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April 1, 2016 Victoria BC - The Victoria Real Estate Board today released its report on Multiple Listing Service® real estate activity in the Victoria area for the month of March 2016.

 

A total of 1,121 properties sold in the Victoria Real Estate Board region this March, an increase of 52.7 per cent compared to the 734 properties sold in the same month last year.

 

Inventory levels remain lower than the previous year, with 2,618 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March, 30.5 per cent fewer than the 3,769 active listings at the end of March 2015.

 

"I think the strong uptick in the market has surprised many of us! The business cycles of real estate are affected by economic drivers and it's clear that this cycle has all possible drivers running at top speed. Many different factors may be contributing to this activity," notes Mike Nugent, 2016 President of the Board. "Pent up demand from the slower years of 2008 to 2013, lower than historic mortgage rates, strong interest from out of town buyers, a buoyant economy that's attracting job seekers and the lifestyle and beauty that Victoria and area offers all contribute to the activity we've seen this year."

  

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2015 was $569,700. The benchmark value for the same home in March 2016 has increased by 16.4 per cent to $663,300.

 

"Though we represent a relatively small geographic area, there is variation in price and inventory in different neighbourhoods," adds Nugent. "Areas near the downtown core continue to see high demand for houses and condos, as do most areas in the Peninsula. The West Shore has also strengthened considerably but pricing remains lower than in the core because there has been more inventory to meet demand. Further out of town there has been less demand, but overall all areas have now strengthened in sales. More than ever I encourage buyers and sellers to connect with a local REALTOR® to develop a strategic approach in this fast moving market." VREB President

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Victoria Real Estate Market Inventory Edges Up, Sales Still Constrained

May 1, 2017 - "The numbers we saw in April are a further indication that the market is gradually moving towards a more balanced state compared to the record setting pace of 2016." says 2017 Board President Ara Balabanian.

A total of 885 properties sold in the Victoria Real Estate Board region this April, 31.2 per cent fewer than the 1,286 properties sold in April last year. The ten year average for sales in April is 772 properties.

"We are starting to see hints of a more traditional spring market. Local agricultural production has been delayed due to the late spring, and so has the local real estate market," adds President Balabanian, "More sellers listed their homes for sale over the month of April compared to the month previous."

There were 1,690 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of April 2017, an increase of 8.6 per cent compared to the month of March, but 34.8 per cent fewer than the 2,594 active listings for sale at the end of April 2016.

"Inventory is still low, which means that buyers may encounter multiple offer situations in some of the high demand areas - there is still more demand than supply," adds President Balabanian.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in April 2016 was $684,900. The benchmark value for the same home in April 2017 has increased by 17.6 per cent to $805,100.

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 1,360 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

Phone: 250-920-4652