Victoria Housing Market Chills Out For The Fall-Buyer Fatigue?

By
Real Estate Sales Representative with RE/MAX Camosun Victoria BC Real Estate BC Licence #001159

Victoria Housing Market Chills Out For The Fall-A Result of Buyer Fatigue?

Victoria Housing Market Chills!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.

 

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“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. “We have already exceeded the number of sales that we saw in 2015, with a full quarter remaining in the year,” adds President Nugent. “And there is still strong demand, thanks to underlying fundamentals in our province –

The GDP is up, employment numbers are up, retail and population growth is up. All of these contribute to current market conditions.

We also see no indication that the new foreign buyer Property Transfer Tax in Metro Vancouver has pushed foreign buyers into our market in a substantial way, though we continue to track that as a possibility.” 

Planning on Buying or Selling Real Estate in Victoria now or in the near future? Call me and put my 40 plus years experience to work for you.

Source VREB

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Comments (2)

Carra Riley & Declan Kenyon
Brokers Guild Cherry Creek Ltd - Westminster, CO
Helping people Transition at all ages!

wow.. what a nice appreciation rate.. and great sales in October... you might have a nice influx soon!  Grea summary Fred Carver Personal Real Estate Corporation 

Nov 19, 2016 09:31 AM
Fred Carver Personal Real Estate Corporation
RE/MAX Camosun Victoria BC Real Estate - Victoria, BC
Accredited Real Estate Consultant

Hi Carra Riley Thanks, market hasn't changed any only even less homes for buyers to buy.

Nothing on enquiries from your side so far, when O got elected I did get several and one house and business sale.

Cheers

Nov 19, 2016 10:36 AM
Carra Riley & Declan Kenyon

only time will tell!  

Nov 20, 2016 01:12 AM