250.888.7049 | This email address is being protected from spambots. You need JavaScript enabled to view it.

April 2018 Victoria BC Real Estate Market Conditions

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

-

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.

About YYJhome.ca

Committed to combining knowledge, trust, and technology to build a relationship and deliver a top-rate experience, helping you meet your real estate goals and build the life you want, right here in paradise.

Keep in Touch

Dirk VanderWal
  dirk (@) yyjhome.ca
  250.888.7049 mobile
  250.385.2033 office
  250.385.3763 fax
  Newport Realty
Christie's International Real Estate
1144 Fort St.
Victoria, BC V8V 3K8


Get Map

Latest News

20
Nov2018

Balancing the Emotional and Practical...

Imagine this scenario... You're shopping for a new home. You drive to visit a recent listing. As you...

07
Nov2018

Setting Your List Price Requires...

When you're having a garage sale, one of the toughest tasks is pricing your items. If you...

02
Nov2018

October 2018 Victoria BC Real...

The Victoria real estate market's return to balance not linear, but also not unexpected - A total of...

23
Oct2018

Boosting Your Curb Appeal

Ideally, you would like buyers to wait until they’ve viewed your whole property before they judge it....

09
Oct2018

What’s happening in the Victoria...

While the regularly released Real Estate Board statistics provide an immensely useful overview of the market on...

01
Oct2018

September 2018 Victoria BC Real...

Victoria Real Estate Market Continues to Stabilize - A total of 533 properties sold in the Victoria Real...

08
Sep2018

August 2018 Victoria BC Real...

Victoria's Real Estate Market Simmers at the End of Summer - A total of 594 properties sold in...

07
Aug2018

July 2018 Victoria BC Real...

Victoria Housing Market Still Finding Its Balance - A total of 651 properties sold in the Victoria Real...

05
Jul2018

June 2018 Victoria Real Estate...

Continued uncertainty brings predictable results for the Victoria real estate market - A total of 708 properties sold in...

02
Jun2018

May 2018 Victoria BC Real...

Price Pressure Continues on Lower-Priced Housing in the Capital Regional District - A total of 755 properties sold...

01
May2018

April 2018 Victoria BC Real...

Slower start to spring does not signal lower prices for Victoria real estate market - A total of 774...

03
Apr2018

March 2018 Victoria BC Real...

Outside Influences Impact Spring Real Estate Market in Victoria - A total of 688 properties sold in the Victoria...

04
Mar2018

2018 Expanded Foreign Buyer Tax...

By now, I’m sure you’ve read the headlines about #BCBudget2018, so I won’t go to pains to...

02
Mar2018

February 2018 Victoria BC Real...

Victoria Real Estate Market Adapts to Changing Policy Landscape - A total of 545 properties sold in the Victoria...

02
Feb2018

January 2018 Victoria BC Real...

Victoria Real Estate market begins the new year with low inventory and high demand - A total of 431...

19
Jan2018

GUEST BLOG: What's the Deal...

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

12
Jan2018

Top Victoria Real Estate Trends...

Slower paced market, slower price rise There’s been more than enough talk about the impending crash of Canadian...

03
Jan2018

2018 Victoria Real Estate Outlook

With the release of the last set of market stats from 2017, we’ve had a chance to...

03
Jan2018

December 2017 Victoria BC Real...

Victoria Real Estate Market Strong to the End of 2017 - A total of 462 properties sold in...

01
Dec2017

November 2017 Victoria BC Real...

Victoria Real Estate Market Experiences a Burst of Activity - A total of 671 properties sold in the...

«
»


Newport Realty

Christie's International Real Estate

REALTOR® MLS®