Spring Market Sees More Listings: VREB

Hello, Summer! While the weather hasn’t been everything we had hoped it would be so far, we have only just begun.

The spring market has wound down here in Victoria, and as per usual, the summer months tend to be a bit slower as people take off on vacation or just take a break from the real estate cycle. On top of that, buyers are opting to sit on the sidelines and see what the government does in terms of interest rate hikes at the federal level and the speculation tax at the provincial.

Last month, 708 properties sold in the Greater Victoria area, down 29.8 per cent from June 2017 and down 6.2 per cent from May 2018. Condo sales were down 25.1 per cent with only 230 sales in the month.

There were 2,595 active listings in the Victoria area last month, which is a serious increase for us, easing up on some of the strain we have been feeling. That shows a slight uptick over May 2018, but it is a whopping 35.5 per cent increase over June 2017. However, we’re still a long ways off from our 10-year average of about 4,100 active listings, says Kyle Kerr, VREB president.

“The slower pace of the market has created more time for buyers who may have been hesitant to jump in during the high pressure market conditions of recent years. Homes are spending a bit longer on the market and there are fewer multiple offer situations than in the past, and if we see more listings over the next few months we may be heading back into a more balanced market situation,” says Kerr.

For a single family home, the benchmark price increased by 7.2 per cent over 2017 to $889,600, only slightly higher than May’s price of $878,100. The benchmark price for a Victoria condo increased by 15.4 per cent to $496,500, again slightly higher than May’s price of $493,900.

As the market here continues to adjust and change, whether you’re buying, selling, or just curious about the market, it’s important to find a real estate advisor that you trust and can have candid conversations with. With the changes in how agency works in our province, it is up to you as the consumer to make your choice.

To read the full statistical release, click here: www.vreb.org/current-statistics.

Want to talk some more? Give us a call!

Until next time.

Kaley + Mike