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Victoria Monthly Statistics Reports

The Victoria Real Estate Market Chills Out For Winter

December 3, 2018 A total of 498 properties sold in the Victoria Real Estate Board region this November, 25.8 per cent fewer than the 671 properties sold in November of last year and a 16.7 per cent decrease from October 2018. Sales of condominiums were down 30.9 per cent from last year in November with 152 units sold. Sales of single family homes were down 20.8 per cent from 2017 with 267 sold this November.

“We certainly anticipated a difference this year in terms of sales for November compared to last year,” says Victoria Real Estate Board President Kyle Kerr. “This time last year, the government announced plans to change mortgage lending qualification rules and our market saw a rush of activity as buyers tried to beat that new lending criteria which was rolled out January first. Our ten-year average of units sold for the month of November is 515, which is likely a better comparison than to the unusual market conditions we saw last year.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in November 2017 was $832,800, while the benchmark value for the same home in November 2018 increased by 3.9 per cent to $865,200, lower than October's value of $881,000. The MLS® HPI benchmark value for a condominium in the Victoria Core area in November 2017 was $456,200, while the benchmark value for the same condominium in November 2018 increased by 9.7 per cent to $500,500, slightly less than October's value of $502,600.

There were a total of 2,343 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2018, an increase of 32.8 per cent compared to November 2017 but 6.7 per cent fewer than the month previous.

“Inventory continues to be low compared to historic averages,” adds President Kerr. “The ten-year average for active inventory in November is 3,204, so although it has improved compared to last year, we are still low on choice for buyers. At the same time, waning demand has meant that there is less urgency in our market right now, which can benefit buyers and sellers. The market tends to naturally slow down in the winter, so I’d expect we will have a more balanced market heading into the new year.”

View our press release and summary here.

Sold Properties, David Stevens Royal LePage

Brock Avenue, LangfordScott St Victoria Sold David Stevens  Sold by David Stevens
                               Langford                             Oaklands                                            Downtown                                    Saanich East       

Driftwood, Sooke, Sold by David Stevens 402-75 Songhees, Victoria BC 3223 Ernhill Pl, Victoria, BC  
Oak Bay                    Sooke                                         Songhees                                                    Langford                                

2395 Setchfield Ave, VictoriaKerwood Ocean Front Lot 2338 Hoylake Cres, Victoria  BCDeltana , Victoria bc
Florence Lake                               View Royal                            Thetis Heights                                   Westshore                                    

North Saanich Home sold by David Stevens 75 Songhees SoldCordova Bay Home Sold by David Stevens RealtorDavid Stevens Realtor Condo Sold Tyee Rd Victoria
N. Saanich                                   Songhees                              Cordova Bay                            
           Vic West

Home in Sidney, BC sold by David Stevens Real EstateSold by David Stevens. San Juan Ave, Gordon HeadDowntown Victoria Condo sold by David StevensCentral Saanich Home sold by David Stevens
                                         Sidney                       Gordon Head                                  Downtown                                 Central Saanich                             

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

Bear Mtn Executive Home Sold by David StevensHigh Quadra SoldSaanich House Highlands Sold 
                                   Bear Mtn.                           High Quadra                     Saanich                                    Highlands                                                   

Bear Mtn  David Stevens Real Estate sold David Stevens sold Bear Mountain 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.