Victoria Real Estate Market
Slowly Stabilizing after a Record Breaking 2016
A total of 664 properties sold in the Victoria Real Estate
Board region this October, 9.7 per cent fewer than the 735 properties sold in
October last year.
"As expected, we saw fewer sales than this time last
year," notes Victoria Real Estate Board President Ara Balabanian.
"Looking at the longer term picture however, sales last month were 17.1
per cent above the ten year average of 567 properties for the month of October,
so the market is still very active here in Victoria , and this is in spite of the
ongoing low inventory levels."
There were 1,905 active listings for sale on the Victoria
Real Estate Board Multiple Listing Service® at the end of October 2017, a
decrease of 3.6 per cent compared to the month of September and 1.7 per cent
fewer than the 1,938 active listings for sale at the end of October 2016.
The Multiple Listing Service® Home Price Index benchmark
value for a single family home in the Victoria Core in October 2016
was $752,000. The benchmark value for the same home in October 2017 has
increased by 9.3 per cent to $821,900, but is lower than July's value of
$834,200.
"The fact that we've seen such a controlled leveling
off in the market directly following a year which felt so uncontrollable in
terms of demand and pressure on prices illustrates the depth and stability of
the Victoria
market. An unstable market may have experienced a heavy correction or shift,
whereas in our market sales are moderating at a reasonable
rate." adds President Balabanian. "In the coming months we
expect to see less inventory on the market, because the year end changes buyer
and seller behaviors, their focus shifts to holidays and winter weather. One
unknown influence that may play on the winter market is the upcoming mortgage
stress test. Some buyers may move their purchasing timelines forward to make
their home purchases before the stress test on uninsured buyers (those with a
down payment of 20 per cent or more) becomes required January 1."
The graphic below shows market price activity in Greater Victoria the past year
If you are considering buying or selling
anywhere on the South Island ,
call today 250-217-4600!