Victoria Housing Market Chills Out For Fall
Victoria And Beyond Critique of Victoria's Market - September 2016
October 3 2016, Victoria, BC
A total of 781 properties sold in the Victoria Real Estate Board region this September, an increase of 10.9 per cent compared to the 704 properties sold in September last year.
Inventory levels remain lower than last year, with 2,061 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September 2016, 40.7 per cent fewer than the 3,478 active listings at the end of September 2015.
"This is the lowest level of inventory on the market in September that we have on record [since 1996]," notes Mike Nugent, 2016 President of the Board. "This continuing lack of inventory holds up sales. The market is still strong, but not moving at the pace we saw earlier in the year. This slowdown is typical with what we expect in the fall to winter season and may be more pronounced as a result of buyer fatigue, due to the lack of available inventory."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in September 2015 was $607,100. The benchmark value for the same home in September 2016 has increased by 22.8 per cent to $745,700.
With the Foreign Buyer's Tax fully implemented in Vancouver, we have not seen a dramatic increase in those buyers shifting to Greater Victoria and they may well have moved to markets in Seattle and Toronto. We are still seeing stronger Western Canada migration and boomer or even pre-retirement boomer investment in Victoria. Pat and I believe we are in a situation of flux and change with the very recent tax and mortgage implementations.
Whatever you are considering, buying, selling or investing - give us a call and we can go over the changes with you and help you make wise real estate choices.
See you next time - Jean and Pat
250386 8875 or 1 866 880 8575