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

Real estate

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Sooke marine search and rescue cast their nets for volunteers

Non-profit looking for crew and society members

No plan in place if Sooke homeless shelter forced to shut doors

Contract for Otter Road facility now month to month

Three years for serial bank robber who hit Sidney branch

Lucas Bradwell was wanted for robberies in Sidney, Abbotsford and Vancouver

Cook Street Village grocery icon closing, new owners plan major renovation

Louie family has operated Oxford Foods and predecessor for five decades at Cook and Oxford streets

Couple that owned Sooke Harbour House awarded $4 million after lengthy court case

B.C. Supreme Court rules in favour of Frederique and Sinclair Philip

Rare fish washes onto Whiffin Spit in Sooke

Deep water fish identified as ‘King-of-the-salmon’

BC Liberal Leader talks drug addiction in the Lower Mainland

Drug addiction and public safety a top priority says Andrew Wilkinson

Island Corridor Foundation launches survey on importance of Vancouver Island rail

“ICF remains 100 per cent committed to the restoration of full rail service on Vancouver Island”

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Island RCMP remind drivers not to text after 19 tickets handed out in 90 minutes

The $368 fines were handed out Tuesday on Norwell Drive and Old Island Highway in Nanaimo

Vanderhoof’s Brian Frenkel takes on top job in tough times

We can get through this, new local government leader says

Local councils important, Horgan says as municipal conference ends

B.C. NDP leader says ‘speed dating’ vital, online or in person

Penticton woman sentenced to one year in prison for manslaughter of teen boyfriend

Kiera Bourque, 24, was sentenced for manslaughter in the 2017 death of Penticton’s Devon Blackmore

Most Read