Victoria and Vancouver Island's Top Real Estate Agency Weights In On The Real Estate Affordability Crisis.

Does Canada Have an Affordability Housing Crisis?

Yes we do! And it's a national problem. Over the past two years, house prices have gone up by 50%. The typical home price in Canada across the country is over $800,000. It's a huge problem. There's a big disconnect between what people earn and what housing costs. The average salary in Canada is just over $50,000, but the average home price is more than 10 times that. So there's a big gap.  This has affected Vancouver Island as well and Our Top Real Estate Agents work hard at helping clients navigate through these challenges. 

There are a lot of factors driving up housing prices, including low

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Reviewing June and July to date in the Victoria Real Estate Market we see that the previously red hot sales have continued to stumble in a big way while inventory used the cooler climate to grow. The increasing inventory is great news for buyers, presenting more options and greatly reducing the occurrence of multiple offer bidding and properties selling over ask. That being said, inventory is still well below historical levels and any attempt at long-term stability will need to involve new housing products matching the pace of population growth. The more relaxed market conditions are mostly a result of a huge change on the demand side. Sales in June were way down and July has continued that trend. While the change in the market is refreshing for many,

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Vancouver Island Real Estate continued the trend of sliding sales and increasing inventory, with more options for buyers but hurdles in affordability with rising interest rates.

Digging into the Numbers, on all of Vancouver Island, there was a total of 1170 properties sold in June 2022 (both Victoria Real Estate Board (VREB) and Vancouver Island Real Estate Board (VIREB). For a closer look at VREB numbers click HERE. Looking at the VIREB numbers, of the total 558 sales in that area 408 were single-family homes, 82 were condos and 68 were townhomes. Here is a breakdown of year-over-year and month-over-month percentages for each property segment:

	Year/year	Month/month
Single Family Dwellings	-23%	-10%
Condos	-37%

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Canadian Housing Starts (June 2022) - July 18, 2022

Canadian housing starts fell by 8.3k (3 per cent) to 273.8k units in June at a seasonally-adjusted annual rate (SAAR). Comparing year-over-year, starts were down from June of 2021 (1.6 per cent). Single-detached housing starts declined 3.9 per cent to 72.1k, while multi-family and others fell 2.6 per cent to 201.8k (SAAR). 

In British Columbia, starts rose 34.6 per cent in June, rising to 56.4k units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts declined 10.3 per cent m/m to 6.9k units while multi-family starts rose 48.4 per cent to 46k units. Starts in the province were 15.3 per cent below the levels from June 2021.

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Canadian Employment (June 2022) - July 8, 2022

Canadian employment declined by 43,000 (-0.2 per cent) to 19.597 million in June, falling for the first time since January. As a result of fewer people looking for work, the Canadian unemployment rate also declined by 0.2 to 4.9 per cent, the lowest rate on record for a fourth consecutive month. Average hourly wages were up 5.2 per cent on a year-over-year basis, increasing from 3.9 per cent in May and 3.3 per cent in April. Wage gains remain below the inflation rate, however, which hit 7.7 per cent year-over-year in the most-recent data. Total hours worked rose 1.3 per cent in June, the first increase since March 2022.

Employment in BC grew by 6.1k to 2.747 million in June, while Metro

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Urban-Style Condo

Welcome to the Zen, urban-style condominiums in Fairfield nestled perfectly between Rockland and Downtown for the ultimate downtown living without all the hustle.

This charming condo is steps to all amenities with an impressive walk score of 89 and a transit score labeled excellent at 88.

The absolutely adorable condo is perfectly laid out to maximize space and flow.

The main living room has floor-to-ceiling windows allowing for ample light and an adorable Juliette balcony is slightly recessed to buffer the sound making the space extremely quiet and private.

The kitchen is spacious and features an island, all updated appliances, and loads of cabinetry.

Built-ins everywhere for maximum storage this condo was

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Executive Updated Family Home w/ Suite

Welcome home to 1277 Pike St, situated in the sought-after neighbourhood of Cedar Hill, this meticulously maintained and newly updated home is on the market for the first time in 32 years. 

You'll sure to be impressed with the quiet cul-de-sac street, mature landscaping, and too many updates to list.

Inside you'll be greeted with a large, bright living room with a cozy gas fireplace which leads to the updated kitchen with tons of storage and gas range, a formal dining room,  breakfast nook, and office area.

The upper level is completed by 3 generous bedrooms and a 4- piece bathroom.

Downstairs includes a large 1 bedroom, 3 piece bathroom, freshly renovated in-law suite which includes a

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Dallas Waterfront Legal Duplex

Welcome to 1126 Dallas Road, an almost Waterfront home with only the famous Dallas walkway between you at the stunning Strait of Juan de Fuca and the Snow Capped Olympic Mountains.     Everchanging direct sunny south-facing ocean landscape with all the charm of Victoria to enjoy with walking trails, a dog park at your window, and Beacon Hill Park and downtown Victoria at your feet.   Solid 100 yr old character legal duplex (up/down) with 3 floors of living space (plus an undeveloped attic) & large separate two-bay garage/workshop!   The main floor with nearly 1,600 sq ft offers the gracious old-world charm of the original woodwork & built-in China cabinets.   A spacious living room with…

Bear Mountain Beauty with Revenue

A fantastic opportunity to own this impressive 4-bed 4 bath home built by VERITY CONSTRUCTION on the hills of Bear Mountains' newest neighborhood South Point.

The lower level features a fully separate 1-bed/1-bath suite, double garage, and 2 separate storage areas.

The main level offers a 2-piece bath, den/office, open concept living/kitchen/dining with wide-plank oak floors, SS Frigidaire appliance package including gas range & double fridge/freezer, quartz counters with waterfall island & floor to ceiling fireplace.

Upstairs you will find 3 more spacious bedrooms, a full bath, laundry, and a LARGE Master bedroom have stunning unobstructed OCEAN VIEWS overlooking downtown Victoria and Mt. Baker, a

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Private Estate on nearly 7 usable acres Custom 5 Bed 5 Bath

Magical Private Estate on lush 6.84 acres with a pond, trails, 3 stall Barn or shop with 100 amp., horse shelter, paddocks with fenced pasture and grass arena, fenced-in raised beds, chicken coop,60 amp RV service area, and Gazebo.

Custom 2009 Victorian 5 Bed 5 Bath home offers over 5700 Sq.Ft. plus a full basement for your development.

A dramatic double-height ceiling leads to French Doors opening to the Stunning Living Room with beautiful Millwork and Fireplace, access to the wrap-around deck, and views of the tranquil pond and pasture.

Architectural curved walk-through Library to the gourmet kitchen and Breakfast nook with access to the deck and full-length Quartzite

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