Victoria Real Estate + March Stats

As predicted, Victoria’s real estate market hit a bit of a “pause” last month, seeing only 688 properties sold in the Greater Victoria area. This was a 25.9 percent fewer sales than March 2017, but it was a 26.2 per cent increase over February’s numbers.

“As we expected, March sales are tracking lower than in 2017,” says VREB President Kyle Kerr. “This is like due to a number of factors that have created hesitation in consumers, including recent heavy measures by the provincial government to reduce the value of home prices and the federal government’s new mortgage qualification rules.” He goes on to say that, when included with rising interest rates, Victoria is in the middle of a transitioning market.

We are still struggling with a lack of inventory here in our fair city, especially in the $400-$800K range. Prices north of $800K are seeing a slow-down, while demand for the lower price bracket remains hot. Multiple offer situations are still common on desirable properties, but it is a case-by-case situation. Because of this, it’s even more important to work with an advisor you trust to help you through the buying process. Sometimes you need to think of your top dollar you want to spend, others you can try to negotiate it down.

We had a total of 1,766 active listings in Greater Victoria at the end of March, 14.3 per cent more than February.

Even despite the lack of inventory and the market hesitation, Victoria saw increases in the benchmark prices for both single-family homes and condos. The benchmark for a single-family home in the area rose to $859,400, up from February’s value of $840,300. The benchmark for a condo rose to $490,000, from February’s value of $472,600.

To read the full release, click here.

As the changes in government regulations continue, we can help you understand how they impact you and how your buying or selling situation might need to change. Do you have questions about what is upcoming? Give us a call!

Until next time.

Kaley + Mike