The number of homes sold in October 2018 have fallen compared to the same time last year, but have risen compared to the previous month. (Ragnar Haagen/News staff)

The number of homes sold in October 2018 have fallen compared to the same time last year, but have risen compared to the previous month. (Ragnar Haagen/News staff)

October property sales pop in Greater Victoria

The VREB noticed an increase in sales from last month, which may surprise some people as the yearly trend continues to fall

The number of home sales across Greater Victoria continues to drop when compared to monthly figures from 2017, but October saw a bump when compared to previous month-over-month sales figures.

Just under 600 properties changed hands in the Victoria Real Estate Board region last month, which is 10 per cent fewer than October 2017, but the 598 properties sold were 12.2 per cent more than September 2018.

READ MORE: Condos prop up weakening real estate market across Greater Victoria

READ MORE: Greater Victoria prices continue to rise as market shows signs of cooling

Condo sales made up the majority of this spike from Sept to Oct 2018, with 20.8 per cent of sales. Single family homes only made up 1.4 per cent of the rise.

“We continue to see the housing market shift into a more balanced state, though the trajectory is not smooth,” says Victoria Real Estate Board President Kyle Kerr.

“This month had slower sales compared to last year and a slightly lower level of inventory coming into the market, but it also had an increase in sales from last month, which may surprise some people. The moderating changes over last year have been punctuated with some competition and price pressure on lower and mid-priced homes while the upper end of the market has softened slightly. Right now pricing is key across all segments as we transition to a more balanced market.”

(Victoria Real Estate Board)

The amount of active listing at the end of October 2018 represented a 31.8 per cent increase in inventory compared to Oct. 2017, which Kerr says could be caused by new mortgage lending requirements.

“Lending was made tougher to dampen the market and these measures have certainly had an impact on purchasing power,” Kerr noted.

“The threat of the looming Speculation and Vacancy tax has also cooled development in our area, which is unfortunate because the only way to create affordable homes in our area is to build them. We hope that moving forward the municipal, provincial and federal governments will work collaboratively to enable more supply at all levels of housing by funding public / private partnerships to support the increase of home stock in our area. We hope that aside from taxation and mortgage rules, governments will work together to ensure a future supply in our area to stabilize prices in the long term.”

The average current price of a home in Greater Victoria last month was $881,000 – an increase of 6 per cent compared to the same time last year. The average price for a condo in the Victoria core last month was $502,600 – an increase of almost 10 per cent from October 2017.


Like us on Facebook and follow us on Twitter

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