Sales are slow and listings are increasing according to the March 2019 figures from the Victoria Real Estate Board. (VREB) (Chad Hipolito/The Canadian Press)

Real estate sales remain sluggish as prices drop in some parts of Saanich

Victoria Real Estate Board president predicts ‘somewhat static’ real estate market

New figures show a drop in home prices for parts of Saanich, but the overall picture is more mixed.

According to the Victoria Real Estate Board (VREB), the benchmark price for a single family home in Saanich West (areas in Saanich west of Highway 17) was $734,100 in March 2019 — down from $755,400 six month and on par with the figure a year ago ($735,100). This said, the current benchmark price for the area is still above the same period three years ago, when it stood at $563,200.

RELATED: Greater Victoria real estate sales dropped almost 24 per cent in January 2019 over January 2018

The benchmark price for Saanich East (areas in Saanich east of Highway 17 including Cordova Bay, Cadboro Bay and Royal Oak) is trending up again. Six month ago, it stood at $900,300, dropping to $860,400 a month ago, before trending upwards to $863,200.

This local trendline, however, might be more noise than signal.

The benchmark price for a single family home in the Victoria Core in March 2019 was $843,600 — down by almost three per cent from the February 2019 benchmark of $845,900, and down from the March 2018 benchmark of $867,900.

While sales across the region rose 52 per cent in March 2019 compared to February 2019, year-to-year sales were down seven per cent.

RELATED: West Shore real estate sales fall along with the rest of Greater Victoria

Cheryl Woolley, VREB’s president, said the mortgage stress test continues to put additional pressure on lower-priced properties by reducing the borrowing power of many would-be buyers and pushing many into an already compressed price bracket with limited inventory.

“We continue to see a somewhat static local real estate market through March,” she said. “Like in February, [realtors] have been busy showing properties and discussing strategy with buyers and sellers, while the sales numbers themselves continue to be relatively flat when compared with last year. These market conditions are not a surprise. Consumers continue to adjust to the…mortgage qualification rules and the long-term, low inventory of homes.”

Listings, however, are increasing, she said.


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

Man arrested after speeding to Victoria court date for driving offence

West Shore RCMP remind drivers to be mindful of construction zones

UPDATED: Driver faces charges after crash at Blanshard and Saanich

Lanes closed Monday afternoon, one person taken to hospital

Lamborghini driver slapped with nearly $1,000 in fines while speeding in Central Saanich

Vehicle impounded by Central Saanich police, 11 points issued

West Shore RCMP arrives just in time thanks to tip

Officers remind of resources after mental health call Monday morning

Victoria police seek suspects in series of bear spray attacks

Police responded to several calls Saturday evening

Weekend sees 267 cases, 3 deaths in B.C.; Dr. Henry says events leading to COVID spread

There are currently 1,302 active cases in B.C., while 3,372 people are under public health monitoring

Lightning strike: Tampa Bay blanks Dallas 2-0 to win Stanley Cup

Hedman wins Conn Smythe Trophy as playoff MVP

Shawnigan Lake’s Kubica gets 25 to life for murder in California

Former Shawnigan Lake man convicted of killing woman in 1990

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Pedestrian dies in motor vehicle incident along the highway near Nanaimo Airport

Police investigating scene where 37-year-old woman from Nanaimo died

Police seek help in naming Cowichan farm stand theft suspect

Video captured man prying cash box out of stand on Norcross Road

She warned her son about toxic drugs, then he was dead

Donna Bridgman’s son died at the age of 38 in Vancouver

Duration of Tour de Rock stop in Chemainus much shorter than usual

Four alumni riders don’t get to come for breakfast in COVID year

B.C. food and beverage producers set record sales in 2019

Farmed salmon again leads international exports

Most Read