shopify analytics tool

Victoria Monthly Statistics Reports


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 1,377 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


Sold Properties, David Stevens Royal LePage
RECENTLY SOLD


Saanichton

Condo downtown Victoria Saanich West Home sold by David Stevens, Royal LePage Victoria
                             Victoria Downtown                         Broadmead                              Saanich West                       Saanich West                                                

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.

                         

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.