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Victoria Monthly Statistics Reports and Useful Links

 

Price Pressure Continues on Lower-Priced Housing in the Capital Regional District

June 1, 2018 A total of 755 properties sold in the Victoria Real Estate Board region this May, 25 per cent fewer than the 1,006   properties sold in May of last year, and a 2.5 per cent decrease from April 2018. The sales of condominiums were down 17.4 per cent from last year in May with 237 units sold. Sales of single family homes were down 23 per cent from 2017 with 406 sold this May.

"It's no surprise that our current market is very different than it was last year," says Victoria Real Estate Board President Kyle Kerr. "Due to recent changes in mortgage qualification rules, many buyers' purchasing power has been reduced. Unfortunately, in our area we have one third fewer single family homes for sale under $750,000 when compared to last year, so we're seeing pressure from increased competition on a smaller number of homes, which is really pushing the under million dollar market. We have a much larger inventory of higher value homes this year. For listings priced at $1.5 million and above, the number of active listings is almost 50% higher than last year at this time.  Arguably, many of these properties may be listed due to new and incoming taxes from the provincial government. The Foreign Buyer Property Transfer Tax, the Speculation Tax, and the increased School Tax are putting pressure on those high value home owners. Unfortunately, these taxes are not resulting in what the government said it intends - to increase the availability of affordable housing."

There were a total of 2,394 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of May 2018, an increase of 19.6 per cent compared to the month of April and 26.3 per cent more than the 1,896 active listings for sale at the end of May 2017.

"We're in an interesting time here - we are seeing different levels of price pressure and price relief in micro-climates of our area," adds President Kerr. "You may find more flexibility if you are shopping for a multi-million dollar estate in certain areas. You may be in for a competition if you're shopping for a lower priced home or condominium. If you're thinking of buying or selling, it's a good idea to meet with a local REALTOR® to understand how the current environment will affect you."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in May 2017 was $820,800, while the benchmark value for the same home in May 2018 increased by 7 per cent to $878,100, higher than April's value of $866,700. The MLS® HPI benchmark value for a condominium in the Victoria Core area in May 2017 was $426,900, while the benchmark value for the same condominium in May 2018 increased by 15.7 per cent to $493,900, slightly lower than April's value of $495,100.

About the Victoria Real Estate Board - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of REALTORS®. The Victoria Real Estate Board represents 1,362 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.

View our press release and summary here.
View our complete statistical package here.

 

Sold Properties, David Stevens Royal LePage
RECENTLY SOLD

402-75 Songhees, Victoria BC 3223 Ernhill Pl, Victoria, BC  2395 Setchfield Ave, Victoria 
Songhees                          Langford                              Florence Lake     

Kerwood Ocean Front Lot  2338 Hoylake Cres, Victoria  BC  Deltana , Victoria bc
                      View Royal Lot               Thetis Heights                       Westshore                    N. Saanich                     

  75 Songhees Sold    David Stevens Realtor Condo Sold Tyee Rd Victoria
        Songhees              Cordova Bay                        Vic West                                    Sidney    
          

Sold by David Stevens. San Juan Ave, Gordon Head
                            Gordon Head          Downtown               Central Saanich           Saanich East                                             

David Stevens Sold Genoa Place SaanichtonBalfour Ave, Victoria sold by David Stevens Real EstateDavid Stevens Sold Synod Rd Victoria Bc
                  Saanichton              Burnside              Langford        Cedar Hill                

 
                           Bear Mtn.             High Quadra          Saanich            Highlands                                                   

  David Stevens Real Estate sold David Stevens sold Condo     
                             Bear Mtn.                   Sooke                         Fairfield                Bear Mtn.                                               
                             

                                                

 If you are thinking about buying or selling a home, connect with me David Stevens, your local Realtor, for detailed information on the Victoria and area housing market.

                         

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