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Victoria Monthly Statistics Reports

The Victoria real estate market’s return to balance not linear, but also not unexpected

November 1, 2018  A total of 598 properties sold in the Victoria Real Estate Board region this October, 9.9 per cent fewer than the 664 properties sold in October of last year, but a 12.2 per cent increase from September 2018. Sales of condominiums were down 15.5 per cent from last year in October with 180 units sold, but up 20.8 per cent when compared to September 2018. Sales of single family homes were down 14.7 per cent from 2017 with 289 sold this October, 1.4 per cent more than the previous month.

"We continue to see the housing market shift into a more balanced state, though the trajectory is not smooth," says Victoria Real Estate Board President Kyle Kerr. "This month had slower sales compared to last year and a slightly lower level of inventory coming into the market, but it also had an increase in sales from last month, which may surprise some people. The moderating changes over last year have been punctuated with some competition and price pressure on lower and mid-priced homes while the upper end of the market has softened slightly. Right now pricing is key across all segments as we transition to a more balanced market."

There were a total of 2,510 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2018, an increase of 31.8 per cent compared to October 2017 but 5.1 per cent fewer than the month previous.

"The market is definitely reacting to the changes in mortgage lending requirements," adds President Kerr. "Lending was made tougher to dampen the market and these measures have certainly had an impact on purchasing power. The threat of the looming Speculation and Vacancy tax has also cooled development in our area, which is unfortunate because the only way to create affordable homes in our area is to build them. We hope that moving forward the municipal, provincial and federal governments will work collaboratively to enable more supply at all levels of housing by funding public / private partnerships to support the increase of home stock in our area. We hope that aside from taxation and mortgage rules, governments will work together to ensure a future supply in our area to stabilize prices in the long term."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in October 2017 was $830,100, while the benchmark value for the same home in October 2018 increased by 6.1 per cent to $881,000, slightly lower than September's value of $883,700. The MLS® HPI benchmark value for a condominium in the Victoria Core area in October 2017 was $457,500, while the benchmark value for the same condominium in October 2018 increased by 9.86 per cent to $502,600, slightly less than September's value of $503,000.

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.

View our complete statistical package here.

Sold Properties, David Stevens Royal LePage

Brock Avenue, LangfordScott St Victoria Sold David Stevens  Sold by David Stevens
                               Langford                             Oaklands                                            Downtown                                    Saanich East       

Driftwood, Sooke, Sold by David Stevens 402-75 Songhees, Victoria BC 3223 Ernhill Pl, Victoria, BC  
Oak Bay                    Sooke                                         Songhees                                                    Langford                                

2395 Setchfield Ave, VictoriaKerwood Ocean Front Lot 2338 Hoylake Cres, Victoria  BCDeltana , Victoria bc
Florence Lake                               View Royal                            Thetis Heights                                   Westshore                                    

North Saanich Home sold by David Stevens 75 Songhees SoldCordova Bay Home Sold by David Stevens RealtorDavid Stevens Realtor Condo Sold Tyee Rd Victoria
N. Saanich                                   Songhees                              Cordova Bay                            
           Vic West

Home in Sidney, BC sold by David Stevens Real EstateSold by David Stevens. San Juan Ave, Gordon HeadDowntown Victoria Condo sold by David StevensCentral Saanich Home sold by David Stevens
                                         Sidney                       Gordon Head                                  Downtown                                 Central Saanich                             

David Stevens Sold Genoa Place SaanichtonBalfour Ave, Victoria sold by David Stevens Real EstateLangford Area House sold by David StevensDavid Stevens Sold Synod Rd Victoria Bc
         Saanichton                         Burnside                             Langford                   Cedar Hill                

Bear Mtn Executive Home Sold by David StevensHigh Quadra SoldSaanich House Highlands Sold 
                                   Bear Mtn.                           High Quadra                     Saanich                                    Highlands                                                   

Bear Mtn  David Stevens Real Estate sold David Stevens sold Bear Mountain Condo     
                     Bear Mtn.                   Sooke                         Fairfield                                     Bear Mtn.                       

 If you are thinking about buying or selling a home, connect with me David Stevens, your local Realtor, for detailed information on the Victoria and area housing market.