BC HOME GROUP | SHIRIN PUREWAL | VICTORIA REAL ESTATE | info@bchomegroup.ca1-778-401-9545

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® 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® in this transitioning market to ensure you have the most up-to-date information to make purchasing and selling decisions."

The Multiple Listing Service® 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® 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.


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 1,354 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.
Read full post
Categories:   1029 view st | 1061 Fort St | 1188 Yates | 128 Amphion Terrace | 2018 | 2018 MLS Statistics Victoria | 2417 Beacon Avenue | 3010 washington Ave | 439 cook st | 515 Chatham | 751 fairfield rd | 760 johnson st | 881 short st | 881 uptown | 930 yates | abstract | abstract development | accountant | acreage | affordable homes | agreement of purchase | air bnb | approach seller direction | April statistics | astoria | bare trustee | bc | BC Energy | bc home assessed value | BC Housing | bc landlords | BC Real Estate Council | BC Real Estate Foundation | BC Real Estate Rules | bc speculation tax | bc tax rules | bc title | bcrea | Belmont | beneficial interest | best realtor | bosa development | british columbia | british columbia real estate | building warranty | buy a condo in cedar hill | buy real estate in Rockland victoria bc | buyer | buyers | buyers tax | canada | canada home search | cannabis rules | capital park | cedar hill | central saanich | central saanich waterfront | character home | City of Saanich | clause to remove junk | close to uvic | CMHC | coast hotel | concert properties | condo | condo downtown | condo for sale | consumer protection | corporations | cra | customs house | david foster | deceased on title | detached Homes | development opportunity | disclosure forms | dockland real estate victoria | downtown | downtown victoria | downtown victoria condo | downtown victoria condos | Downtown Victria | empty home tax | Es Rockheights, Esquimalt Real Estate | esquimalt | esquimalt home | estate planning | evergreen hill | fairfield condo | fairfield rd | fantastic app | farm | farm land | february real estate statictics | fifteen 88 | fifteen88 | find a home in victoria | find a home victoria bc | find home find | First Time Home Buyer | fisherman's warf | fixed mortgage | for sale by owner | for sale by owner victoria | foreign b | foreign buyer tax | foreign buyer tax in british Columbia | foreign buyers | garden suite | go agent | gst | hamlet park | harbourside | Home Buyer | home for sale | Home Partnership Program | home search criteria | home warranty | homes for sale | homes for sale in victoria bc | homes for sale under $400000 | housing market | hudson one | hudson place | hudson place one | hudson presale | Ilaria | income splitting | Jawl | jawl properties | joint tenancy | july statistics | june 15 | June 2018 | junk removal | kitma rd | La Bear Mountain, Langford Real Estate | La Glen Lake, Langford Real Estate | Ladysmith | lanford | langford | lefreve | legal | legato | luxury | luxury condo | luxury home | luxury real estate | luxury tax | luxury waterfront | manhattan | march statistics | market on yates | May | may statistics | misrepresentation | MLS | MLS 2018 August | mls app | mls statistics | mosaic | nanaimo | new bc budget 2018 | new foreign entity tax | new tax rules | newsletter september | non-resident | north dairy rd | ocean view | Offer | parkside | parkside hotel | parkside presale | polo village | Possession Dates | Pre-sale | pre-sale home | presale | presale condo | Properties | property | property guys | property transfer tax | purchase agreement | real estate | real estate app | Real Estate Foundation BC | real estate news | real estate purchase | real estate rule changes | real estate statistics | real estate tax | Real Estate Victori | real estate victoria | realtor | realtor tipline | realtor.ca | resale downtown victoria condo | residenes | residential property | rockland real estate victoria | roundhouse rise | saanich garden suite | saxe point | scrap speculation tax | SE Cedar Hill, Saanich East Real Estate | SE Mt Doug, Saanich East Real Estate | search for homes on MLS | second property | selkirk waterway | seller | selling | september real estate news | sidney | Sidney condo | sidney condo project victoria | Sold properties | specul | specula | speculation | speculation ta | speculation tax | speculation tax for foreigners in British Columbia | statistics | Step One Code | subdivision | SW Portage Inlet, Saanich West Real Estate | SW Strawberry Vale, Saanich West Real Estate | SW Tillicum, Saanich West Real Estate | Tax | tax avoidance penalties property transfer tax | tax changes | tax changes in bc | tax fraud | tax penalties | Tax rukes | tax rules | tax splitting | telephone scam | Tenancy | tenants | the aragon | the jukebox | the juliet | the manhattan | the manhattan 930 yates | the railyards | thetis Glen | thetisglen | timeshare | Top Realtor | Top Realtor Victoria BC | townhouse | Troke | trust agreements | Trusts | two lots | ubc | under 600 000 | vacation home | variable mortgage | Vi Burnside, Victoria Real Estate | Vi Downtown, Victoria Real Estate | Vi Fairfield West, Victoria Real Estate | Vi Fernwood, Victoria Real Estate | Vi Jubilee, Victoria Real Estate | Vi Mayfair, Victoria Real Estate | vic west new condo project | victora | victoria | Victoria August 2018 MLS Statistics | victoria bc | victoria bc canada | victoria bc home find | victoria condo | victoria condo market 2019 | victoria Day parade | victoria homes | victoria housing bubble | victoria inner harbour | victoria luxury condo | victoria pre sale | victoria property | victoria property searc | victoria property search | victoria real estate | victoria real estate board | victoria speculation tax | Victoria Top Realtor | victoria townhouse | victoria waterfront | victoria waterfront condo | Victoria Waterfront Properties | VR Prior Lake, View Royal Real Estate | VR Six Mile, View Royal Real Estate | VR View Royal, View Royal Real Estate | VREB | water view | waterfront | waterfront condo | waterfront property | waterview | wharf street | what is happening with BC speculation tax
Categories
NOTE: MLS® property information is provided under copyright© by the Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification. This website may only be used by consumers for the purpose of locating and purchasing real estate.