August Numbers Hold Steady: VREB

Happy September, Victoria! (And to our out-of-province readers, too!) Summer is winding down and fall routines are settling into place. Did you have an incredible summer? We certainly did. A good mix of work and downtime, both Mike and I feel great and are excited to fall in to our autumn market.

With that being said, here are the details from last month.
  • 661 properties were sold in the Greater Victoria area
  • up 11.3 per cent over August 2018
  • down 6.4 per cent over July 2019

  • 203 condos were sold
  • up 4.1 per cent over August 2018
  • down 5.6 per cent over July 2019

  • 351 single-family homes were sold
  • up 15.5 per cent over August 2018
  • up 1.2 per cent over July 2019

“August could be considered a status quo month for real estate in greater Victoria with entry-level homes selling quickly...and higher priced properties moving at a slower pace,” says Victoria Real Estate Board President Cheryl Woolley.

While the sales have held steady over the summer, the inventory in our fair city has fallen slightly. If you have been thinking of putting your property on the market, then these upcoming weeks might be a great time to talk to your real estate advisor and discuss taking advantage of this slight downward slip.

At the end of August 2019, there were 2,838 active listings on the Multiple Listing Services (MLS®), a decrease of 3.8 per cent over July 2019. The good news is that we are still have 12.7 per cent more listings than August 2018.

The Home Price Index benchmark value for a single-family home in the Victoria core was $847,300, down 4.6 per cent over August 2018 and down 1.3 per cent over July 2019. The benchmark value for a condo in the same area was $518,100, up 2.9 per cent over August 2018 but down 1.0 per cent over July 2019.

August is an inherently slower month as families are enjoying their summer holidays and then trying to get ready for the back-to-school rush. We generally see slower activity on active listings with fewer showings, but sales were still active enough to show that buyers are still out there. We hope to see the activity pick up in the next couple of weeks as people settle down into their fall routines and reevaluate their housing needs.

To read the full statistics release, you can find it here: www.vreb.org/current-statistics.

As well, September 2, 2019 marked the beginning of the federal government’s First Time Home Buyer Incentive (FTHBI) program. While it holds some serious potential for other markets, we aren’t sure how much this new program will help buyers in our city. To read more about how this program works, click here: FTHBI blog post.

With the federal election coming closer, we hope that we will see the government revisit the mortgage stress test and how that works, as well as potentially looking at bringing back the 30-year amortization for first-time buyers.

Navigating this unique market can be difficult and confusing. We’re here to help. We want to ensure that you understand exactly where your home sits in the market and help to advertise it to its maximum potential. Thinking about selling? Let us buy you a coffee first and see if we can help you get the most for your property.

Until next time!

Kaley + Mike