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Victoria Monthly Statistics Reports and Useful Links

 

Outside Influences Impact Spring Real Estate Market in Victoria

April 3, 2018


A total of 688 properties sold in the Victoria Real Estate Board region this March, 25.9 per cent fewer than the 929 properties sold in March last year, but a 26.2 per cent increase from the month previous. The sales of condominiums were down 28.2 per cent from last year in March with 211 units sold. Single family homes were 30.8 per cent down from the year previous, with 337 sold this March.


"As we expected, March sales are tracking lower than in 2017," says Victoria Real Estate Board President Kyle Kerr. "This is likely due to a number of factors that have created hesitation in consumers, including recent heavy measures by the provincial government to reduce the value of home prices and the federal government's new mortgage qualification rules. Combine these factors with rising interest rates and you've got a housing market that is in transition due to outside influences. Every time there is intervention into a market, it takes a few months for the market to rebalance. With the continual changes of late from different levels of government, our market is experiencing a new cycle of ongoing uncertainty."


There were a total of 1,766 active listings for sale on the Victoria Real Estate Board Multiple Listing Service(r) at the end of March 2018, an increase of 14.3 per cent compared to the month of February and 13.5 per cent more than the 1,556 active listings for sale at the end of March 2017.


"Despite all of the above, we continue to see benchmark price increases across our market and demand persists - partly due to low inventory - but also because of our highly desirable location," adds President Kerr. "Specific areas and price points are experiencing varying pressure on price and demand - which creates micro-markets. We are still seeing multiple offers and above asking price sales in some segments. Active buyers in our market may see some relief as inventory is slowly growing. This showcases why it is important to work with your local REALTOR(r) in this transitioning market to ensure you have the most up-to-date information to make purchasing and selling decisions."


The Multiple Listing Service(r) Home Price Index benchmark value for a single family home in the Victoria Core in March 2017 was $785,600, while the benchmark value for the same home in March 2018 increased by 9.4 per cent to $859,400, higher than February's value of $840,300. The MLS(r) HPI benchmark value for a condominium in the Victoria Core area in March 2017 was $409,700, while the benchmark value for the same condominium in March 2018 increased by 19.6 per cent to $490,000, which is higher than February's value of $472,600.

 

Sold Properties, David Stevens Royal LePage
RECENTLY SOLD

     Kerwood Ocean Front Lot
Langford                              Florence Lake                                            View Royal Lot

Hoylake Sold by David Stevens  Sold by David Stevens, Deltana , Victoria bc75 Songhees Sold
Thetis Heights                    Westshore                   N. Saanich                              Songhees, Downtown

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

Sold by David Stevens. San Juan Ave, Gordon Head
                                             Gordon Head                Downtown Victoria      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                     Mill Hill, Langford        Cedar Hill, Saanich                      

 
                                     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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