Saanich real estate sales top $65 million in November

Saanich real estate sales top $65 million in November

New figures show the price for an average single family home in the Greater Victoria area now exceeds $900,000, as November sales rose 12 per cent compared to the same period last year. November sales also exceeded October sales.

Ara Balabanian, president of the Victoria Real Estate Board (VREB), said the sales spike likely reflect a response to changing mortgage rules, calling it a “good example” of how outside forces can change market behaviour.

The federal banking regulator — known as Office of the Superintendent of Financial Institutions —announced the implementation of new lending guidelines that tighten mortgage requirements, starting Jan. 1.

“We suggested last month that some buyers may accelerate their purchase timeline to buy a new home in anticipation of the mortgage stress test on uninsured buyers — those with a down payment of 20 per cent or more — that will come into effect on Jan. 1,” he said.

Based on sales, some buyers have in fact sped up their purchasing plans to avoid the new mortgage stress test, with more to come, Balabanian said.“It’s quite likely we’ll see a little bump in sales over December, and even January as buyers who are avoiding the stress test will be making purchases,” he said.

But Balabanian warns against reading too much. This is not the start of a new trend, he said.

“Generally the winter months, particularly December and January, are quieter for real estate,” he said. “December is traditionally the very lowest month for listings and sales.”

During the holiday season, sellers often pause their listings, which means there is often less choice on the market, he said. “However, many buyers suspend their searches, which means serious buyers can find interesting opportunities.”

For now, numbers in Victoria are pointing up. “While not a record, it is the highest November sales count we’ve tracked since 1996,” he said. “It is also rare that we see November numbers beat October numbers.” Other markets have reported have reported similar developments.

Local housing prices have also risen. According to VREB, the average selling price of a single-family home in Greater Victoria was $902,985, up 5.6 per cent from the month before and 5.9 per cent compared to the same time last year. Back in November 2016, the average price of a single-family home stood at $852,590.

Balabanian warned against reading too much into that figure. “The average for a month doesn’t indicate what most buyers will pay for a home – two or three high value properties selling in a month can really increase an average in a smaller market like Victoria,” he said.

Looking at Saanich figures, 78 single family homes sold in November for a total of nearly $65 million,with sales in Saanich East outpacing Saanich West. Prices in Saanich East for single family homes also outpaced prices in Saanich West — $855,300 versus $705,600.

 

Just Posted

Sofia Watts, Charlotte Magill and Harriet Knight were among the KELSET Elementary School students releasing salmon fry into Reay Creek May 7. (Ian Bruce/Submitted)
Saanich Peninsula elementary students help restock, clean up local creeks

Salmon fry releases took place at Reay Creek and Tetayut Creek

The City of Victoria hopes to improve its cultural spaces this year and it wants non-profits to help. (Black Press Media File Photo)
Grants up to $125,000 open to Victoria non-profit arts and cultural organizations

Victoria Cultural Infrastructure Grant applications close at the end of May

(Black Press Media file photo)
Saanich health and safety manager named one of Canada’s top 40 women in safety

Canadian Occupational Safety magazine celebrates women leading safety sector in 2021

North Saanich has started the design of a crosswalk at the intersection of Mills and Littlewood roads near Garden Child Care Centre, whose owner Tracey McCullough has been calling for such a sidewalk. As such, she has been echoing a previous appeal by the building’s owner, Heather and Cory Hastings, standing respectively with seven-year-old Jack Hastings and five-year-old Felix Hastings. (Black Press Media File)
North Saanich moves ahead with crosswalk near child care centre

Crosswalk proposed for Littlewood and Mills roads parts of approved active transportation plan

Colwood city council did a last minute adjustment to this year’s budget, dropping the planned property increase to five per cent. Last year they didn’t increase taxes at all. (Black Press Media file photo)
Colwood agrees to 5% tax increase for 2021, deferring some expenses to next year

Last-minute changes will save the typical Colwood homeowner $56

Daily confirmed COVID-19 cases reported to B.C. public health, seven-day rolling average in white, to May 12, 2021. (B.C. Centre for Disease Control)
B.C. preparing ‘Restart 2.0’ from COVID-19 as June approaches

Daily infections fall below 500 Friday, down to 387 in hospital

A vial of AstraZeneca vaccine is seen at a mass COVID-19 vaccination clinic in Calgary, Alta., Thursday, April 22, 2021. Dr. Ben Chan remembers hearing the preliminary reports back in March of blood clots appearing in a handful of European recipients of the Oxford-AstraZeneca COVID-19 vaccine. THE CANADIAN PRESS/Jeff McIntosh
Science on COVID, VITT constantly changing: A look at how doctors keep up

While VITT can represent challenges as a novel disorder, blood clots themselves are not new

Poached trees that were taken recently on Vancouver Island in the Mount Prevost area near Cowichan, B.C. are shown on Sunday, May 10, 2021. Big trees, small trees, dead trees, softwoods and hardwoods have all become valuable targets of tree poachers in British Columbia as timber prices hit record levels. THE CANADIAN PRESS/Jen Osborne.
Tree poaching from public forests increasing in B.C. as lumber hits record prices

Prices for B.C. softwood lumber reached $1,600 for 1,000 board feet compared with about $300 a year ago

The warm weather means time for a camping trip, or at least an excursion into nature. How much do you know about camps and camping-related facts? (John Arendt - Summerland Review)
QUIZ: Are you ready to go camping?

How many camp and camping-related questions can you answer?

On Friday, May 14 at Meadow Gardens Golf Club in Pitt Meadows, Michael Caan joined a very elite club of golfers who have shot under 60 (Instagram)
Crowds at English Bay were blasted with a large beam of light from an RCMP Air-1 helicopter on Friday, May 14. THE CANADIAN PRESS/Marc Grandmaison
Police enlist RCMP helicopter to disperse thousands crowded on Vancouver beach

On Friday night, police were witness to ‘several thousand people staying well into the evening’

Sinikka Gay Elliott was reported missing on Salt Spring Island on Wednesday, May 12. (Courtesty Salt Spring RCMP)
Body of UBC professor found on Salt Spring Island, no foul play suspected

Sinikka Elliott taught sociology at the university

The first Black judge named to the BC Supreme Court, Selwyn Romilly, was handcuffed at 9:15 a.m. May 14 while walking along the seawall. (YouTube/Screen grab)
Police apologize after wrongly arresting B.C.’s first Black Supreme Court Justice

At 81 years old, the retired judge was handcuffed in public while out for a walk Friday morning

Queen Elizabeth II and Clive Holland, deputy commonwealth president of the Royal Life Saving Society, top left, virtually present Dr. Steve Beerman, top right, with the King Edward VII Cup for his drowning-prevention work. Tanner Gorille and Sarah Downs were honoured with Russell Medals for their life-saving resuscitation. (Buckingham Palace photo)
Queen presents Vancouver Island doctor with award for global drowning prevention

Dr. Steve Beerman receives Royal Life Saving Society’s King Edward VII Cup at virtual ceremony

Most Read