Real Estate Information

The Greater Victoria real estate market has softened in the month of August as a result of fewer sales & a decline in overall prices for single family homes and condominiums. However, the overall prices for townhomes rose in August.

A total of 425 properties sold in August via the Victoria Real Estate Board’s MLS, slightly down from the 527 sales in July. In comparison, there were 764 sales for the month of August in 2009. Softening of the sales this year was not unexpected, given that 2009 was an exceptional year. 

The outlook for the remainder of the year is that we anticipate the market to remain relatively stable; as any increase in interest rates in the near future will likely be modest.

The number of properties available for sale at the end of last month declined to 4,356 but this was still 24 per cent higher compared to the 3,509 available properties in August of last year.

The average price for single-family homes sold in Greater Victoria last month was $586,676 down from $615,004 in July. The median price declined to $548,500. The six-month average declined slightly to $629,272. There were eight single family home sales of over $1 million in August compared to 16 such sales the previous month. The overall average price for condominiums was $320,874 last month, down from $322,905 in July. The average for the last six months was $330,234. The median price for condominiums in August declined to $275,000. The average price of all townhomes sold last month, however, rose to $432,284 from $420,578 in July. The median price rose to $405,000. The six month average was $439,636.

MLS® sales last month included 223 single family homes, 113 condominiums, 43 townhomes and 15 manufactured homes.

Greater Victoria home buyers have a growing number of properties from which to choose, as inventory levels rose to 4,477 properties available for sale at the end of June - up 23 percent from the 3,632 available properties a year earlier.

For the 2nd consecutive month sales have softened while overall prices showed little change.

Here are the July month-end market statistics posted as of Aug. 02, 2010  9:20am:

Please Note

• Left Column: stats for the entire month from this year
• Right Column: stats for the entire month from last year

I have been fortunate to have lived in this wonderful place for nearly 30 years, and I clearly remember falling in love with Victoria on our very first trip to the capital city back in 1978. 

Through my travels, many people have told me that they have heard about Victoria, and wish to visit it one day. Many, that I come across have been to Victoria, and absolutely love it.

Take a look at this great video about Victoria and some of the great things to do while here. We are truly blessed to be living in paradise.

If you would like to make the island home, let us know and we can make your dreams come true.

The Victoria Home Team

The continuing trend in Victoria this summer is a cooling in the number of homes sold. The Month-to-Date Market Statistics as of 8:00 am Monday, July 19, 2010 are as follows:

Please Note

• Left Column: stats so far this month
• Right Column: stats for the entire month from last year

Month-to-Date Market Statistics from July 1 - July 12 2010:

Please Note

• Left Column: stats so far this month
• Right Column: stats for the entire month from last year

Month-to-Date Market Statistics from July 1 - July 12 2010:

Please Note

• Left Column: stats so far this month
• Right Column: stats for the entire month from last year

Spring Sales Soften in May - Choices Increase for Buyers

June 1, 2010

The number of homes and other properties sold throughout the Victoria area softened in May while the choices for buyers increased with a further rise in the number of properties available for sale.

A total of 695 homes and other properties sold in May through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from the 756 sales in April. There were 879 sales in May of last year. Prices were mixed depending on the property type.

Some softening in the number of sales was expected due to anticipated increases in interest rates and pressure on affordability as a result of rising prices. So far this year sales are running nearly 14 per cent ahead of the first five months of last year but it’s important to note that the first few months of this year were very strong compared to the same period a year ago when the effects of the recession were still being strongly felt.

Further increases in the number of properties available for sale should temper upward price pressures as buyers enjoy a wider selection of properties from which to choose. As of the end of May, there were 4,521 properties available for sale - up from 4,229 at the end of April. The available inventory is now 19 per cent higher than the 3,789 properties for sale at the end of May a year ago.

Overall prices for single family homes rose last month while prices for condominiums and townhomes moderated. The average price for single-family homes sold in Greater Victoria last month was $646,483 up from $624,149 in April. The median price rose to $594,500. The six-month average was $635,477. There were 24 sales of over $1 million including one sale in Oak Bay of over $3.5 million. The overall average price for condominiums was $324,005 last month, down from $340,105 in April. The average for the last six months was $327,064. The median price for condominiums in May declined to $290,050. The average price of all townhomes sold last month was $430,713 down from $449,556 in April. The median price declined to $418,000. The six month average was $453,798.

MLS® sales last month included 394 single family homes, 202 condominiums, 63 townhomes and 12 manufactured homes.

Month-to-Date Market Statistics as of 8:00 am on Monday, June 28, 2010:

Please Note

• Left Column: stats so far this month
• Right Column: stats for the entire month from last year

As previously noted, we are experiencing a "shift" in the market due to heavy financing constrictions imposed on home buyers and investors. 

A large portion of the buyers pool has been squeezed out of the market due to changes imposed by CMHC. Now, first time buyers must have 10% down and have to be able to qualify based on a 5 year rate posted rate (currently 5.54%). Previously, 1st time buyers were only required to have 5% down and needed to qualify based on the 3 year posted rate, which is usually 1% to 1.5% less than the 5 year posted rate.