Victoria Real Estate: February 2019

Real Estate in Victoria

After a week of #snowmaggedon2019 in an already short month, we anticipated the new sales & listings numbers to be slightly lower than average. We know, living in Victoria, that when we get that mucsnow, the City shuts down! The Victoria Real Estate February stats are out, so time to have a look.

Overall in Greater Victoria Real Estate, we saw a total of 421 properties sell in February (22.8 % less than February 2018, but still an increase of 28% since compared to last month). We saw 757 new listings come onto the market this February, compared to 837 new listings last February.

victoria real estate, The Condo Group Real Estate Ltd., Victoria real estate

“Buyers and sellers appear to be looking at the current real estate market from different perspectives,” says Victoria Real Estate Board President Cheryl Woolley. “Buyers are hoping to see reductions in prices because governments have told the public that policies like the mortgage stress test and the speculation tax will improve affordability. However, the actual result of some of these policies seems to have softened the higher priced end of the market and increased competition for properties at the lower priced end. Conversely, sellers may be holding out to see if prices increase in the spring, and those hoping to up-size may be unable to qualify for the funds needed to move up because of the stress test.”

Condos in Victoria

The Victoria Real Estate February stats for condos show 129 sales this year, down from 174 in February 2018. This may be due to all of the snow mid-month, as we did see a noticeable increase in activity in the last week of February and anticipate that momentum will keep moving into March.

Looking Forward

“Local REALTORS® continue to be very busy showing listings, so demand is evident in the greater Victoria area,” adds President Woolley. “Currently, we still have very low inventory compared to the long-term average with little having come into the market this past month. As the spring thaw comes, there’s a good chance more listings will come onto the market which will create more options for prospective buyers. Homes in sought-after areas and those that are lower priced remain in high demand. Now is a good time to connect with your Realtor to discuss your goals and how to navigate the current market.”

To read the full real estate January statistics report from the Victoria Real Estate Board, check it out here.

If you are looking to purchase or sell a property in the current market, or in the future, get in touchwith The Condo Group Real Estate for expert insight and advice at 250-382-6636.

— Amy Francoeur