 bed plus a den if preferred), has two sliding doors to access the beautiful and private SW-facing wraparound patio.

The unit also includes In-suite laundry and a wood-burning fireplace all in a corner unit on the quiet side closest to the Gorge waterway.

Great building, good solid management, well-cared for complex with numerous features including tennis courts, an amazing indoor pool with Jacuzzi, a recreation room for parties, great access to Gorge parkway, steps to all amenities,

Canadian Employment (September 2022) - October 7, 2022

Canadian employment rose by 21,000 (0.1 per cent) to 19.547 million in September, after falling for the prior three months. The Canadian unemployment rate fell by 0.2 to 5.2 per cent, hovering just above all-time lows, as fewer Canadians looked for work in September. Average hourly wages were up 5.2 per cent from this time last year. Wage gains remain below the inflation rate, however, which hit 7 per cent year-over-year in the most-recent data. Total hours worked were up 2.4 per cent year-over-year.

Employment in BC jumped by 1.2 per cent to 2.752 million in September, while Metro Vancouver's employment rose by 0.5 per cent month over month. BC's unemployment rate fell sharply in