NEWS FLASH Victoria real estate market awaits a spring thaw

A total of 421 properties sold in the Victoria Real Estate Board region this February, 22.8 per cent fewer than the 545 properties sold in February 2018 but a 28 per cent increase from January 2019. Sales of condominiums were down 25.9 per cent from February 2018 with 129 units sold but were up from January 2019 by 16.2 per cent. Sales of single family homes were down 15.8 per cent from February 2018 with 219 sold.

"Buyers and sellers appear to be looking at the current real estate market from different perspectives," says Victoria Real Estate Board President Cheryl Woolley. "Buyers are hoping to see reductions in prices because governments have told the public that policies like the mortgage stress test and the speculation tax will improve affordability. However, the actual result of some of these policies seems to have softened the higher priced end of the market and increased competition for properties at the lower priced end. Conversely, sellers may be holding out to see if prices increase in the spring, and those hoping to up-size may be unable to qualify for the funds needed to move up because of the stress test."

There were 2,131 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2019, an increase of 3.6 per cent compared to the month of January and a 37.9 per cent increase from the 1,545 active listings for sale at the end of February 2018.  

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February 2018 was $848,600. The benchmark value for the same home in February 2019 decreased by 0.3 per cent to $845,900, lower than January's value of $847,800. The MLS® HPI benchmark value for a condominium in the Victoria Core area in February 2018 was $483,700 while the benchmark value for the same condominium in February 2019 increased by 3.9 per cent to $502,800, slightly higher than January's value of $499,700.

"Local REALTORS® continue to be very busy showing listings, so demand is evident in the greater Victoria area," adds President Woolley. "Currently, we still have very low inventory compared to the long-term average with little having come into the market this past month. As the spring thaw comes, there's a good chance more listings will come onto the market which will create more options for prospective buyers. Homes in sought-after areas and those that are lower priced remain in high demand. Now is a good time to connect with your Realtor to discuss your goals and how to navigate the current market."

The graphic below shows market price activity for Single Family Homes in Greater Victoria over the past year

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As baby boomers continue to retire in ever increasing numbers and  people from Vancouver sell their multi-million dollar homes and relocate here, prices will continue strong. There is no denying the incredibly strong pull to this Island Paradise!  

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Victoria, British Columbia... what's not to like?!! With it's mild climate producing liquid sunshine in the winter in place of snow, it is becoming the destination of choice for Baby Boomers all over the world.

Victoria is a metropolitan City that has many residents of British descent, but is increasingly attracting buyers world wide. Even with the currency change with our closest neighbor, United States, it is little wonder that American citizens are still flocking to Victoria and buying luxury ocean front condominiums, view properties and ocean front estates. With prices on the rise, Victoria is expensive but not when compared with other top tourist destinations. Check out other international tourist destinations then look again at our prices and I think you will agree that there is a lot of room for increase yet!

Golf? You bet! There are many amazing golf courses in the South Island area. These include the ocean front Victoria Golf and Country Club, Olympic View with its waterfall backdrop on one hole and many others... most open all year long.

If you want a get away, check out one of our luxury hotels. Included are the Empress, Laurel Point and Delta Ocean Pointe all overlooking the inner harbour. Fine dining includes Hunter's Steakhouse, Chandlers on Wharf, The Marina in Oak Bay and Pescatore's Fish House, just to name a few. Attractions include the world renown Butchart Gardens, Royal BC Museum, Royal Wax Museum, Craigdarroch Castle and of course whale watching. This is not a boring one horse town, but you can go for a carrige ride through the streets!

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