This infographic from Zoocasa shows the status of real estate markets across the country. While Victoria’s real estate market is cooling, it remains a seller’s market, the only one in western Canada.

This infographic from Zoocasa shows the status of real estate markets across the country. While Victoria’s real estate market is cooling, it remains a seller’s market, the only one in western Canada.

Greater Victoria’s real estate market remains strong compared to rest of Canada

Despite cooling, Victoria’s real estate remains a seller’s market, the only one in western Canada

A survey shows Greater Victoria recorded one of the greatest year-to-year drops in sales to listings as it heads towards — albeit very slowly — a more balanced market.

This said, it remains one of the most competitive real estate markets in Canada and the only seller’s market in western Canada among surveyed communities.

Related: Condominiums prop up weakening real estate market across Greater Victoria

Victoria, according to a survey by Zoocasa, a brokerage firm, remains a seller’s market, as measured by the ratio of sales-to-new-listings. As of July 2018, it stands at 62 per cent — down 12 per from July 2017, based on figures from Canadian Real Estate Board.

This drop gives Victoria third place among the markets with the greatest year-over-year decline. The Fraser Valley and Greater Vancouver lead that list with drops of 15 and 13 per cent respectively, and both markets have now entered balanced market territory.

“British Columbia, in particular, has weathered considerable challenges, as tougher mortgage hurdles compound with foreign buyer and speculation taxes, making steep affordability even more acute, and dampening home buyer demand,” the survey notes.

Related: Report suggests Greater Victoria headed for another real estate boom

But the figures also clearly show that these market conditions continue to favour sellers. The report identifies three regions in eastern Canada — Ottawa, Montreal Census Metropolitan Area, and London and St. Thomas — as the most competitive real estate markets to enter with ratios of 72, 73, and 78 per cent respectively.

Overall, of the 26 markets surveyed across Canada, only one qualifies as a buyers’ market: Newfoundland and Labrador. Of the remaining markets, 11 qualify as balanced, with the rest falling into the category of seller’s market. With the exception of Victoria, all markets lie in Ontario, Quebec, and Atlantic Canada.

Canada as a country qualifies as a balanced market, according to the survey’s definitions. A buyer’s market has a sales-to-new listings ratios of between zero to 39 per cent, a balanced market has a ratio that ranges from 40 to 60 per cent, and a sellers’ market has a ratio of 61 per cent and up.


Like us on Facebook and follow us on Twitter

wolfgang.depner@saanichnews.com

Real estate

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Learning tools from the Garth Homer Society’s LifeStreams program have gone online. (Facebook/Garth Homer Society)
Online platform launched for Greater Victoria adults with developmental disabilities

Platform includes programs, events, activities and COVID-19 resources

(Black Press Media file photo)
Saanich police, GVERT arrest suspect in West Shore investigation

Man arrested near Rutledge Park early Saturday morning

(Black Press Media file photo)
Court-registered sex offender arrested for breach of parole in Langford

Cameron Ratelle returned to correctional facility after female youth approached at bus stop

Marc Porpaczy said he’s glad he delayed his daily walk with his dog, Juno, after a car crashed just outside his driveway just before 8 p.m. on Tuesday, Jan. 25. (Aaron Guillen/News Staff)
VIDEO: Dramatic crash highlights need for sidewalks, say Colwood residents

‘The residents have gone from frustrated to angry’

Crews with Discovery Channel film as an Aggressive Towing driver moves a Grumman S2F Tracker aircraft around a 90-degree turn from its compound and onto the road on Saturday, Jan. 23, 2021. It was the “most difficult” part of the move for the airplane, one organizer said. (Jenna Hauck/ Chilliwack Progress)
VIDEO: Vintage military plane gets towed from Chilliwack to Greater Victoria

Grumman CP-121 Tracker’s eventual home the British Columbia Aviation Museum on Vancouver Island

Residents of the Cowichan Valley decorated more than 55 vehicles with anti-racist slogans for a car rally in support of Cowichan Tribes on Saturday, January 24. (Kevin Rothbauer/Citizen)
Dozens join anti-racism car rally and virtual panel in Cowichan Valley

Provincial ministry and BC Green caucus issue joint statement detailing concerns

Jesse Savidant, 31, is wanted by the RCMP after failing to appear in provincial court in Nanaimo in December. Police warn Savidant should be considered violent. (Photo Submitted)
Warrant out for man accused of stolen property offences across Vancouver Island

Jesse Savidant did not appear for court date in Nanaimo last month, say RCMP

Rolling seven-day average of cases by B.C. health authority to Jan. 21. Fraser Health in purple, Vancouver Coastal red, Interior Health orange, Northern Health green and Vancouver Island blue. (B.C. Centre for Disease Control)
2nd COVID vaccine doses on hold as B.C. delivery delayed again

New COVID-19 cases slowing in Fraser Health region

The Pacific Rim National Park Reserve is urging visitors to stay on designated trails after a hiker became injured in an unsanctioned area last week. (Westerly file photo)
Injured hiker rescued in Pacific Rim National Park Reserve

“Safety is everyone’s responsibility.”

Provincial health officer Dr. Bonnie Henry talk about the next steps in B.C.’s COVID-19 Immunization Plan during a press conference at Legislature in Victoria, B.C., on Friday, January 22, 2021. Two more cases of the COVID-19 strain first identified in South Africa have been diagnosed in British Columbia, bringing the total to three as of Jan. 16.THE CANADIAN PRESS/Chad Hipolito
B.C. now has three cases of South African COVID-19 variant, six of U.K. strain

Both variants are thought to spread faster than earlier strains

Rodney and Ekaterina Baker in an undated photo from social media. The couple has been ticketed and charged under the Yukon’s <em>Civil Emergency Measures Act</em> for breaking isolation requirements in order to sneak into a vaccine clinic and receive Moderna vaccine doses in Beaver Creek. (Facebook/Submitted)
Great Canadian Gaming CEO resigns after being accused of sneaking into Yukon for vaccine

Rod Baker and Ekaterina Baker were charged with two CEMA violations each

Police discovered a makeshift nightclub in a Vancouver apartment on Jan. 23, 2021, and say it wasn’t the first time this month officers have been called to the unit over social gathering concerns. (Phil McLachlan - Capital News)
Doorman of makeshift ‘booze-can’ in Vancouver apartment fined; police look to court order

This marks the fourth complaint about social gatherings inside the apartment in January

Local musician and artist Daisy Melville created a watercolour portrait of U.S. Senator Bernie Sanders from the recent American inauguration, and with help from her mom, is now selling t-shirts and more with funds going to the Comox Valley Food Bank. Image submitted
Island artist turns Sanders inauguration meme into art for good

All proceeds from the sale of shirts, sweaters and more will go to the Comox Valley Food Bank

Most Read