Victoria real estate market awaits a spring thaw
March 1, 2019
A total of 421 properties sold in the Victoria Real Estate Board region this February, 22.8 per cent fewer than the 545 properties sold in February 2018 but a 28 per cent increase from January 2019. Sales of condominiums were down 25.9 per cent from February 2018 with 129 units sold but were up from January 2019 by 16.2 per cent. Sales of single family homes were down 15.8 per cent from February 2018 with 219 sold.
"Buyers and sellers appear to be looking at the current real estate market from different perspectives," says Victoria Real Estate Board President Cheryl Woolley. "Buyers are hoping to see reductions in prices because governments have told the public that policies like the mortgage stress test and the speculation tax will improve affordability. However, the actual result of some of these policies seems to have softened the higher priced end of the market and increased competition for properties at the lower priced end. Conversely, sellers may be holding out to see if prices increase in the spring, and those hoping to up-size may be unable to qualify for the funds needed to move up because of the stress test."
There were 2,131 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2019, an increase of 3.6 per cent compared to the month of January and a 37.9 per cent increase from the 1,545 active listings for sale at the end of February 2018.
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February 2018 was $848,600. The benchmark value for the same home in February 2019 decreased by 0.3 per cent to $845,900, lower than January's value of $847,800. The MLS® HPI benchmark value for a condominium in the Victoria Core area in February 2018 was $483,700 while the benchmark value for the same condominium in February 2019 increased by 3.9 per cent to $502,800, slightly higher than January's value of $499,700.
"Local REALTORS® continue to be very busy showing listings, so demand is evident in the greater Victoria area," adds President Woolley. "Currently, we still have very low inventory compared to the long-term average with little having come into the market this past month. As the spring thaw comes, there's a good chance more listings will come onto the market which will create more options for prospective buyers. Homes in sought-after areas and those that are lower priced remain in high demand. Now is a good time to connect with your Realtor to discuss your goals and how to navigate the current market."
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 1,364 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.
For More Information
Victoria Real Estate Board
Denise Hogue, Communications Manager
Notes for Interpreting Our Statistics
The use of sale price statistics can be useful in establishing trends when applied over a period of time, i.e. six months or longer. The Victoria Real Estate Board cautions, however, that such information does not indicate the actual value of any particular property. Those requiring specific information on property values should contact a REALTOR®.
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Courtesy of the Victoria Real Estate Board