HOMEFINDER: Greater Victoria real estate market changes tempo for fall

Bench mark home value continues to rise despite slight dip in sales

September continued the summer trend of a slight decline in home sales.

A total of 640 properties were sold last month in the Victoria Real Estate Board’s (VREB) region. That’s roughly 18 per cent less than the 781 properties that sold in September 2016. “We can certainly feel the difference in the current market when we compare to last year’s record breaking numbers. Last year the pace of the market was intense, there was a lot of pressure on pricing and demand,” said Ara Balabanian, VREB president, in a statement. “Now the tempo of the market is trending slowly – very slowly – towards more balanced conditions. Recently we’ve seen overall price increases level out, which can indicate slightly less demand, and inventory is building.”

At the end of September there were 1,976 active listings for sale in the region, which represents an increase of roughly three per cent compared to August. But that’s still roughly four per cent fewer than the 2,061 active listings for sale at the end of September 2016.

“Simply because we’ve seen sales drop from last year is not dire or unexpected news for our local real estate market,” Balabanian added. “The 10 year average for sales in September is 573 properties and the month exceeded that average by more than 10 per cent, which indicates we’re still in an active market. And of course there are neighbourhoods that are still tracking up in terms of value from last year. It’s for reasons like these that now more than ever it makes sense to seek the assistance of a local realtor to sell or buy your home.

The Multiple Listing Service’s home price index benchmark value for a single family home in the Victoria core continues to rise. Last month the benchmark was $823,100, an almost 11 per cent increase from $742,200 in September 2016.


Facebook and follow us on Twitter

editor@goldstreamgazette.com

Just Posted

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

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

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

Does a creature lurk beneath Cadboro Bay?

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

Plastic bag ban guidelines unclear, local businesses say

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

Celebrating the 120th Philippine Independence day

Local Filipino communities host first public celebration in Victoria

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

5 fun things to do this weekend in Greater Victoria

Car Free YYJ, family fishing, Sooke bluegrass, walk for cancer and a mascot’s birthday

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

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