The Market Update for the Vancouver Island Real Estate Board area is much the same as the South Island update so far this year (which can be read about here). Sales slowed just enough to allow a small increase in inventory but not enough to shift any of the clock's hands from pointing directly at Seller’s Market Time. 

Digging into the numbers, there were a total of 846 sales on all of Vancouver Island in January, 372 of which were in the VI Board area (VIREB) and 474 of which were in the Victoria Board area (VREB). Breaking down the VIREB sales by property type, 220 single-family homes, 91 condos, and 61 townhomes sold. The table below shows the sales volume change (VIREB) both annually and compared to the previous month.

Canadian Inflation (January 2022) - February 16, 2022

Canadian prices, as measured by the Consumer Price Index (CPI), rose 5.1% on a year-over-year basis in January, up from 4.8% in December. On a month-over-month basis, the CPI rose 0.9% in January (0.6% seasonally adjusted). The Bank of Canada's preferred measures of core inflation (which use techniques to strip out volatile elements) rose an average of 3.2% year-over-year in January. Prices rose year-over-year across all major components of the index, but prices were driven in particular by a 6.2% rise in shelter costs, the highest rate of appreciation since February 1990. Goods (+7.2%) continued to rise at a faster pace than services (+3.4%) in January. In BC, consumer prices

Bright Top Floor Corner Unit

Bright 2 bed, 2 bath top floor corner unit on the backside of the building w/ a quiet tranquil outlook facing onto lovely fir trees and songbirds.

The open-concept spacious home is great for entertaining with a large dining area that opens to the well-appointed kitchen with island bar and East facing living room with a cozy electric fireplace and access to the balcony with beautiful Nature-esque views.

Down the hall, you will find the second bedroom, with access to the balcony, 4-piece guest bathroom, in-suite laundry, and large primary bedroom, also with access to the balcony, and 4-piece ensuite.

This beautiful unit includes a parking space & extra parking for guests & lots of in-suite storage plus a

Canadian Housing Starts (January 2022) - February 15, 2022

Canadian housing starts fell to 230.8k units in January at a seasonally-adjusted annual rate (SAAR). Housing starts were down by 7.7k (3% m/m) in January (SAAR). Comparing year-over-year, starts were down from January of 2021 (26.9% y/y). Single-detached housing starts rose 8.9% in January to 78.5k, while multi-family and others dropped 8.5% to 152.2k (SAAR). 

In British Columbia, starts were down 29.2% in January, falling to 39.4k units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts fell 23.4% m/m to 7.2k units while multi-family starts declined 33.4% to 28.2k units. Starts in the province were 33.7% below the

Studio condo heart of downtown Victoria! Pets, children, and rentals allowed.

Studio condo in downtown Victoria.

The Boardwalk allows pets, children, and rentals.

Renovated in 2006 this bright unit has a Murphy bed to stow away during the day and adds extra living space.

In-suite laundry and large kitchen make a convenient living accommodation.

Storage and bike lockers, the waitlist for secure underground parking at $65. per month.

Well run strata, roof replaced in 2010.

Walk to shopping, dining, movies, and amenities in downtown Victoria and a short stroll to the Ocean and Inner Harbour and many tourist attractions.

Invest in yourself with this affordable unit. It’s all at your doorstep!

Single Family Modern 3 Bed 2.5 Bath Home in Happy Valley

Modern Award Limona constructed 3 bed, 2.5 bath single garage with 2 outdoor parking spots in friendly Happy Valley!

Main level 9 ft. ceilings and open great plan living with designer kitchen, quartz counters, and peninsula.

Enjoy the spacious living room with a gas fireplace and access to sliders bringing to the picturesque outdoors in.

The patio offers a BBQ hookup with room for furniture.

The dining area also has views of the ambient fireplace and welcomes great gatherings and 2 piece bath in the hall.

Energy-saving Rinnai ductless gas furnace and on-demand tankless hot water system.

The upper-level bedrooms and 2 baths, laundry, and storage.

This home packs a

Beautifully updated Broadmead rancher

Welcome to 4677 Boulderwood Drive, a beautifully updated Broadmead rancher with a fully finished walk-out basement.

Boasting four bedrooms and laundry on the main level, a very hard-to-come-by floor plan, the bedrooms are designed so they can completely lock off from the living portion of the home for complete privacy.

Everything you need is on the main level so no stairs are needed including the garage.

Tastefully updated with new lights, floors, and paint there’s nothing left to do but move in.

Large floor-to-ceiling windows look out over the yard and deck with an in-ground pool from the spacious living room with a cozy rock fireplace.

Lots of usable space with a large family room, dining

A Picture Perfect Home in a highly desirable area of Victoria

Welcome to 1687 Pear street, a picture-perfect home in a highly desirable area of Victoria BC only minutes to UVIC and Camosun College.  

Brand new luxury vinyl flooring and coved ceilings impress throughout the open concept family and dining room.  

Large bay windows overlook the spacious front yard with the wood-burning fireplace crackling beside.

The kitchen has been completely redone with gleaming quartz countertops, new stainless steel appliances, and custom cabinetry.  

Offering three bedrooms on the main, a bathroom that has been redone as well as new lighting, windows and window coverings.  

Down is a tastefully designed and very spacious one-bedroom suite

Canadian Employment (January 2022) - February 4, 2022

Canadian employment declined by 200,000 (-1.0%) in January following seven consecutive months of gains, according to Statistics Canada. Employment losses in January were driven by stricter public health measures implemented to control Omicron in Ontario, Quebec, and in the Maritimes during the survey reference week of January 9 to 15.

In January, youth, core-aged women, and workers in food and accommodation suffered the largest drops in employment. Part-time workers saw steeper losses (-117,000; -3.3%) relative to full-time workers (-83,000; -0.5%). In January, 10% of workers reported being absent from work due to sickness or injury. The Canadian unemployment rate rose 0.5% to 6.5%

Canadian Monthly Economic Growth (November 2021) - February 1, 2021

The Canadian economy expanded 0.6 percent in November on a month-over-month basis, propelled by strong growth across essentially all sectors. Canadian real GDP is now 0.2 percent above its pre-pandemic, February 2020 level. Preliminary estimates suggest that output in the Canadian economy was essentially flat in December.

At its most recent meeting, the Bank of Canada noted that the slack in the Canadian economy has been largely absorbed. Growth in the economy accelerated in the fourth quarter with real GDP growth tracking at 6.4 percent annualized. Even with an expected Omicron-driven slowdown in the first quarter of 2022, the Canadian economy is clearly on a very strong