Victoria Real Estate Board Releases November Numbers

Well, happy December to you, Victoria! Can you believe that we’re already winding down 2017 and looking forward to 2018? I certainly can’t. And while 2017 has been a different year, real-estate wise, than 2016, we’re sure that 2018 will be different again.

In an unusual turn of events, November 2017’s numbers outpaced October’s, and that is rather a-typical for our market. Usually the end of the year brings a slow-down as people turn towards focusing on the holiday season and enjoying time with families and being in their homes. Fewer people are inclined to be moving in and out of properties during this time.

However, with the new mortgage rules from the federal government set to hit on January 1, 2018, buyers who were looking at putting more than 20 per cent down on their purchase seem to have accelerated their timelines, in an attempt to ensure their buying power would be at its highest.

While it was somewhat expected, the numbers certainly show a shift in momentum. Whether that is short-lived or not remains to be seen. Last month, 671 properties sold in the Victoria Real Estate board region, a whopping 12 per cent higher than November last year. However, in comparison to this year, November saw only a 1.1 per cent increase over October 2017, showing that the market is, at least for this year, holding steady.

Last month, there were 1,764 active listings in the Greater Victoria area, down 7.4 percent over October, and down 2.8 per cent over November 2016.

For the first time in VREB’s history, the benchmark price for a single family home in Greater Victoria crossed the $900,000 mark, up 5.6 per cent over last month. This marker has seen a steady incline over the last year, and we’re not going to see that tumble any time soon. 

In terms of condos, 220 units sold last month, up 3.3. per cent over October and up 29.4 per cent over November 2016, showing that even the condo market isn’t insulated from this rush to secure properties before the new year. The average cost for a condo here in Victoria dropped slightly by 2.5 per cent to $437,741.

Want to read the full release? Check it out here: https://www.vreb.org/current-statistics.

As a reminder, if you haven’t spoken with your mortgage broker yet, do so now before the end of the year so you have a clear idea how the new mortgage rules and stress tests will impact your buying power come January 1. Need a recommendation? Let us know!

Have a warm, happy, and safe holiday season with you and yours. We’ll see you next year, Victoria!

Mike + Kaley