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VREB April 2017 News

Victoria Real Estate Market Continues Trend of Low Inventory, High Demand

April 2, 2017 – A total of 929 properties sold in the Victoria Real Estate Board region this March, 17.1 per cent fewer than the 1,121 properties sold in March last year.

“We predicted early in the year that we wouldn’t see a continuation of the record sales numbers that we saw in 2016,” says 2017 Board President Ara Balabanian. “However, we are still in a very active market, as evidenced by the fact that this is second highest March on record if you remove that record breaking 2016 data. We saw nearly 200 more transactions last month than March 2015, when 734 properties sold.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2016 was $663,300. The benchmark value for the same home in March 2017 has increased by 19.1 per cent to $790,100.

Inventory levels edged lower, with 1,556 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2017, 40.6 per cent fewer than the 2,618 active listings for sale at the end of March 2016.

“The public and REALTORS® are getting used to the new tempo of the market – with the ongoing historically low inventory levels and high consumer demand – both parties need to be tenacious and have quick reflexes. Sellers need to ensure they have assistance from an experienced local Realtor to help understand current demand and pricing. Even in this market, properties can sit unsold for months without selling because of an inappropriate price,” adds President Balabanian. “We do think we will see a more balanced market in the future as more inventory becomes available. Traditionally, people prefer to list their home when gardens and outdoor areas can be shown to their best advantage. Hopefully, as our warmer weather arrives we will see more listings added into the market to offer more choice for buyers.”

VREB February 2017 News

 Victoria Real Estate Market Starts the Year with Fewer Listings and Above Average Activity

February 1, 2017 –  A total of 478 properties sold in the Victoria Real Estate Board region this January, 11.3 per cent fewer than the 539 properties sold in January last year.

Inventory levels edged lower, with 1,516 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2017, 38.6 per cent fewer than the 2,471 active listings at the end of January 2016.

“The numbers we saw last year are not the new normal. We know that we are not going to see sales volumes this year that meet or beat last year’s record breaking numbers,” notes 2017 Board President Ara Balabanian. “When compared to the month of January’s ten year average, which is 384 transactions, sales in January 2017 are nearly 25 per cent higher than average. The least active January we saw in the past ten years was in 2009 with 247 sales, and the most active was last year.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in January 2016 was $616,700. The benchmark value for the same home in January 2017 has increased by 24.4 per cent to $767,000.

“It’s early in the year to make predictions,” adds President Balabanian. “Over the last few decades, the historic cycle in Victoria is longer periods of stable activity and price followed by a rapid rise in activity and property values over a relatively short period of time. The coming months will provide us with a better idea of where we are in this cycle.”

About the Victoria Real Estate Board – Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of REALTORS®. The Victoria Real Estate Board represents 1,327 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.

VREB January 2017 News

Victoria Real Estate Market’s Record Breaking 2016, Demand Likely to Continue in 2017

January 3 2017, Victoria, BC
A total of 471 properties sold in the Victoria Real Estate Board region this December, 1.3 per cent more than the 465 properties sold in December last year.
Inventory levels edged lower than last year, with 1,493 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of December 2016, 40.7 per cent fewer than the 2,517 active listings at the end of December 2015.

“As we expected, 2016 broke records in terms of the number of properties sold in our area,” notes Mike Nugent, outgoing 2016 President of the Board. “10,622 properties sold, which exceeds our previous high of 9,241 sales in 1991.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in December 2015 was $613,600. The benchmark value for the same home in December 2016 has increased by 23.6 per cent to $758,500.

“We expect sales to continue to be strong but we don’t expect to see the phenomenal activity we saw in 2016 for 2017. Inventory continues to be low,” adds President Nugent. “You can’t sell something that isn’t there. There is certainly an ongoing demand for properties. This is reflected in the fact that 25 per cent of sales this month sold over their asking price. The majority of these properties were in the up to $750,000 price point, so your average buyer will face a competitive market.”

About the Victoria Real Estate Board – Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of REALTORS®. The Victoria Real Estate Board represents 1,327 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.

VREB December 2016 News

High Demand Continues as Inventory Shrinks in the Victoria Housing Market

December 1 2016, Victoria, BC

A total of 599 properties sold in the Victoria Real Estate Board region this November, 4.5 per cent more than the 573 properties sold in November last year.

Inventory levels remain lower than last year, with 1,815 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2016, 38.5 per cent fewer than the 2,952 active listings at the end of November 2015.

“Our current housing market is in a strong cycle due to many factors, including our current positive economic conditions, baby boomers retiring here, millennial buying cycles, a low Canadian dollar keeping folks closer to home and our favourable living conditions,” notes Mike Nugent, 2016 President of the Board. “These factors and others, in combination with ongoing low inventory mean demand for housing is up, particularly in those areas close to the core and amenities.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in November 2015 was $608,600. The benchmark value for the same home in November 2016 has increased by 23.9 per cent to $753,800.

“Foreign buyers are another factor that affects our local housing market. The provincial government is considering implementation of a local tax on foreign buyers to ensure pressure on pricing from that source remains mitigated,” adds President Nugent. “While October data shows an increase in foreign buyers into the Capital Regional District compared to previous months, their 6.3 per cent of property transfers indicate that these buyers are one factor in the marketplace. A much larger factor affecting affordability and availability right now is the lack of inventory. An effective method to address housing affordability issues could be through efforts to increase the supply of housing, either through adjustments to zoning or density.”

About the Victoria Real Estate Board – Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of REALTORS®. The Victoria Real Estate Board represents 1,320 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.

VREB November 2016 News

Competitive Housing Market in Victoria Continues as Inventory Remains Low

November 1 2016, Victoria, BC

A total of 735 properties sold in the Victoria Real Estate Board region this October, a single property more than the 734 properties sold in October last year.

Inventory levels remain lower than last year, with 1,938 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2016, 38.9 per cent fewer than the 3,170 active listings at the end of October 2015.

“We continue to see low inventory hindering sales in the local market,” notes Mike Nugent, 2016 President of the Board. “Though our numbers are down from the record setting pace set this summer, the market is still moving quickly and is still very competitive for certain properties. High demand areas like Saanich and Oak Bay continue to see multiple offers and areas in the West Shore are also seeing sales over listed prices. In other areas, prices remain firm because of high demand and extremely limited inventory.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in October 2015 was $608,200. The benchmark value for the same home in October 2016 has increased by 24.1 per cent to $755,000.

“The federal government’s change to mortgage lending rules has also impacted buyers,” adds President Nugent. “Buyers that require mortgage insurance are able to qualify for significantly smaller mortgages than before the rule change and this is further limiting their options in a very restricted market. Some buyers have postponed their search in order to save up more of a down payment so they can work within these new limitations.”

About VREB – Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of REALTORS®. The Victoria Real Estate Board represents 1,305 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.

VREB October 2016 News

Victoria Housing Market Chills Out For Fall

October 3 2016, Victoria, BC

A total of 781 properties sold in the Victoria Real Estate Board region this September, an increase of 10.9 per cent compared to the 704 properties sold in September last year.

Inventory levels remain lower than last year, with 2,061 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September 2016, 40.7 per cent fewer than the 3,478 active listings at the end of September 2015.

“This is the lowest level of inventory on the market in September that we have on record [since 1996],” notes Mike Nugent, 2016 President of the Board. “This continuing lack of inventory holds up sales. The market is still strong, but not moving at the pace we saw earlier in the year. This slowdown is typical with what we expect in the fall to winter season and may be more pronounced as a result of buyer fatigue, due to the lack of available inventory.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in September 2015 was $607,100. The benchmark value for the same home in September 2016 has increased by 22.8 per cent to $745,700.

“We have already exceeded the number of sales that we saw in 2015, with a full quarter remaining in the year,” adds President Nugent. “And there is still strong demand, thanks to underlying fundamentals in our province – the GDP is up, employment numbers are up, retail and population growth is up. All of these contribute to current market conditions. We also see no indication that the new foreign buyer Property Transfer Tax in Metro Vancouver has pushed foreign buyers into our market in a substantial way, though we continue to track that as a possibility.”

About VREB – Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of REALTORS®. The Victoria Real Estate Board represents 1,293 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.

VREB November 2014 News

Strong Victoria Real Estate Market Again in October

November 3, 2014

Victoria BC – The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for October 2014.

602 properties sold in the Victoria region this October, an increase of 17.6% when compared to the 512 properties sold in the same month last year.

“Here we are again, a month in 2014 ending with more sales than in 2013,” Victoria Real Estate Board President Tim Ayres says. “This year has been a solid year for local real estate – indeed we are only 154 transactions away from meeting the total number of sales from 2013 – and there are two more months left in the year!”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $547,800. This month the benchmark value increased to $553,900.

“All year we’ve seen a decrease in the number of active listings and increase in sales compared to 2013 numbers,” adds President Ayres. “Last year at the end of October we saw 4,322 active listings, and this year we see 3,927 active listings, that’s a 9.1% change.”

Victoria Real Estate Board President Tim Ayres is available for comment. More information on the October 2014 report and the Multiple Listing Service® Home Price Index is available from the Victoria Real Estate Board.

About VREB – Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs that enhance the professionalism and community standing of REALTORS®. The Victoria Real Estate Board represents more than 1,200 local REALTORS®.

View our press release and summary here.

View our complete statistical package here.

Notes for Interpreting Our Statistics

The use of sale price statistics can be useful in establishing trends when applied over a period of time, i.e. six months or longer. The Victoria Real Estate Board cautions, however, that such information does not indicate the actual value of any particular property. Those requiring specific information on property values should contact a REALTOR®.

The documents we link to on this page are stored in PDF format. If your browser already has a PDF plug-in like the Adobe Reader, you’ll probably be able to simply click on the document you’re interested in to view it here online. If not, you can download and install this popular, free software by clicking here.

Courtesy of the Victoria Real Estate Board

VREB October 2014 News

Strong sales and stable market conditions continue through September

October 1, 2014, Victoria BC – The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for September 2014.

565 properties sold in the region this September – an increase of 16% compared to the 487 properties sold in the same month last year. The quarter ending in September shows a 15% increase in the number of sales overall compared to the same quarter in 2013.

“Once again we see more houses sold this month than last September,” Victoria Real Estate Board President Tim Ayres says. “We haven’t seen sales like this in September since 2009. The balanced market conditions we’ve seen over the last seven months mean property prices are stable, so it might be more comfortable for buyers and sellers to make a move because they know that property values are predictable.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $550,900. This month the benchmark value increased to $556,200.

“There are some districts in the Victoria area that have seen an increase in their benchmark values, and others that are relatively flat compared to last year,” adds President Ayres. “Since there is this difference within the local market, it’s important to connect with your local REALTOR® to get an understanding of the market as it relates to your specific neighbourhood.”

The complete statistics package will be posted this afternoon on VREB.org.

VREB September 2014 News

September 2, 2014, Victoria BC – The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for August 2014.

609 properties sold in the region in the month of August 2014 – an increase of over 12% compared to the 540 properties sold last year in August.

2014 shows a 10.5% increase in year-to-date sales compared to last year.

“When July numbers came in higher than we expected based on the past five years of sales activity, I think a lot of people were surprised.” Victoria Real Estate Board President Tim Ayres says. “But sure enough, the market outperformed last year’s sales again in August and we’ve had the busiest August we’ve seen in five years.”

The MLS® Home Price Index (HPI) benchmark value for a single family home in the Victoria Core this time last year was $486,900 – this month tracks an increase of just under 1%, which brings the benchmark value up to $491,500. Condominiums and townhouses in Greater Victoria each show a 2.5% increase in value over last year.

“We’ve seen balanced market conditions for 6 months now,” adds President Ayres, “This means we’re not in a buyer’s or a seller’s market, but in an extended term of stable prices due to the ratio of available property for sale to the amount of sales. It’s a great place for sellers and buyers.”

Victoria Real Estate Board President Tim Ayres is available for comment. More information on the August 2014 report and the MLS® HPI is available from the Victoria Real Estate Board.

About VREB – Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs that enhance the professionalism and community standing of REALTORS®. The Victoria Real Estate Board represents more than 1,200 local REALTORS®.