New real estate numbers from February 2018 show sales in Greater Victoria continue to slow down. Black Press File

Real estate sales in Greater Victoria slump almost 20 per cent

Sales are down across the region, but the drop could be worse, when held up against the historic highs of the last two years.

That is the message from the Victoria Real Estate Board (VREB) after it released new sales figures for February.

VREB reported 545 properties sold in February – almost 20 per cent less than the 675 properties sold in February last year. Sales of condominium dropped 15.5 per cent compared to the same period last year, while single family homes dropped 24.4 per cent.

“Yes, numbers are down in a signififcant amount compared to last year,” said Kyle Kerr, VREB’s president.

But this drop deserves perspective, he added. 2016 was a record year for sales, and 2017 also witnessed strong sales, he said.

“Even down 20 per cent, it is not a huge correction,” he said.

So what accounted for the drop? Kerr cites a combination of factors.

Measures to curb demand such as the mortgage stress test are starting to show effects, as new buyers are adjusting to them, he said. Interest rates are also trending up, he said.

This said, supply remains at an historical low, and the market continues to show upward pressure on prices, despite a small uptick in listings.

Looking at the ratio of total residential sales over total active residential listings, it was near the 50 per cent mark. According to VREB, a market qualifies as a seller’s market if the ratio line is above 25 per cent.

In February 2018, the benchmark value for a single-family home in the VREB region was $710,500. For Saanich (East), it was $877,400, for Saanich (West) $703,700. The most expensive community in the core region of Greater Victoria was Oak Bay with $1.22 million, with the City of Victoria at $823,900.

Looking at total sales figures for Saanich, 62 single family homes worth more $63.17 million sold across all parts of the community in February 2018. A total of 31 condominiums worth almost $12.5 million sold across Saanich, while sales of local townhouses totaled 15 worth some $11 million.

The corresponding figures for January were 38 single family homes worth more than $35.6 million, 24 condominiums worth more than $10.7 million, and five townhouses worth more than $3.1 million.

Just Posted

Saanich to potentially host first hydrogen fuel station on Vancouver Island

Station proposed for corner of Quadra Street and McKenzie Avenue

Greater Victoria Harbour Authority to fall fake eagle tree at Ogden Point

Last year a fake tree was installed to try to entice eagles to stay in the area, without much success

Saanich police arrest suspected purse snatcher after witness tracks him down

Man known to police attempted to steal the purses from Red Robin restaurant

Ambitious B.C. Aviation Museum need $10M to get iconic Lancaster back in the air

Volunteers flock to work on bomber, restoration expected to take 10 years

Victoria Police Department’s K9s help make three arrests

Police Services Dogs Alpha and Zender have had a busy few weeks

Victoria hosts ‘Ultimate Hockey Fan Cave’

The hockey cave was recently featured on a Netflix special

Inspirational Vancouver Island youngster dies after battle with brain cancer

Kaiden Finley ‘was seriously the strongest 11-year-old’

Is it a homicide? B.C. woman dies in hospital, seven months after being shot

Stepfather think Chilliwack case should now be a homicide, but IHIT has not confirmed anything

Indecent caller handed 18-month conditional sentence

Vancouver Island man pleaded guilty to making indecent phone and video calls to women across B.C.

Sources say Trudeau rejected Wilson-Raybould’s conservative pick for high court

Wilson-Raybould said Monday “there was no conflict between the PM and myself”

First Nations public art piece stolen in Nanaimo

Spindle Whorl went missing over the weekend, according to Nanaimo RCMP

Father-son duo at B.C. Children’s Hospital helps new dads fight depression

The pair teamed up to introduce the only known research-based mindfulness workshop for new dads

Mexican restaurant in B.C. told to take down Mexican flag

General manager of Primo’s Mexican Grill in White Rock: ‘I’ve never heard of anything like this’

B.C. NDP moves to provide tax credits, tax cut for LNG Canada

Provincial sales tax break of $596 million repayable after construction

Most Read