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

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." 
Read full post

Victoria Real Estate Market Continues to Stabilize 

A total of 533 properties sold in the Victoria Real Estate Board region this September, 16.7 per cent fewer than the 640 properties sold in September of last year, and a 10.3 per cent decrease from August 2018. Sales of condominiums were down 30.4 per cent from last year in September with 149 units sold. Sales of single family homes were down 9.2 per cent from 2017 with 285 sold this September. 

"This year's housing market has continued to behave as we've expected, moderating after the record setting pace of 2016 and adjusting to various government measures such as tightening mortgage qualification rules that were intended to cool the market," says Victoria Real Estate Board President Kyle Kerr. "We continue to see a reduction in sales when we compare to recent years and prices stabilizing across the market, with some variation in value in niche, higher end homes." 

There were a total of 2,646 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September 2018, an increase of 5 per cent compared to the month of August and 33.9 per cent more than the 1,976 active listings for sale at the end of September 2017. 

"If you are considering buying or selling a home, you need to understand your local market, particularly in the context of your property type and price point," adds President Kerr. "Micro markets in our area behave very differently as they are influenced by different pressures. The under $800,000 housing market in some areas is under tremendous pressure as many buyers compete for these homes. The multimillion-dollar market in other areas is currently experiencing less pressure and we can see price flexibility coming into play in the 1.5 million dollar plus market. And although we saw a bump in inventory at the start the year, those inventory levels have stabilized as well. So buyers still face a market with much less inventory available than the historical average. Your local REALTOR® can help you understand the best way forward for your selling or buying plans based on current and granular data and market insights." 

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in September 2017 was $832,000, while the benchmark value for the same home in September 2018 increased by 6.2 per cent to $883,700, slightly lower than August's value of $888,300. The MLS® HPI benchmark value for a condominium in the Victoria Core area in September 2017 was $457,700, while the benchmark value for the same condominium in September 2018 increased by 9.9 per cent to $503,000, exactly the same as August's value.

Read full post

Victoria Housing Market Still Finding Its Balance
 
A total of 651 properties sold in the Victoria Real Estate Board region this July, 17.6 per cent fewer than the 790 properties sold in July of last year, and an 8.1 per cent decrease from June 2018. Sales of condominiums were down 22.6 per cent from last year in July with 188 units sold. Sales of single family homes were down 16.5 per cent from 2017 with 340 sold this July.
 
"We are in a different market now than what we have seen for the past two years," says Victoria Real Estate Board President Kyle Kerr. "And while we see inventory creeping up after the drought in 2017, especially in the multi-million-dollar range, across our region there are 30 per cent fewer homes listed for sale under $750,000 than this time last year. This means that if you are shopping in the $750,000-or-less bracket, you are in a fast-moving market with low inventory. For example, of the 176 single family detached properties sold in our Core and Malahat regions during the month of July, only 59 (34%) were listed for $750,000 or less. And of those, 28 (47%) sold at or over list price. This illustrates the high demand for homes at or below this price point, and the pressure that is still pushing that segment of our market. If you are looking for a home priced at $1.5 million or above, there is more selection than last year and those homes are sitting on the market longer. For the first seven months of 2017 there were 481 single family detached properties for sale listed at $1.5 million or above. For the same time period in 2018, there were 664 properties for sale in this range, an increase of 27.6 per cent."
 
There were a total of 2,607 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of July 2018, an increase of 0.5 per cent compared to the month of June and 35.7 per ce
nt more than the 1,921 active listings for sale at the end of July 2017.  
 
"Each year we tend to see a plateau in inventory over the summer months," adds President Kerr.
"It is possible that we will see more inventory come into the market through the fall when there is often a burst of activity in our market, but it's hard to predict how that inventory might be priced. Ideally, we will see more inventory come in at under the $750,000 level to help push our housing market into more balanced territory across all segments."  
 
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in July 2017 was $834,200, while the benchmark value for the same home in July 2018 increased by 5.5 per cent to $880,000, slightly lower than June's value of $889,600. The MLS® HPI benchmark value for a condominium in the Victoria Core area in July 2017 was $442,100, while the benchmark value for the same condominium in July 2018 increased by 12.1 per cent to $495,700, slightly higher than June's value of $496,500.
Read full post

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

Victoria Real Estate Market Adapts to Changing Policy Landscape

A total of 545 properties sold in the Victoria Real Estate Board region this February, 19.3 per cent fewer than the 675 properties sold in February last year. The sales of condominiums were down 15.5 per cent from last year in February with 174 units sold. Single family homes were 24.4 per cent down from the year previous, with 260 sold this February.

"We certainly anticipated that we would see some lower numbers this year compared to last," says Victoria Real Estate Board President Kyle Kerr. "Right now prospective home buyers are met with many hurdles as they start shopping for their new home. They're in a market that's experienced long-term low inventory, which means more price pressure and competition on homes. Buyers are navigating increasing interest rates and the new mortgage stress test. These factors all combine to constrain our market. Like any changes to consumer experience, there is a period of response before consumers adapt to the new rules. We saw an increase in buyers in November and December who bought early to avoid the mortgage stress test, and this likely means less buyers in the current market. However, with continued historical low inventory levels, demand is still outpacing supply."

There were a total of 1,545 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2018, an increase of 3.6 per cent compared to the month of January and 0.5 per cent more than the 1,537 active listings for sale at the end of February 2017.

"The provincial government recently rolled out its budget, which includes an admirable commitment to spend six billion dollars to build 114,000 units in ten years," adds President Kerr. "These units will take years to come to market, and it is difficult to predict how many we will see in Victoria. The government needs a long-term approach to supply needs in our area, and that initial commitment is a good start. A reasonable way to bolster their commitment and improve current conditions is for the province to work with our municipalities to reduce the timelines and costs associated with bringing new housing to our market."
 
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February 2017 was $771,100, while the benchmark value for the same home in February 2018 increased by 9 per cent to $840,300, slightly higher than January's value of $831,900. The MLS® HPI benchmark value for a condominium in the Victoria Core area in February 2017 was $394,400, while the benchmark value for the same condominium in February 2018 increased by 19.85 per cent to $472,600, which is slightly higher than January's value of $460,500.


 
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 1,371 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 | Co Hatley Park, Colwood Real Estate | 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 | Es Saxe Point, 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 renovations | 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 | title insurance | 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.