Home buyers are looking at increasing interest rates
combined with the mortgage stress test. And while these factors have
constrained the market somewhat, Greater Victoria’s continuing historical low
inventory levels means demand is still outpacing supply.
The Multiple Listing Service® Home Price Index benchmark
value for a single-family home in the Victoria Core is now $840,300, up 9 per
cent from last year, February 2017, when it was 771,100. The MLS® HPI benchmark
value for condominiums in the Victoria Core area is now $472,500, up 19.85 per
cent from last year, February 2017.
There was a total of 1,545 active listings for sale on the
Victoria Real Estate Board Multiple Listing Service® at the end of February
2018. Of that, there were 455 active listings for single-family homes which
resulted in 226 sales. In comparison, we saw 243 active listings for
condominiums which resulted in 174 sales.
Over the past year, more families and professionals have
turned to condominiums as the more affordable and accessible real estate
option. Another population segment are seniors who are downsizing from larger
homes to simplify their lifestyles and their living space.
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