April 2018 Numbers Released: VREB

With another month in the books, 2018 is certainly shaping up to be an interesting year. We’re officially into the spring market here in Greater Victoria! Typically, this equals our busiest time of year and so far, it is following that trend.

Last month, we saw 774 properties sell in the region, 12.5 per cent fewer than April 2017. But interestingly enough, we saw an increase of 12.5 per cent over March 2018. Condo sales were down 21.6 per cent from last year with 225 units sold. So, while 2018 isn’t quite keeping up with what we saw last year, the numbers still are rebounding from earlier this year. On top of that, while transaction numbers were down, prices continued to increase.

“One interesting development we are tracking is the increase in prices in a market of fewer sales. Part of the reason for this is there is strong pressure on lower-priced properties,” says Victoria Real Estate Board President Kyle Kerr. When the federal government revamped their mortgage qualification requirements on January 1, it decreased buyers’ purchasing power, ultimately putting a bigger strain on an already strained price point.

We are starting to see an increase in active listings, with 2,002 active listings on our MLS system, an increase of 13.4 per cent over March 2018 and 18.5 per cent more than April 2017.

With demand for quality product at a reasonable price still at an all-time high, when those products do come to market, they are still moving quickly and sometimes still in multiple offers. As always, we highly suggest that you talk with your financial advisor or mortgage broker ahead of starting your shopping so you know exactly what you can afford and still feel comfortable with.

The benchmark values continue to increase, too, with the benchmark value for a single-family home increasing by 8.3 per cent over April 2017 to $866,100. For a condo, the value increased by 18.4 per cent over the same time last year to $495,100, slightly higher than March’s value of $490,000.

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

Changes are coming to the Victoria real estate market, and it is more important than ever to work with an advisor who has seen previous cycles of the market and can help guide you through these changes. Interested in talking more? Give us a call, and we’ll bring the coffee!

Until next time.

Kaley + Mike