Monthly Archives: December 2015

VREB November 2015 News

Inventory low, but still great variety of properties for buyers in the Victoria Real Estate Market

December 1, 2015, Victoria BC – Victoria Real Estate Board President Guy Crozier confirms
that November was another busy month for the popular Victoria real estate market. “Holding
true to the theme we’ve seen throughout the year, the Victoria market had another great month
of sales, with numbers exceeding those from the same time last year.”
A total of 573 properties sold in the Victoria Real Estate Board region this November, an
increase of 23.2% compared to the 465 properties sold in the same month last year.
There were 2,952 active listings for sale on the Victoria Real Estate Board Multiple Listing
Service® at the end of November, 18.7% fewer than the 3,631 active listings at the end of
November 2014.

Crozier notes that prospective sellers may want to take advantage of the current market
conditions. “One thing I can say about the market right now is that due to lower inventory levels,
this is the best time in the past ten years to list a house. Demand from buyers in most areas is
up, but inventory continues to decrease on a year over year basis. The good news for buyers is
that pricing remains competitive and there are new listings coming onto the market every day.”

What does Crozier recommend buyers and sellers keep in mind as the year comes to a close?
“There are real estate microclimates in Victoria. Different areas have different levels of demand
and ability to meet that demand. Though properties are selling everywhere, what to expect in
terms of value and time to sell may differ depending on your area and the type of property. Now
more than ever it’s important to work with a REALTOR® to understand the market and track the
activity.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in
the Victoria Core last year in November was $558,600. The benchmark value for the same
home in November 2015 has increased by 9% to $608,600.

More information on the November 2015 report and the Multiple Listing Service® Home Price
Index is available from the Victoria Real Estate Board, at vreb.org.