Victoria home sales have already surpassed 2014

Price of the average home has risen seven per cent over past year

The townhomes at Maplewood Walk in Saanich are just some of properties that have contributed to the region’s increase in housing sales over the last 29 months. A new report from the Victoria Real Estate Board noted October saw an increase in sales from the same time last year

Sales of homes are up 21.9 per cent in the Greater Victoria region compared to the same time last year, but the increase – both in sales and in property values – has more to do with supply than demand.

On Monday, the Victoria Real Estate Board released its report on real estate activity, highlighting 29 consecutive months of sales going up. October saw 734 properties sold, up from 602 in the same month last year, despite fewer listings this year than last.

“It’s nothing new,” said Guy Crozier, president of the VREB. “It’s just that after two-and-a-half years, it’s really becoming noticeable.

“The inventory of available homes has dropped, and that’s what’s really affecting the market. Sales are really strong, but the inventory of available houses is getting lower and lower, and it’s starting to have an effect on prices.”

As of Oct. 31, the board surpassed its 2014 sales total of 6,698, having sold 7,257 properties in 10 months. The average price of a single family home in Greater Victoria is $637,853, up from $594,282 in 2014.

The sales to active listings ratio for October sat around 29 per cent. According to the VREB, a ratio above 25 per cent indicates upward pressure on prices, making it a sellers’ market.

“Prices across the region are basically up 9.5 per cent across the board, and higher in some areas, especially the areas that are close to the core where there’s not a lot of developable property and the supply can’t keep up with the demand,” said Crozier.

“Although this has been going on for two-and-a-half years, it’s really now starting to make it difficult for buyers to find the right home in the right neighbourhood because the inventory’s dropped so low.”

For Saanich, Crozier said the district is a good example of what’s typical for home sales in the region, reflecting the steady increase in prices since 2013.

“It’s close to the core, but it’s not Victoria, Oak Bay, Fairfield – but it is also not the West Shore,” he said.

When asked how he thinks the market will look in the near future, Crozier said he’s hopeful that more houses will be listed in the new year, but the supply may still be somewhat constrained.

“I think there will be more houses coming on in the spring,” he said. “But I don’t think you’re going to see inventory back to the levels of 2011 or 2012 any time soon. It’ll be very difficult for the Victoria market to recover to those levels that quickly.”

When buying or selling a home, Crozier said it’s best to consult with a knowledgeable realtor who is familiar with your neighbourhood and how its market has changed recently. He noted a realtor can help you find the best home for your needs or sell your home at a strong but reasonable asking price.

“Small, micro markets in certain neighbourhoods have changed so much, it’s really important that if you’re going to try to sell your home, you need to get a realtor to make sure you have really up-to-date information,” he said. “What information you relied on six months ago versus what you rely on today could be very different.”

 

jacob.zinn@saanichnews.com

 

 

Just Posted

Greater Victoria residents among the most credit-worthy Canadians

Yet debt levels continue to rise as Canadians owe $178 for every $100 earned

BC Transit offers high school grads free bus rides

2019 grads can choose two days in June to ride for free

Village Block Party returns to Cook Street

Sunday’s event brings vendors, entertainment and coveted dog race to Victoria’s Cook Street

Thursday sees mix of sun and cloud, high of 22 C

Plus a look ahead at your weekend forecast

BC business offers ‘clean start’ for people with employment barriers

CleanStart BC is looks to expand its Victoria staff

Kelowna toddler suffers cracked skull after fall from balcony

Neighbour who found the two-year-old boy said he has a bump the size of a golf ball on his head

POLL: Were you satisfied with the Game of Thrones series finale?

Millions gathered in front of their televisions Sunday night to watch the… Continue reading

Greater Victoria wanted list for the week of May 21

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

Crews fight fire with fire to keep blaze from northern Alberta town

The wildfire now covers some 920 square kilometres

Man in B.C. charged with murder and arson in 2016 New Brunswick death

He is charged in the death of 71-year-old Lucille Maltais, who was found inside a burned down home

Improve your life and theirs, adopt a cat from the BC SPCA

The BC SPCA holds an adult cat adoption promotion

RCMP probe if teen was intentionally hit with ski pole by mystery skier on B.C. mountain

The incident happened on March 20 on Grouse Mountain. Police are urging witnesses to come forward

Support growing for orphaned Okanagan child after father dies in highway crash

Family thanks emergency crews for assistance in traumatic incident

Baby boom seniors putting pressure on B.C. long-term care: report

B.C. leads Canada in growth of dementia, dependence on care

Most Read