February 2019 Blog:
Happy Valentines Day!
The real estate market in Victoria is continuing to cool and will remain slower throughout this year. Mainly due to the mortgage stress test enacted a year ago, lowering the number of buyers qualified to buy in this high priced Victoria market. Over all, the Greater Victoria sales numbers are continuing to drop while listing inventory is increasing month over month. These factors could lead to lower prices in the coming months and a more balanced market for Buyers and Sellers.
One positive factor that could increase sales this spring is the current stance by the Bank of Canada, which is continuing on a path of no interest rate increases, and the predictions are for this policy to continue throughout most of 2019. This combined with a softening of mortgage interest rates by the major banks across Canada should help keep the market stable in the coming months, leading to a decent spring market. The lower priced properties, condos and townhouses should remain strong while the upper end properties will be harder to sell with more and more competition for buyers in the coming months. As a result these Sellers will have to be competitively priced to attract offers throughout 2019. Here are some of the statistics for January:
Listing Inventory:
There were 2,057 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January, a 38 per cent increase from the 1,491 active listings for sale at the end of January 2018. While significantly higher than a year ago, the current levels are at about the 10 year average, which will help the market remain balanced for buyers and sellers throughout most of this year.
Sales:
A total of only 329 properties sold in the Greater Victoria region this January, which was 23.7 per cent fewer than the 431 properties that sold in January 2018. Sales of single family homes were down 29.3% from January 2018 with 152 homes sold. Sales of condominiums were down 5.9% from last year with 111 units sold this past month. Overall sales numbers will increase in the coming month but will continue to trend lower than in 2018.
Average Prices:
Currently, the average price for a Single Family home is sitting at $847,800, down slightly from the average price of $858,600 at the end of 2018. However, prices are down overall by about 5% from the peak high in the summer of 2018. Average condo prices are sitting at $499,700, slightly lower than the year end average of $502,400. While these condo prices are still up from one year ago, they have not changed much in the last 6 months and should remain relatively unchanged in the coming months.
I look forward to assisting you with any of your Real Estate Needs.
If you, or any of your friends or relatives require any real estate related information from one of Victoria’s Top Realtors, please call or contact me through my website: www.dalesheppard.com or direct at 250-744-0844. I look forward to hearing from you soon.
Check out the Latest Greater Victoria Statistics: www.dalesheppard.com/resources
Click here for List of Upcoming Open Houses in Greater Victoria
