This infographic from Zoocasa shows the status of real estate markets across the country. While Victoria’s real estate market is cooling, it remains a seller’s market, the only one in western Canada.

Greater Victoria’s real estate market remains strong compared to rest of Canada

Despite cooling, Victoria’s real estate remains a seller’s market, the only one in western Canada

A survey shows Greater Victoria recorded one of the greatest year-to-year drops in sales to listings as it heads towards — albeit very slowly — a more balanced market.

This said, it remains one of the most competitive real estate markets in Canada and the only seller’s market in western Canada among surveyed communities.

Related: Condominiums prop up weakening real estate market across Greater Victoria

Victoria, according to a survey by Zoocasa, a brokerage firm, remains a seller’s market, as measured by the ratio of sales-to-new-listings. As of July 2018, it stands at 62 per cent — down 12 per from July 2017, based on figures from Canadian Real Estate Board.

This drop gives Victoria third place among the markets with the greatest year-over-year decline. The Fraser Valley and Greater Vancouver lead that list with drops of 15 and 13 per cent respectively, and both markets have now entered balanced market territory.

“British Columbia, in particular, has weathered considerable challenges, as tougher mortgage hurdles compound with foreign buyer and speculation taxes, making steep affordability even more acute, and dampening home buyer demand,” the survey notes.

Related: Report suggests Greater Victoria headed for another real estate boom

But the figures also clearly show that these market conditions continue to favour sellers. The report identifies three regions in eastern Canada — Ottawa, Montreal Census Metropolitan Area, and London and St. Thomas — as the most competitive real estate markets to enter with ratios of 72, 73, and 78 per cent respectively.

Overall, of the 26 markets surveyed across Canada, only one qualifies as a buyers’ market: Newfoundland and Labrador. Of the remaining markets, 11 qualify as balanced, with the rest falling into the category of seller’s market. With the exception of Victoria, all markets lie in Ontario, Quebec, and Atlantic Canada.

Canada as a country qualifies as a balanced market, according to the survey’s definitions. A buyer’s market has a sales-to-new listings ratios of between zero to 39 per cent, a balanced market has a ratio that ranges from 40 to 60 per cent, and a sellers’ market has a ratio of 61 per cent and up.


Like us on Facebook and follow us on Twitter

wolfgang.depner@saanichnews.com

Just Posted

Red Cross gets a boost from B.C. Liquor Stores

Total donations in BC were close to $160,000

Robbery suspects ram Sooke police car while fleeing officers

Police searching for cube van and suspects

Vancouver Island homeowners buy more earthquake insurance than the rest of B.C.

Insurance Bureau of Canada says that’s because the perception of risk is greater on the Island

Missing 72-year-old man last seen in Langford

Albert Bedard has been missing since Oct. 12

District of Oak Bay issues notice to cease tent city

The notice is effective immediately

B.C. NDP retreats again on empty-home tax for urban areas

Rate reduced for all Canadians, dissident mayors to get annual meeting

Two B.C. cannabis dispensaries raided on legalization day

Port Alberni dispensaries ticketed for “unlawful sale” of cannabis

Find your future at Black Press career fair in Victoria

More than 70 booths expected at Bay Street Armoury on Oct. 25

POLL: Do you support amalgamation for communities in the Capital Region?

Residents in Victoria and Saanich will be voting on Oct. 20 on… Continue reading

Canada not sending anyone to Saudi business summit

Sources insist Ottawa never intended to dispatch a delegation this time around

VPD ordered to co-operate with B.C. police watchdog probe

According to the IIO, a court is ordering Vancouver police to co-operate with an investigation into a fatal shooting

Earthquake early-warning sensors installed off coast of B.C.

The first-of-its kind warning sensors are developed by Ocean Networks Canada

B.C. woman looks to reduce stigma surrounding weed-smoking moms

Shannon Chiarenza, a Vancouver mom of two, started weedmama.ca to act as a guide for newcomers to legal cannabis, specifically mothers

B.C. teen gives away tickets to Ellen Degeneres show, plans O Canada welcome

The Grade 9 student wanted to give away tickets in the spirit of inclusivity

Most Read