Saanich realtor Jane Johnston, with the Briar Hill Group, part of RE/MAX Camosun.

Adapting to a changing market: What sellers need to know now

Proper pricing is more important than ever

In a rapidly changing Victoria real estate market, knowing how to price your home is critical to securing top dollar – the last thing you want is to chase a falling market.

And that’s where an experienced realtor is crucial.

The number of properties available for sale in Greater Victoria is up from what it was, and that, paired with tax and borrower stress-test changes mean homes aren’t automatically seeing the competing offers they were, explains Saanich realtor Jane Johnston, with the Briar Hill Group, part of RE/MAX Camosun.

“It’s a shift in the market and all of a sudden the buyers don’t feel they have to move quickly,” Johnston says.

Several factors are affecting what has been a strong seller’s market for several years.

The federal government’s new stress test restricting the debt load home buyers can carry came into affect Jan. 1, typically reducing allowable mortgages by about 15 per cent.

Also affecting the region is the expansion of the 20 per cent Foreign Buyers Tax to Greater Victoria, and the B.C. government’s new speculation tax that applies to residential properties in British Columbia’s largest urban centres – including most areas of the Capital Region.

How do sellers adapt?

“The solution is to price your home at a point where there is activity in the market,” Johnston says.

Have your realtor look at comparable homes in your neighbourhood and what they’ve sold for. “If you price it right at market value, you’ll generate more interest and often, multiple offers that come in over the listing price.”

Understanding how the market is changing and being able to adapt to those changes means finding an experienced and innovative realtor.

Look at factors such as a realtor’s list-to-sale ratio and whether they’ll have time to meet your needs. Ask how they’ll market your home and about their pre-market strategy, Johnston suggests, point out that 90 per cent of people will preview a property before visiting.

“I market to other realtors, as well as buyers, and I use social media and video to generate that interest in my properties,” she says.

Johnston has also launched a testimonial series – – where locals talk about what they love about a particular neighbourhood. “It’s an unbiased look at what people enjoy about living in a community from the people who live there.” This is a great way to generate interest in home sellers’ markets without being salesy.

For more information about selling your home, visit

Comments are closed

Just Posted

Project brings more than 70 condos to foot of Saanich’s Christmas Hill

It is a grey Tuesday morning and Michael Cronquist, project manager for… Continue reading

Art Gallery of Greater Victoria expansion gets $6M boost from province

Project many years in the making, but planned for current Rockland site

Does a creature lurk beneath Cadboro Bay?

Researchers on hunt for Cadborosaurus, with sightings dating back centuries along the B.C. coast

Washington State man facing murder charges in 1987 killing of Victoria couple

Two counts of aggravated first-degree murder filed against William Talbott II in Snohomish

Plastic bag ban guidelines unclear, local businesses say

Victoria’s BYOBag movement starts July 1, leaving local businesses with mixed feelings

REPLAY: B.C. this week in video

In case you missed it, here’s a look at replay-worthy highlights from across the province this week

B.C. NHL prospect expected to make ‘full recovery’ after an incident in Calgary

Jordy Bellerive was injured in a reported house fire Saturday night

Community gets ready to celbrate in Cordova Bay

Host of activities planned at various venues for Cordova Bay Day June 23

LOCAL FLAVOUR: Serenity Farm grows more than vegetables

June 26 0pen house at the garden located on grounds of the Seven Oaks Facility on Blenkinsop Road

BC Lions defensive back Marcell Young levels streaker in home opener

Young hit the fan near one of the 45-yard lines

Police: Taxi driver who hit 8 Moscow pedestrians fell asleep

Two Mexican World Cup fans were among those hit

B.C. VIEWS: Orphans of our urban drug culture neglected again

Child advocate Bernard Richard leaves B.C. with harsh message

From marijuana beer to pot cookies, Canadian companies creating cannabis edibles

Manufacturers think that edibles will do well with users who don’t want to smoke or vape

Privacy lawyer warns against victim blaming in recent sextortion scams

Perpetrators get sexual photos of the victim and threaten to share them with friends and families

Most Read