A total of 696 properties sold in the Victoria
Real Estate Board region this April, 10 per cent fewer than the 774 properties
sold in April 2018 but an 8.8 per cent increase from March 2019. Sales of
condominiums were down 9.8 per cent from April 2018 with 203 units sold but
were up from March 2019 by 3.6 per cent. Sales of single family homes were down
12 per cent from April 2018 with 369 sold.
"Spring has been a non-traditional real
estate market thus far," says Victoria Real Estate Board President Cheryl
Woolley. "Consumer purchasing power continues to be negatively impacted by
the B20 mortgage stress test, causing many buyers to step back while they save
more money for a down payment."
There were 2,751 active listings for sale on the
Victoria Real Estate Board Multiple Listing Service® at the end of April 2019,
an increase of 13 per cent compared to the month of March and a 37.4 per cent
increase from the 2,002 active listings for sale at the end of April 2018.
The Multiple Listing Service® Home Price Index
benchmark value for a single family home in the Victoria Core in April 2018 was
$874,800. The benchmark value for the same home in April 2019 decreased by 3.4
per cent to $845,100, higher than March's value of $843,600. The MLS® HPI
benchmark value for a condominium in the Victoria Core area in April 2018 was
$506,900, while the benchmark value for the same condominium in April 2019
increased by 1 per cent to $511,700, higher than March's value of $506,500.
"Prices have remained reasonably flat
across the region and are expected to stay that way," adds President
Woolley. "Presently, REALTORS® are busy showing homes and bringing new
listings to the market, but with few new options to view, we are still seeing
multiple offer situations when that right property does become available. Given
the current dynamic and evolving market conditions, it's a good time to chat
with your Realtor about a personal plan for buying or selling a property."