Victoria Real Estate: October Statistics
The Victoria Real Estate Board has released the October statistics in the Greater Victoria Real Estate market. This month we saw a 12% increase in overall sales compared to September of this year, but are still seeing a decrease compared to October 2017. September had a bit of a dip in activity and October has picked back up, but we do expect to see another slow down for November & December as the weather motivates people to cozy up indoors rather than search for real estate.
“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. The moderating changes over last year have been punctuated with some competition and price pressure on lower and mid-priced homes while the upper end of the market has softened slightly. Right now pricing is key across all segments as we transition to a more balanced market.”
As for condos, we saw a 15% decrease in sales compared to October 2017, yet a 17% increase since September of this year, following the overall market trend. We continue to see the average days on market sitting close to 1 month to sell (average of 33 days to sell in October 2018). The average price for a condo continues to be higher over last year, at $461,976.
“The market is definitely reacting to the changes in mortgage lending requirements,” adds President Kerr. “Lending was made tougher to dampen the market and these measures have certainly had an impact on purchasing power. The threat of the looming Speculation and Vacancy tax has also cooled development in our area, which is unfortunate because the only way to create affordable homes in our area is to build them. We hope that moving forward the municipal, provincial and federal governments will work collaboratively to enable more supply at all levels of housing by funding public / private partnerships to support the increase of home stock in our area. We hope that aside from taxation and mortgage rules, governments will work together to ensure a future supply in our area to stabilize prices in the long term.”
To read the full real estate October 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 touch with The Condo Group Real Estate for expert insight and advice at 250-382-6636.
— Amy Francoeur