Victoria Real Estate: Outside Impact on Spring Market

The Spring Market hasn’t sprung as much as last year in the Greater Victoria Real Estate Market. With the newly introduced Speculation Tax, and the Mortgage changes introduced late last year, buyers have been facing uncertainty and hesitation.

“As we expected, March sales are tracking lower than in 2017,” says Victoria Real Estate Board President Kyle Kerr. “This is likely due to a number of factors that have created hesitation in consumers, including recent heavy measures by the provincial government to reduce the value of home prices and the federal government’s new mortgage qualification rules. Combine these factors with rising interest rates and you’ve got a housing market that is in transition due to outside influences. Every time there is intervention into a market, it takes a few months for the market to rebalance. With the continual changes of late from different levels of government, our market is experiencing a new cycle of ongoing uncertainty.”

In March, we continued to see an increase of listings on the market ending in a total of 1,766 active listings at the end of the month. There were 311 condos for sale in Greater Victoria at the end of March, a 17% increase in inventory compared to last year. It’s typical that the Spring Market brings more listings to the market. Although we’re seeing a recent increase in active listings, we will still need to see more supply come to our market to balance out the high demand.

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We saw a 28% decrease in number of condos sold this month compared to last March, with a total of 211 condos sold. This is still an increase over February with 174 condos sold. As for prices, the average price per condo is at a 17% increase over last year, with the average price of $476,568.

To read the full statistical release from the Victoria Real Estate Board, check it out here: http://www.vreb.org/current-statistics

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 for expert insight and advice at 250-382-6636.

— Amy Francoeur