A total of 329 properties sold in the Victoria Real Estate Board region this January, 23.7 per cent fewer than the 431 properties sold in January 2018 and a 12.3 per cent decrease from December 2018. Sales of condominiums were down 5.9 per cent from January 2018 with 111 units sold but were up from December 2018 by 7.8 per cent. Sales of single family homes were down 29.3 per cent from January 2018 with 152 sold.
“The market in 2019 will continue to be quieter than in previous years, as buyers and sellers adjust to new market conditions and government policies,” says Victoria Real Estate Board President Kyle Kerr. “Inventory is still quite low when you look at a longer range, which will continue to put pressure on pricing. Our overall economy is predicted to slow slightly, and that will likely mean a slower increase in interest rates but also slower growth.
A total of 498 properties sold in the Victoria Real Estate Board region this November, 25.8 per cent fewer than the 671 properties sold in November of last year and a 16.7 per cent decrease from October 2018. Sales of condominiums were down 30.9 per cent from last year in November with 152 units sold. Sales of single family homes were down 20.8 per cent from 2017 with 267 sold this November.
Victoria’s high-tech industry is a large contributor to the demand for housing. According to the head of the Victoria Innovation, Advanced Technology and Entrepreneurship Council, since 2014 this sector has grown 30% and according to Dan Gunn, chief executive of VIATEC, “Growing 30% sounds like a lot, but honestly I think the sector’s potential was higher than that,” he said. “We under performed for one specific reason – we haven’t been able to find enough skilled and experienced talent.”
“We continue to see the housing market shift into a more balanced state, though the trajectory is not smooth,” says Victoria Real Estate Board President Kyle Kerr. “This month had slower sales compared to last year and a slightly lower level of inventory coming into the market, but it also had an increase in sales from last month, which may surprise some people.”
“We are in a different market now than what we have seen for the past two years,” says Victoria Real Estate Board President Kyle Kerr. “And while we see inventory creeping up after the drought in 2017, especially in the multi-million-dollar range, across our region there are 30 per cent fewer homes listed for sale under $750,000 than this time last year…”
In August I attended Sotheby’s International Realty Canada’s first Canadian conference in Montreal. Under the leadership of President, Brad Henderson, the brand in Canada goes from strength to strength. It was an excellent opportunity for me to connect with my colleagues across the country and some from the U.S. We were able to share market information and best practices and I have come back with a renewed respect for the brand that I have chosen to represent my listings.
“Prices in our market are quite flat right now, with a slow, long-term trend toward a more balanced market,” says Victoria Real Estate Board President Kyle Kerr. “Listings have remained relatively static for months after an initial increase last spring. However, this plateau has included more high value inventory and similar to last month, fewer single family homes for sale under $750,000…”
“We are in a different market now than what we have seen for the past two years,” says Victoria Real Estate Board President Kyle Kerr. “And while we see inventory creeping up after the drought in 2017, especially in the multi-million-dollar range, across our region there are 30 per cent fewer homes listed for sale under $750,000 than this time last year…”
“June typically signals the conclusion of the busy spring market, and activity lightens into the summer,” says Victoria Real Estate Board President Kyle Kerr. “However, because of decelerating growth due to aggressive government implementation of policies to reduce demand, Victoria’s real estate market has been hobbled since the start of the year when federal restrictions around mortgage qualifications were rolled out…”
The latest statistics show the Victoria market is continuing its downward trend with a 25% drop in sales from May of last year. At the same time, the benchmark price (a typical house in an area) for a single-family home in the core area hit an all-time record of $878,100, a 7% increase over May 2017.
The latest stats for the Victoria Real Estate market appear to be following the trend in B.C. Across B.C. March sales showed a decline of 24.6% over March 2017, while average property prices climbed 5.3% over the same period.
