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June 2018 Victoria Real Estate Market Conditions

Continued uncertainty brings predictable results for the Victoria real estate market

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A total of 708 properties sold in the Victoria Real Estate Board region this June, 29.8 per cent fewer than the 1,008 properties sold in June of last year, and a 6.2 per cent decrease from May 2018. The sales of condominiums were down 25.1 per cent from last year in June with 230 units sold. Sales of single family homes were down 34.7 per cent from 2017 with 357 sold this June.

"June typically signals the conclusion of the busy spring market, and activity lightens into the summer," says Victoria Real Estate Board President Kyle Kerr. "However, because of decelerating growth due to aggressive government implementation of policies to reduce demand, Victoria's real estate market has been hobbled since the start of the year when federal restrictions around mortgage qualifications were rolled out. Even demand side measures that are not yet live, like the Vancouver/Kelowna/Nanaimo/Victoria-specific Speculation Tax, are dragging the market down as many consumers stand aside to watch what happens."

There were a total of 2,595 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2018, an increase of 8.4 per cent compared to the month of May and 35.5 per cent more than the 1,915 active listings for sale at the end of June 2017.

"The good news is that inventory is slowly being added to the market, though we are still very far off from our ten year average inventory level of 4,100 listings" adds President Kerr. "The slower pace of the market has created more time for buyers who may have been hesitant to jump in during the high pressure market conditions of recent years. Homes are spending a bit longer on the market and there are fewer multiple offer situations than in the past, and if we see more listings over the next few months we may be heading back into a more balanced market situation. Every type and location of property is a separate segment of our market, and there are varying pressures and demands, so if you are buying or selling it is wise to take advantage of the services of your local REALTOR® to help navigate this changing market."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in June 2017 was $829,600, while the benchmark value for the same home in June 2018 increased by 7.2 per cent to $889,600, higher than May's value of $878,100. The MLS® HPI benchmark value for a condominium in the Victoria Core area in June 2017 was $430,400, while the benchmark value for the same condominium in June 2018 increased by 15.4 per cent to $496,500, slightly higher than May's value of $493,900.

May 2018 Victoria BC Real Estate Market Conditions

Price Pressure Continues on Lower-Priced Housing in the Capital Regional District

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A total of 755 properties sold in the Victoria Real Estate Board region this May, 25 per cent fewer than the 1,006 properties sold in May of last year, and a 2.5 per cent decrease from April 2018. The sales of condominiums were down 17.4 per cent from last year in May with 237 units sold. Sales of single family homes were down 23 per cent from 2017 with 406 sold this May.

"It's no surprise that our current market is very different than it was last year," says Victoria Real Estate Board President Kyle Kerr. "Due to recent changes in mortgage qualification rules, many buyers' purchasing power has been reduced. Unfortunately, in our area we have one third fewer single family homes for sale under $750,000 when compared to last year, so we're seeing pressure from increased competition on a smaller number of homes, which is really pushing the under million dollar market. We have a much larger inventory of higher value homes this year. For listings priced at $1.5 million and above, the number of active listings is almost 50% higher than last year at this time. Arguably, many of these properties may be listed due to new and incoming taxes from the provincial government. The Foreign Buyer Property Transfer Tax, the Speculation Tax, and the increased School Tax are putting pressure on those high value home owners. Unfortunately, these taxes are not resulting in what the government said it intends - to increase the availability of affordable housing."

There were a total of 2,394 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of May 2018, an increase of 19.6 per cent compared to the month of April and 26.3 per cent more than the 1,896 active listings for sale at the end of May 2017.

"We're in an interesting time here - we are seeing different levels of price pressure and price relief in micro-climates of our area," adds President Kerr. "You may find more flexibility if you are shopping for a multi-million dollar estate in certain areas. You may be in for a competition if you're shopping for a lower priced home or condominium. If you're thinking of buying or selling, it's a good idea to meet with a local REALTOR® to understand how the current environment will affect you."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in May 2017 was $820,800, while the benchmark value for the same home in May 2018 increased by 7 per cent to $878,100, higher than April's value of $866,700. The MLS® HPI benchmark value for a condominium in the Victoria Core area in May 2017 was $426,900, while the benchmark value for the same condominium in May 2018 increased by 15.7 per cent to $493,900, slightly lower than April's value of $495,100.

April 2018 Victoria BC Real Estate Market Conditions

Slower start to spring does not signal lower prices for Victoria real estate market

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A total of 774 properties sold in the Victoria Real Estate Board region this April, 12.5 per cent fewer than the 885 properties sold in April last year, but a 12.5 per cent increase from the month previous. The sales of condominiums were down 21.6 per cent from last year in April with 225 units sold. Single family homes were 8.1 per cent down from the year previous with 420 sold this April.

"We're now into the spring real estate market, which is traditionally the busiest time of the year for buying and selling homes," says Victoria Real Estate Board President Kyle Kerr. "Last year, the months of May and June were the busiest, so we may see this pattern again but on a slightly smaller scale than last year, since our sales for the year thus far are down about 18 per cent when compared to 2017. Although January to March was quite far behind last year's pace, we may see that margin get smaller as we progress through the spring months and people adjust to the new mortgage qualifying rules."

There were a total of 2,002 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of April 2018, an increase of 13.4 per cent compared to the month of March and 18.5 per cent more than the 1,690 active listings for sale at the end of April 2017.

"We continue to see low inventory in our market, and good homes in desirable locations are still seeing multiple bids," adds President Kerr. "One interesting development we are tracking is the increase of prices in a market of fewer sales. Part of the reason for this is that there is strong pressure on lower-priced properties. After the new mortgage rule changes this year, many consumers have seen a reduction in their buying power, so more are competing for lower-priced properties and in multiple offer situations, pricing is pushed up. Our area just doesn't have the supply or mix of homes needed to meet the demand. We are working with government at all levels to identify ways to meet this demand in the CRD."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in April 2017 was $800,100, while the benchmark value for the same home in April 2018 increased by 8.3 per cent to $866,700, higher than March's value of $859,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in April 2017 was $418,200, while the benchmark value for the same condominium in April 2018 increased by 18.4 per cent to $495,100, which is higher than March's value of $490,000.

March 2018 Victoria BC Real Estate Market Conditions

March 2018 Victoria BC Real Estate Market Conditions

Outside Influences Impact Spring Real Estate Market in Victoria

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A total of 688 properties sold in the Victoria Real Estate Board region this March, 25.9 per cent fewer than the 929 properties sold in March last year, but a 26.2 per cent increase from the month previous. The sales of condominiums were down 28.2 per cent from last year in March with 211 units sold. Single family homes were 30.8 per cent down from the year previous, with 337 sold this March.

"As we expected, March sales are tracking lower than in 2017," says Victoria Real Estate Board President Kyle Kerr. "This is likely due to a number of factors that have created hesitation in consumers, including recent heavy measures by the provincial government to reduce the value of home prices and the federal government's new mortgage qualification rules. Combine these factors with rising interest rates and you've got a housing market that is in transition due to outside influences. Every time there is intervention into a market, it takes a few months for the market to rebalance. With the continual changes of late from different levels of government, our market is experiencing a new cycle of ongoing uncertainty."

There were a total of 1,766 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2018, an increase of 14.3 per cent compared to the month of February and 13.5 per cent more than the 1,556 active listings for sale at the end of March 2017.

"Despite all of the above, we continue to see benchmark price increases across our market and demand persists - partly due to low inventory - but also because of our highly desirable location," adds President Kerr. "Specific areas and price points are experiencing varying pressure on price and demand - which creates micro-markets. We are still seeing multiple offers and above asking price sales in some segments. Active buyers in our market may see some relief as inventory is slowly growing. This showcases why it is important to work with your local REALTOR® in this transitioning market to ensure you have the most up-to-date information to make purchasing and selling decisions."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2017 was $785,600, while the benchmark value for the same home in March 2018 increased by 9.4 per cent to $859,400, higher than February's value of $840,300. The MLS® HPI benchmark value for a condominium in the Victoria Core area in March 2017 was $409,700, while the benchmark value for the same condominium in March 2018 increased by 19.6 per cent to $490,000, which is higher than February's value of $472,600.

2018 Expanded Foreign Buyer Tax and New Speculation Tax. A Rant.

By now, I’m sure you’ve read the headlines about #BCBudget2018, so I won’t go to pains to explain what the newly announced taxes are, but I will say that the more time I have to absorb the news and consider the implication of these clumsy, poorly thought out measures, the more I feel the need to rant. Here we go.

First, the “speculation tax,” actually a new, extra, annual, provincial property tax on property owners who don’t reside in the property they own. What? It’s good optics for the NDP to appear to be doing something to curb real estate speculation since most people believe speculation is causing prices to rise, however, a true speculation tax would be better designed to hit actual speculators. Case in point: anyone flipping a property within a short period of time won’t face a heavy tax burden from the new “speculation tax,” right? Conversely, someone who holds a property for years will pay tens of thousands, year after year - but that person doesn’t strike me as a speculator. What about those who speculate on pre-construction condo assignments? They’re selling agreements, not property, so …? The budget announcement suggested the government intends to put measures in place to track pre-construction projects, but it’s a hard market to track, with vast amounts of time between initial deals, contract flips, and property titles being registered. The bottom line? I’m not against the idea of implementing taxation to curb property speculation, however, this tax misses the mark big time, and many Canadians and British Columbians with second homes here will be unfairly affected.

Further on that point: it’s no surprise to be told that left-of-centre governments tend to favour progressive taxation, where higher earners are taxed at a higher rate. But what surprises me is seeing this government make the leap from taxing citizens’ incomes to taxing their equity and property assets. British Columbians didn’t sign on to having their provincial government expropriate funds from their privately held assets. Or to having the provincial government force them to rent out their private assets through measures like this as if those private assets were public housing stock. The finance minister suggests that there will be a tax credit in place to lessen the burden on BC residents - details are scant at this point - and she hasn’t indicated that anyone would be exempt on a second home used part-time, like a cottage, or small pied-à-terre in another city. Residents who have worked hard enough and made the sacrifices to enjoy the use of a second personal property have surely already been taxed through the income they earned - and are we forgetting that they’re already paying annual taxes on both of those properties?

Secondly, the expanded Foreign Buyer Tax. Expanding the FBT outside of Vancouver simply isn’t supported by the numbers we have at hand. We haven’t seen vast sums of foreign capital driving up the market in Victoria; in fact, VREB’s figures suggest that about three quarters of the market activity here is just amongst locals, with only around three percent selling to buyers who reside outside of Canada. In Vancouver, the reported numbers are higher, but still, the initial introduction of the tax had little effect aside from a brief stall in the market while everyone took their foot off the gas for a moment to see what was going to happen, followed by a rapid return to rising prices.

Questionable foreign money does seem to be a serious issue in the lower mainland, which is a large enough market to consistently skew province-wide figures. There is no shortage of anecdotal chatter amongst Vancouver real estate industry folk, and a number of more prominent voices stating publicly that it’s a bigger problem than the statistics produced by the real estate industry or various levels of government suggest. The excellent report recently released by Transparency International Canada (read it here) about the various anonymous models of property ownership available to speculators and foreign purchasers is, frankly, eye opening. I’d bet most people have no idea. To that end, a much more meaningful move would be for the government to start pursuing enhanced disclosure around property ownership. The problem with this, of course, is that it costs money up front, rather than generating new tax revenues. Ugh, sounds like work. The real light about all of this goes on when one considers that all this new taxation announced in the budget is expected to raise $5.5B more for government coffers - which should neatly cover the $5.2B in new spending that was announced in the budget.

And the cherry on top? The finance minister’s own admission that the government specifically designed these measures to push down the real estate market, a statement that in itself suggests that the government is willing to risk putting thousands of homeowners underwater on their properties, owing more money than they’re even worth. Even more appalling, that the government openly admits that it didn’t thoroughly consider or predict at the impacts these manipulations would have on the housing market before putting them in to place. That is beyond irresponsible.

I’m already turning a few of the points from this rant into a strongly worded letter to the finance minister expressing just how galled I am at their short-sighted, tax-and-spend approach, opportunistically targeted at real estate as it’s an eye-catching source of news headlines. I encourage you to do the same. Not to be forgotten: real estate and construction are among the largest contributors to BC’s economy as a whole. I hope for my clients’ sake and yours that all the worst case scenarios I imagine don’t unfold as we deal with the as-yet unforeseen consequences of Budget 2018. Stay tuned.

Dirk


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February 2018 Victoria BC Real Estate Market Conditions

Victoria Real Estate Market Adapts to Changing Policy Landscape

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A total of 545 properties sold in the Victoria Real Estate Board region this February, 19.3 per cent fewer than the 675 properties sold in February last year. The sales of condominiums were down 15.5 per cent from last year in February with 174 units sold. Single family homes were 24.4 per cent down from the year previous, with 260 sold this February.

"We certainly anticipated that we would see some lower numbers this year compared to last," says Victoria Real Estate Board President Kyle Kerr. "Right now prospective home buyers are met with many hurdles as they start shopping for their new home. They're in a market that's experienced long-term low inventory, which means more price pressure and competition on homes. Buyers are navigating increasing interest rates and the new mortgage stress test. These factors all combine to constrain our market. Like any changes to consumer experience, there is a period of response before consumers adapt to the new rules. We saw an increase in buyers in November and December who bought early to avoid the mortgage stress test, and this likely means less buyers in the current market. However, with continued historical low inventory levels, demand is still outpacing supply."

There were a total of 1,545 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2018, an increase of 3.6 per cent compared to the month of January and 0.5 per cent more than the 1,537 active listings for sale at the end of February 2017.

"The provincial government recently rolled out its budget, which includes an admirable commitment to spend six billion dollars to build 114,000 units in ten years," adds President Kerr. "These units will take years to come to market, and it is difficult to predict how many we will see in Victoria. The government needs a long-term approach to supply needs in our area, and that initial commitment is a good start. A reasonable way to bolster their commitment and improve current conditions is for the province to work with our municipalities to reduce the timelines and costs associated with bringing new housing to our market."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February 2017 was $771,100, while the benchmark value for the same home in February 2018 increased by 9 per cent to $840,300, slightly higher than January's value of $831,900. The MLS® HPI benchmark value for a condominium in the Victoria Core area in February 2017 was $394,400, while the benchmark value for the same condominium in February 2018 increased by 19.85 per cent to $472,600, which is slightly higher than January's value of $460,500.

January 2018 Victoria BC Real Estate Market Conditions

Victoria Real Estate market begins the new year with low inventory and high demand

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A total of 431 properties sold in the Victoria Real Estate Board region this January, 9.8 per cent fewer than the 478 properties sold in January last year. The sales of condominiums were down 30.6 per cent from last year in January - with 118 sold. Single family homes were 4 per cent down from the previous year, with 215 selling in the first month of 2018.

"We expected January to be a bit slower after the increase in activity we saw in November and December, which was likely due in part to buyers entering the market early to avoid the new mortgage stress test," says 2018 Victoria Real Estate Board President Kyle Kerr. "We have yet to see the full effect of the stress test, as many people attained a 90 -120 day pre-approval before the test became required January 1. We won't know how much that stress test will affect the spring market until we see the numbers, and spring is also the time when sales traditionally pick up."

There were a total of 1,491 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2018, an increase of 7.7 per cent compared to the month of December and 1.6 per cent fewer than the 1,516 active listings for sale at the end of January 2017.

"2017 concluded with very constrained inventory levels, which hit record lows early in January. The lack of inventory in our market is maintaining pressure on pricing, especially as high demand continues in many areas of Victoria," adds President Kerr. "We can also see the effects of headwinds influencing our market in 2018, including attempts to curb demand at all levels of government. The mortgage stress test is the latest to be introduced, and we may learn of further measures later this month when the provincial budget is released. We hope the government takes a balanced approach to our housing market in their budget and offsets any further demand-side measures with initiatives aimed at addressing the ongoing supply shortages for both home buyers and renters. We also encourage our local governments to take some time to assess the effects of demand-side measures like the mortgage stress test and recent interest rate hikes before introducing further restraints on our market."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in January 2017 was $761,100. The benchmark value for the same home in January 2018 increased by 9.3 per cent to $831,900, slightly higher than December's value of $823,800. HPI benchmark value for a condominium in the Victoria area in January 2017 was $375,300. The benchmark value for the same condo in January 2018 increased by 20.1 per cent to $450,600, which is slightly higher than December's value of $445,000.

GUEST BLOG: What's the Deal with Property Assessments?

This week's blog post courtesy of Paul Macara, licensed broker with The Mortgage Group in Victoria - macaramortgages.com


By now, you’ve probably received your 2018 property assessment in the mail. And, like most of your neighbours, you’ve likely seen an increase in your assessed value when compared to last year.

Property assessments are double-edged. On one hand, an increase in value is thought to speak to the actual value of your property, while on the other hand, an increased assessment might mean higher taxation.

But is this true?

Does a property assessment reflect your property’s true value AND will an increase in assessed value increase your property taxes?

Below are common answers to frequent questions about property assessments.

How are Property Assessments Conducted?

When conducting an assessment, BC Assessment considers properties in similar areas comparing recent sales prices between properties sharing similar characteristics. For example, an article in the Globe and Mail outlines determining the value of a 5,000 square foot home in Surrey, situated on a 10,000 square foot lot. To make a determination of value, BC Assessment would review sales prices for homes of a similar size and on similar sized lots. In addition, they would consider properties of a similar age, style, and location.

To help make determinations of value, BC Assessment takes advantage of additional tools, including:

  • The review of building plans and permits
  • Street front photography
  • 3-D modeling of condominiums
  • Satellite imagery

While reviewing properties from their exteriors is simple enough, more challenging is assessing the state of a property’s interior. To help gauge certain property interiors, BC Assessment may send a letter to the homeowner(s) of properties with significant exterior renovations, as these often signal interior renovations too. The letter acts as a formal inquiry into the state of interior renovations.

Are Property Assessments a Reflection of Real Value?

Not necessarily, no. Many buyers and sellers like to defer to the assessed value of properties when it comes to negotiating a better price (as a buyer) or defending a higher value (as a seller), but truthfully, the assessed value shouldn’t be mistaken for the current real estate value.

A comparative market analysis conducted by a Realtor will use very recent data, while property assessment data is often stale (a few months old) by the time assessment notices are received. The best determination of value is by reviewing recent sales of similar properties at the time you want to evaluate data. As you can imagine, in fast-paced markets, the value of homes can shift (up or down) in only a matter of weeks.

If my Assessment Increased, Will This Signal an Increase in my Property Taxes?

Interestingly enough, no. Again, upon reading the Globe and Mail article, it turns out that an increase in one’s own property assessment won’t signal an increase in taxation only when that assessment has increased higher than the average change for that property class in a given municipality.

Curious about your Neighbors?

If you’re curious to see how your property value stacks up to that of your neighbours, it’s beneficial to make use of a tool through BC Assessment, called e-Value.

Click Here to give it a try.

In Compete Disagreement with your Property Assessment??

Those who feel their property assessment is inaccurate can appeal the assessment. Find additional details here.

Of course, appealing the assessment will require reliable statistics. In other words, you wouldn’t be able to verbalize why you think your home should be assessed higher or lower, you’d need to provide evidence (like recent sale data) in order to succeed with an appeal.

To make an appeal, a review must be requested through BC Assessment. Once the review has been reviewed a hearing date will be set. You will receive a 30-minute window to share your evidence-based information.

Looking for your Property’s Current Market Value?

If you’re interested in having a current market analysis of your home, please contact me and I’ll gladly provide you with the referral of a professional who can help.



Our thanks to Paul Macara! You can reach Paul with all your home financing questions at (250) 857-4741 or This email address is being protected from spambots. You need JavaScript enabled to view it.



Top Victoria Real Estate Trends to Watch in 2018

Slower paced market, slower price rise

There’s been more than enough talk about the impending crash of Canadian real estate, but without some major outside economic shock, we aren’t expecting a catastrophic fall in 2018. What we will see is a reduction in volume to fewer than 100,000 unit sold province-wide, which will equate to a drop from 2017, but still above the ten-year average. Inventory constraints, higher mortgage qualifying requirements, rate volatility, and constrained economic growth are expected to drag prices lower nationally, but for Victoria we are still expecting modest single-digit price growth over the coming year.

Year of the Condo

Condo prices made huge gains in 2017. Because condos offer more accessible price points, and the appeal of a lower-maintenance lifestyle, we expect demand to remain high in 2018, with the resultant upward pressure on condo prices. Case in point: we had our last condo listing of 2017 under contract within a week, and it sold for over asking. Interested in capitalizing on the condo trend? Give us a call!

With a scarcity of developable land, and cranes dotting the downtown #YYJ skyline, it’s clear to see that developers are working to meet demand, and we are excited to see what some of the larger, master-planned communities such as Bayview and Dockside Green will have to offer residents as they continue to build out, reimagining the area west of the bridge with a new urban vibrancy.

Mortgage Rate Movement

With two rate hikes in 2017, the Bank of Canada finally began to shift away from the previous seven year cycle of historically low rates. This doesn’t necessarily mean that rates will make a straight shot up in the year ahead, as lenders typically cut their fixed rates to compete for business in the spring, and often push them up later in the year, closer to year-end. By and large, consumers should expect a little more rate volatility than has been the norm over the past few years.

Multi-family development taking centre stage

As alluded to above, the cost of financing and the cost of land are contributing to a reduction in the number of detached housing starts, as well, rising sale prices for attached homes and condo units have developers looking to multi-family property types to create new housing stock. With plenty of new townhouse and condo product coming up in Greater Victoria, watch for this trend to continue in 2018.

Return of the 30 year Mortgage

With the prospect of a one-two punch to consumers in the form of the higher stress test threshold and increasing rates, buyers will be seeking means to stay in the game. 30-year amortizations are still available to borrowers who have more than 20% down, and although the longer term incurs CMHC fees, it will likely be the difference in approval for many individuals, applying both to new mortgages and to those reaching the end of their terms and shopping for options at renewal.

Technology

Cutting-edge tech is nothing new in the real estate business, but as we here at YYJhome.ca position ourselves for this year and further into the future, we can see that the rise in mobility amongst our clientele - consumers’ need to have good information accessible anywhere as they navigate the property market - will dictate that we continue to provide faster, easier access to information on the go. Our interpretation, analysis, and contextualization of market data will be key to helping you maximize your opportunities. In addition, we anticipate leaning into our commitment to utilizing technology to showcase our property listings - particularly in the 3D virtual tour / VR space, a sector in the real estate industry we are expecting to see grow rapidly over the next decade.

2018 Victoria Real Estate Outlook

With the release of the last set of market stats from 2017, we’ve had a chance to look back at the highs and lows of the year that was for real estate in Victoria… The highs: the all-time record high average sale price of almost $860K (more than 14% over the previous year), and the lows: the record low level of listing inventory, with most months carrying a only around 1,500 listings (about 25% less than we were used to seeing a few years ago). It’s easy to see how these two conditions interact, with low inventory and continued demand for property driving up pricing.

Predictions for 2018

On a national scale, it is expected to be a year of moderating activity in the market. It will definitely be interesting to see how the new mortgage rules (which will have the effect of reducing the amount purchasers can qualify to borrow to buy a home), and gradually rising interest rates, will affect buyer mobility and therefore market activity. It is widely hoped that the changes, coupled with gradually rising interest rates, will help ease things somewhat, allowing a little more inventory to build up over the year ahead, and helping housing markets to return to a more balanced state.

In our local market I expect we will see somewhat of a continuation of the trends that have defined the market here for the past year - a market that is steady to hot, still favouring sellers, but the silver lining will be that persistent low inventory will be given a chance to build a bit with tightened borrowing regulations and rising interest rates, which will also give rise to gentler upward pressure on pricing resulting in more moderate price growth. I expect to see the overall volume of transactions down slightly from 2017.

Notwithstanding the major forces above which are expected to influence the market most strongly, buyers from the two largest and most expensive markets in Canada continue to show an interest in our city’s incomparable quality of life, (comparatively) affordable prices, and strong job market. Indeed, it is the influence of non-Victoria buyers that will be the unknown factor determining what the market will bear in terms of further price increases.

Stay tuned!


Dirk

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June 2018 Victoria Real Estate...

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