VREB Releases Its January Stats

With the first month of the year in the books, Victoria real estate continues to be something to talk about. Victoria Real Estate Board (VREB) has released its January stats and there are couple of things to note.

Last month, a total of 431 properties sold in the Greater Victoria region, 9.8 per cent fewer than the same time last year. Shockingly, condo sales were down by a whopping 30.6 per cent over last year with only 118 condos sold, but as buyers know, that lacking inventory really puts pressure on the few great units that do come to market. Single-family homes were 4 per cent down over 2017 with 215 selling in January.

Overall, there were 1,491 active listings in the region at the end of January, an increase of 7.7 per cent over December. January 2018 only saw 1.6 per cent fewer listings than January 2017. We actually hit record lows last month, and it continues to put strain on pricing, especially in sought-after areas of town, like the downtown core and Vic West.

However, with the demand still quite high and the supply quite low, we saw another increase to the benchmark prices both for single-family homes and for condos. The benchmark price for a single-family home rose by 9.3 per cent over last year, putting us at $831,900. The benchmark price for a condo in the Greater Victoria area rose 20.1 per cent over 2017, moving from $375,300 to $450,600.

“We expected January to be a bit slower after the increase in activity we saw in November and December, which was likely due in part to buyers entering the market early to avoid the new mortgage stress test,” says 2018 VREB President Kyle Kerr. “We have yet to see the full effect of the stress test, as many people attained 90- to 120-day pre-approvals before the test became required January 1.” As the year continues and those pre-approvals run out and buyers are forced to comply with the new rules in full force, it will be interesting to see how that change will affect the incoming spring market.

To read the full statistics package, visit www.vreb.org/current-statistics.

Are you toying with the idea of listing your property this spring? Send us an email and let’s talk! Now could be the perfect time to capitalize on the limited inventory.

Just have questions? We love those, too, and would love to sit down with you and get all of them answered.

Until next time.

Kaley + Mike