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

Group seeks to build honorary RCMP sculpture in Sooke

Sooke RCMP officers work long hours protecting the community, and a local… Continue reading

Refugee family gets help with rent

Sooke council changes scope of $3,600 grant

Central Saanich police chase down speeding biker

A motorcyclist from the Lower Mainland was caught on the Tsawout reserve… Continue reading

Sooke high school welcomes new principal

Laura Fulton was formerly vice principal at Belmont High and Spencer Middle schools

Sooke Mayor Maja Tait seeking re-election

So far, Maja Tait only declared candidate in mayor’s race

Solitary-confinement veto a chance to address mental health: advocate

B.C. Supreme Court made the landmark ruling Wednesday

Winter storm coming to B.C. this weekend

The bets are on as to how much snow the province will actually get in the coming days

B.C. civil rights group files complaint about RCMP arrest of man who later died

Dale Culver, a 35-year-old Indigenous man was arrested in Prince George last July

Lawyer says former B.C. government aide ‘barely guilty’ in ethnic vote scandal

Brian Bonney pleaded guilty to a breach of trust charge

Quite a few tears as homemade quilts distributed to residents of Ashcroft Reserve, Boston Flats affected by last summer’s fire

Quilters in B.C. and Alberta worked through the summer and fall to create more than 100 quilts.

B.C. coast loggers celebrate history, hope for improvement

Truck Loggers Association awaits B.C. NDP government’s new direction

Global Affairs aware of report of two Canadians kidnapped in Nigeria

The foreigners were heading south from Kafanchan to Abuja when they were ambushed around Kagarko

Saanich lights up Layritz Park with solar-powered lights

Saanich plans to install more solar-powered lights after installing them in Layritz… Continue reading

Whistler role in potential Calgary Olympic bid would be welcome: IOC

Calgary is mulling whether to vie for the 2026 Games, and could look to facilities in B.C.

Most Read