The property market throughout Greater Victoria softened in August with fewer sales and a decline in overall prices for single family homes and condominiums. Townhomes prices, however, rose in August.
A total of 425 properties sold in August through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from the 527 sales in July. And there were 764 sales 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.
Some interesting observations regarding our falling real estate sales in August:
1. New listings being overpriced.
2. Chasing a falling market.
3. Public reaction to the newly introduced harmonized sales tax (HST) in British Columbia, even though properties that are not newly built are not directly affected.
4. General economic uncertainty, with volatile stock markets and high unemployment, especially in the US, with a 'blast radius' affecting BC.
5. Specific issues with listings within a certain price range (i.e. over $450,000). For example - not having wood flooring or older fixtures and appliances. And of course location is important.
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