According to Canada Mortgage and Housing, Greater Victoria home builders ramped up production as temperatures rose this summer.  Builders started 580 housing units in the region in August, a huge jump from the 183 started during the same month last year.

“We are in a different market now than what we have seen for the past two years,” says Victoria Real Estate Board President Kyle Kerr. “And while we see inventory creeping up after the drought in 2017, especially in the multi-million-dollar range, across our region there are 30 per cent fewer homes listed for sale under $750,000 than this time last year…”

In August I attended Sotheby’s International Realty Canada’s first Canadian conference in Montreal. Under the leadership of President, Brad Henderson, the brand in Canada goes from strength to strength. It was an excellent opportunity for me to connect with my colleagues across the country and some from the U.S. We were able to share market information and best practices and I have come back with a renewed respect for the brand that I have chosen to represent my listings.

“Prices in our market are quite flat right now, with a slow, long-term trend toward a more balanced market,” says Victoria Real Estate Board President Kyle Kerr. “Listings have remained relatively static for months after an initial increase last spring. However, this plateau has included more high value inventory and similar to last month, fewer single family homes for sale under $750,000…”

“We are in a different market now than what we have seen for the past two years,” says Victoria Real Estate Board President Kyle Kerr. “And while we see inventory creeping up after the drought in 2017, especially in the multi-million-dollar range, across our region there are 30 per cent fewer homes listed for sale under $750,000 than this time last year…”

Buyers are finally getting a break in the Victoria Real Estate market due to government intervention in the real estate market by way of provincial taxes and tighter mortgage qualifications. The month of June saw a 29.8% decline in sales in this market over June 2017.

“June typically signals the conclusion of the busy spring market, and activity lightens into the summer,” says Victoria Real Estate Board President Kyle Kerr. “However, because of decelerating growth due to aggressive government implementation of policies to reduce demand, Victoria’s real estate market has been hobbled since the start of the year when federal restrictions around mortgage qualifications were rolled out…”

The latest statistics show the Victoria market is continuing its downward trend with a 25% drop in sales from May of last year. At the same time, the benchmark price (a typical house in an area) for a single-family home in the core area hit an all-time record of $878,100, a 7% increase over May 2017.

A total of 755 properties sold in the Victoria Real Estate Board region this May, 25 per cent fewer than the 1,006 properties sold in May of last year, and a 2.5 per cent decrease from April 2018.

The latest stats for the Victoria Real Estate market appear to be following the trend in B.C. Across B.C. March sales showed a decline of 24.6% over March 2017, while average property prices climbed 5.3% over the same period. 

A total of 774 properties sold in the Victoria Real Estate Board region this April, 12.5 per cent fewer than the 885 properties sold in April last year, but a 12.5 per cent increase from the month previous. 

British Columbia is predicted to have solid economic growth through 2018. Central 1 Credit Union said 2017 was a year of “stellar growth” and the positive momentum will continue in B.C. for the next 24 months, despite a slower housing market.

A total of 688 properties sold in the Victoria Real Estate Board region this March, 25.9 per cent fewer than the 929 properties sold in March last year, but a 26.2 per cent increase from the month previous. 

A total of 431 properties sold in the Victoria Real Estate Board region this January, 9.8 per cent fewer than the 478 properties sold in January last year.