The Victoria Real Estate Market has not cooled off after a strong summer that has continued into our Fall, with an almost 25% increase in sales over September last year and inventory is down 18.2% year over year, with only 3,478 active listings currently! 

Is it an Endless Summer for Real Estate in Victoria? 

October 1, 2015, Victoria BC - The Victoria Real Estate Board today released its report on real estate activity for September 2015. A total of 704 properties sold in the Victoria Real Estate Board region this September, an increase of 24.6% compared to the 565 properties sold in the same month last year.

There were 3,478 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September, 18.2% fewer than the 4,253 active listings in September 2014. 

"We certainly have less inventory in the market than we saw at this time last year," Victoria Real Estate Board President Guy Crozier says. "Though higher sales have contributed to a reduction in the available inventory, with almost 1,000 new listings entering the market in September, there is still a continual supply of new inventory for those folks who hope to make a move." 

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core last year in September was $558,600. The benchmark value for the same home in September 2015 has increased by 8.7% to $607,100.

"While September often signals the re-start of the market after the traditional summer slowdown in sales activity, our market remained strong right through the summer and September," notes President Crozier. "This September is different than past years. Our busiest month last year was in May, and 714 properties sold. That's only 10 more transactions than we saw in September this year. The question now is - will we see the normal winter lull in sales and listings or will the market continue at this pace?"

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The following article is from the Greater Victoria Real Estate Board:

Victoria Real Estate Market Remains Strong All Summer

September 1, 2015, Victoria BC - The Victoria Real Estate Board today released its report on real estate activity for August 2015. A total of 741 properties sold in the Victoria Real Estate Board region this August, an increase of 21.7% compared to the 609 properties sold in the same month last year.

"Consumer confidence in our area continues to be one of the main drivers of the spring and summer market surge," Victoria Real Estate Board President Guy Crozier says. "In terms of single family home sales, this month we saw the highest number sold in the month of August since 2007. A total of 379 single family homes sold in August 2015, compared to 399 in August 2007."

There were 3,688 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August, 14.6% fewer than the 4,316 active listings in August 2014.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core last year in August was $556,600. The benchmark value for the same home in August 2015 has increased by 8.37% to $603,200.

"The Canadian Mortgage and Housing Corporation announced new rules for buyers who have less than a 20 per cent deposit," notes President Crozier. "Starting at the end of September, buyers who apply for mortgage loan insurance from CMHC will be able to include 100 per cent of the projected income from secondary suites. A change like this may buoy the market through the fall and winter, and we may see increased pressure on areas that permit suites. We'll watch over the upcoming months and track any trickledown activity."

My Summer Market Update E-Newsletter is now available, enjoy the rest of your summers and vacation with your families! 

Sales in July were 16.9% higher than last year and 796 properties sold over the month, which is lower than the spring but expected for the summer cycle. The Benchmark single family home value in the Victoria Core this month was also $599,800, which is a 6.3% increase over the same time last year of $564,300. For the full article see the Victoria Real Estate Board:

Another Hot Summer Month of Sales for Victoria Real Estate Market

August 4, 2015, Victoria BC - The Victoria Real Estate Board today released its report on Multiple Listing Service® real estate activity in the Victoria area for July 2015. A total of 796 properties sold in the Victoria Real Estate Board region this July, compared to the 681 properties sold in the same month last year.

"We've certainly seen the busy spring market continue into the summer months," Victoria Real Estate Board President Guy Crozier says. "The theme of declining listings and increased sales volume is consistent through July, and we're seeing the market go through its typical summer cycle. Sales dropped a little from the spring as we would expect, but are still up a very healthy 16.9% over last year."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $564,300. The benchmark value for the same home this month has increased by 6.3% to $599,800.

There were 3,942 active listings for sale on the Multiple Listing Service® at the end of July, 13.7% fewer than the 4,570 active listings in July 2014.

"Consumer confidence remains very strong and shows no sign of falling off in the coming months. Interest rates continue to be very favourable; many buyers are taking advantage and making a move," adds President Crozier. "If you are thinking about buying or selling a home, connect with your local REALTOR® for detailed information on the Victoria and area housing market."

It was another great month for the Greater Victoria Real Estate Market as we see continued growth and more high sales for June! There's a great variety of single family homes, townhomes and condos to suit all Buyers. For the full article see the Victoria Real Estate Board:

Victoria Real Estate Market Remains Hot as Spring Trend Continues into Summer 

July 2, 2015, Victoria BC - The Victoria Real Estate Board today released its report on Multiple Listing Service® real estate activity in the Victoria area for June 2015. A total of 910 properties sold in the Victoria Real Estate Board region this June, a 33.8% increase compared to the 680 properties sold in the same month last year.

"The Victoria real estate market has had another big month - and we continue to see consistent year over year sales growth," Victoria Real Estate Board President Guy Crozier says. "What's going on? Positive market conditions such as the low interest rate along with the diverse mix of properties and price points available have likely helped support this increase in interest in local real estate. The activity in the market may also in part be due to pent up demand from the past six or seven years. The market cooled off around 2008, and with the US markets improving and our local economy showing strength, consumer confidence is improving. Those that may have been hesitant to move over the last few years are making a change now."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $568,600. The benchmark value for the same home this month has increased by 4.61% to $594,800.

There were 4,003 active listings for sale on the Multiple Listing Service® at the end of June, 14.7% fewer than the 4,695 active listings in June 2014.

"We saw 48 single family homes sell for over one million dollars this month, and we saw 74 single family homes sell for under $400,000," adds President Crozier. "There's also a lot of selection in our condo market, with new development in the Victoria Core and in the West Shore helping to meet demand, and maintain solid pricing. For detailed information on the Victoria and area housing market, connect with your local REALTOR®."

There were 905 properties that sold last month, that is the highest we have seen in May since 2007 when there were 963 home sales. The market is continuing to experience multiple offers on hot new listings, but pricing is still important! For the full market update from the Victoria Real Estate Board see below:

Victoria Real Estate Market Still Strong and Steady

June 1, 2015, Victoria BC - The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for May 2015. A total of 905 properties sold in the Victoria Real Estate Board region this May, a 26.8% increase compared to the 714 properties sold in the same month last year.

"May was another great month for local real estate. It’s been a very active month for sales and listings, and we continue to see consumer confidence in our market as people continue to purchase properties," Victoria Real Estate Board President Guy Crozier says. "Across our entire market, home values are up compared to this time last year. In high demand areas with less inventory available, we may see some pressure on pricing, but we also have areas in our market with great variety that offer more options in terms of property and price."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $570,500. The benchmark value for the same home this month has increased by 3.98% to $593,200.

There were 4,043 active listings for sale on the Multiple Listing Service® at the end of May, 13.5% fewer than the 4,672 active listings in May 2014.

"We’ve not seen this many sales in May since 2007 when we saw 963 properties sell in the month," adds President Crozier. "Despite the demand, prices remain competitive and there is great variety in what is available. For detailed information on the Victoria and area housing market, connect with your local REALTOR®."

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The Greater Victoria Real Estate Market is continuing its upward trend with an increase in sales of 26.5% month over month for April, with 840 sales last month that is the most we have seen since April 2007. Although there is an increase in sales, depending on where you are located the pricing could be stable, decreasing or increasing. For the full article from the Victoria Real Estate Board see below:

Victoria Real Estate Market Activity Continues to Exceed Expectations

May 1, 2015, Victoria BC - The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for April 2015. A total of 840 properties sold in the Victoria region this April, a 26.5% increase compared to the 664 properties sold in the same month last year.

"We've seen modest sales increases in the area for the past two years, which we've attributed to a growing consumer confidence in the market," Victoria Real Estate Board President Guy Crozier says. "The past three months have been exceptional, and I think have surprised most people watching the market; I certainly haven't seen forecasts even close to the numbers we see today. It's possible that consumers who were hesitant to make a move or purchase their first house during the recent economic downturn may have waited to see conditions like we see now - the favourable interest rates, good selection of prices and properties, and increased confidence in the local economy."

There were 3,945 active listings for sale on the Multiple Listing Service® at the end of April, 10.4% fewer than the 4,404 active listings in April 2014.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $562,000. The benchmark value for the same home this month has increased by 3.5% to $581,700.

"The last time we saw this many transactions in an April was in 2007 when we saw 898 sales," President Crozier adds. "The market is good, but prices aren't crazy - despite the activity levels, values in our local market are still recovering from the peaks we saw in 2008 and 2010. Depending on the area, single family property values are as much as nine percent below the 2010 values. It is a great time to buy or sell property in our area."

Victoria Real Estate has continued it's upward trend from 2014 with 734 properties sold in the Month of March, 575 sold the same month last year, that's almost a 30% increase in sales. Interest rates are also down making it a great time for Buyers to enter the market. For the full article from the Victoria Real Estate Board see below:

Another Busy Month for the Victoria Real Estate Market

April 1, 2015, Victoria BC - The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for March 2015. A total of 734 properties sold in the Victoria region this March, a 27.7% increase compared to the 575 properties sold in the same month last year.

"We saw 393 single family homes in the region sell in the month of March. The last time we saw numbers this high in March was in 2010 when 414 single family homes sold," Victoria Real Estate Board President Guy Crozier says. "And though we see sales numbers have increased compared to last year, we see fewer active listings for sale compared to last year."

There were 3,769 active listings for sale on the Multiple Listing Service® at the end of March, 6.9% fewer than the 4,050 active listings in March 2014.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $560,500. The benchmark value for the same home this month has increased by 1.64% to $569,700.

"Why the increase in activity? We expect the market to be busy in the spring - real estate has a seasonal trend. Interesting this year was that the momentum we saw in the market over the course of 2014 has continued to increase," President Crozier adds. "Consumer confidence in local real estate appears to be high, and it’s likely that buyers are taking advantage of low interest rates."

Have you wondered what is happening with that empty lot or run down building? This article from the Times Colonist gives a great update on new developments we can expect in the future:

What's Up With That Project in Greater Victoria?